Spain’s Congress Votes to Abolish Golden Visa Program Despite Senate Veto

The Congress of Deputies in Spain has voted to abolish the country’s Golden Visa program, which grants residency through investment. he proposal passed with 177 votes in favor and 170 against, paving the way for the regulation to become effective once published in the Official State Gazette (BOE).

Initially, the Senate vetoed the bill, but the absolute majority secured in Congress has overridden the veto. The regulation was first approved by the Congress of Deputies on November 14 and then moved forward to the Senate for further processing. However, on December 2, the Senate rejected the bill, citing concerns raised by the Popular Party (PP), which holds a majority in the chamber.

The PP’s veto highlighted issues of legislative technique, arguing that the simultaneous processing of two bills affecting the same laws created confusion and posed a serious threat to legal certainty. A report from the committee supporting the veto stated that Spanish law “provides safeguards for citizens against disorganised and abusive actions by the executive powers.”

The party also criticized the legislative process, stating, “Parliament cannot passively accept all kinds of tactics and strategies that harm those it represents, nor approve poorly structured legislative containers that are amended repeatedly to correct inconsistencies, omissions, and contradictions characteristic of the chosen legislative approach,” as reported by Idealista.

Efforts to abolish the Golden Visa program have intensified throughout the year. In April, Spanish Prime Minister Pedro Sanchez announced plans to end the program, emphasizing that housing should be a fundamental right rather than a speculative asset. “I want to announce that tomorrow’s Council of Ministers is going to study a report submitted by the Minister of Housing and Urban Agenda to modify the Law, approved by the Popular Party in 2013, which allows obtaining a residence visa if you invest in housing in our country,” said Sanchez.

The Golden Visa program, introduced in 2013, has been a significant contributor to Spain’s economy. Between January and October this year, 780 golden visas were granted, with an average investment of €657,204 per applicant. Despite its economic contributions, the program has faced criticism for driving up housing prices and prioritizing speculative investment over affordable housing access.

With the regulation now set to become effective after publication in the BOE, Spain’s decision marks a shift in policy aimed at addressing housing concerns and prioritizing residents’ needs over investment-driven residency programs.

By fLEXI tEAM