Non-EU nationals looking to get residency in Spain through the Golden Visa Program will need to act fast as they only have till April 3, 2025, to submit their applications. The Spanish government confirmed the abolishment of the program through its publication of the Organic Law 1/2025 in the Official State Gazette (BOE) on January 3. The Law states that the decision will become effective three months after the publication. In December 2024, the Spanish Congress of Deputies approved to end the program with 177 votes in favor and 170 votes against.
Introduced in 2013, the Spanish Golden Visa Program allowed non-EU nationals to gain residency status in Spain through significant investments. A popular investment option is real estate purchases, with the minimum amount being €500,000 in exchange for a golden visa. This program offers multiple benefits, such as traveling within the Schengen area without a visa and potentially securing permanent residency and Spanish citizenship. Investors and their families can also live and work in Spain.
780 golden visas were issued from January to October 2024, with an average investment of €657,204 per applicant, highlighting the program’s significant benefits to the Spanish economy. Chinese nationals represented the largest number of recipients, followed by Russian and UK citizens.