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Spain has published a law that cancels the Golden Visa programme for non-European Union citizens. According to the Official State Gazette (BOE), this law will come into force on 3 April 2025, making it impossible for foreign investors investing more than €500,000 in Spanish property to obtain a visa.
However, foreign applicants and their families can still apply for permits for three months before the new law comes into effect. Applications already submitted and in the process of processing will also be considered.
The change in the law will not affect those who already have a residence permit issued before 3 April. In this case, the visa will remain valid until the end of the period specified in it. In addition, investors can renew permits in accordance with the rules in force at the time of visa issuance.
The programme was introduced in 2013 and allowed foreign investors to obtain residency permits in exchange for cash investments. Although the scheme attracted significant foreign capital, according to the authorities, it failed to live up to its effectiveness and became one of the main reasons for the rise in housing prices in the country.
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