Spain Grants 573 Golden Visas Following Announcement to End Real Estate Investment Option

Since the announcement in April 2024 by Spanish Prime Minister Pedro Sánchez to eliminate the real estate investment option from Spain’s Golden Visa Program, authorities have granted 573 golden visas.

This accounts for a significant portion of the 780 golden visas issued between January and October 2024, with an average investment of €657,204 per visa.

The Residency by Investment Program in Spain allows foreign nationals to obtain residency by making financial investments and fulfilling certain criteria. Among its options, the real estate investment route has historically been the most popular, permitting individuals to gain residency by purchasing property valued at €500,000 or more.

In April 2024, Prime Minister Sánchez announced plans to discontinue this option as part of efforts to address Spain’s housing crisis. However, critics argue that eliminating the real estate investment pathway will not effectively tackle the housing issue. Francisco Iñareta from the property portal Idealista criticized the move, saying, “The problem with housing in Spain, both in terms of sales and rental, is not caused by the Golden Visa, but rather by the increasing lack of supply [of housing] and the accelerating growth in demand.”

Earlier this month, Spain’s Congress of Deputies approved a bill to ban the real estate investment route. The bill is now set to be reviewed by the country’s Senate. Should the Senate approve it, the law is expected to come into effect within approximately three months, likely leading to the discontinuation of the real estate investment option by the first or second quarter of 2025.

A report accessed by the Europa Press agency revealed the nationalities that have benefited most from Spain’s Golden Visa Program in 2024. While Russians were historically among the top beneficiaries, no Russian nationals have participated this year. Instead, golden visas were primarily granted to nationals from Saudi Arabia, Qatar, the United Kingdom, Ukraine, Serbia, and Türkiye.

Latin American nationals also constituted a significant portion of recipients, with Venezuelan citizens leading the group. Other beneficiaries from Latin America included individuals from Argentina, Brazil, Chile, Colombia, Honduras, the Dominican Republic, and Mexico.

Data from Spain’s Ministry of Housing and Urban Agenda further highlights the program’s economic contribution. Since 2016, approximately 11,000 golden visas have been issued in Spain, underlining the program’s role in supporting the national economy.

As the Senate deliberates on the proposed law, Spain moves closer to a pivotal change in its Residency by Investment Program, signaling a shift in its approach to addressing housing and economic challenges. 

By fLEXI tEAM