Spain Moves to End Real Estate Option in Golden Visa Program
On November 14, 2024, Spain’s Congress of Deputies approved a bill to eliminate the real estate investment route from the Golden Visa Program. The move, part of broader amendments under the Law for the Efficiency of Justice, is pending Senate review and final approval in Congress before taking effect in January 2025.
The Spanish Golden Visa Program, established in 2013, allows non-EU nationals to obtain residency by making substantial financial investments in Spain. Among its options, the most popular has been real estate investment, requiring a minimum property purchase of €500,000.
Prime Minister Pedro Sánchez has emphasized the role of these investments in exacerbating the country’s housing crisis, particularly in “stressed” markets like Madrid, Barcelona, Malaga, and Valencia. Earlier this year, Sánchez announced plans to end the real estate route to ensure housing remains a right rather than a speculative opportunity.
While the Golden Visa Program has significantly boosted Spain’s economy—granting over 2,400 visas for real estate investment in 2022 alone—critics argue that it drives up property prices, making housing unaffordable for locals.
Spain’s government aims to redirect the program toward fostering business development and other sustainable investments, balancing economic growth with housing accessibility.
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