As we reported in April, the Golden Visa in Spain is to be scrapped. The Spanish government believes it inflateshouse prices making it difficult for local residents to buy their own home. The scheme will come to an end on 3rd April 2025, so there is still a window of opportunity for non-EU investors looking for Spanish residency.
Key Takeaways:
- Applications for Spain’s Golden Visa Program close on April 3, 2025.
- The program, launched in 2013, ends due to housing crisis concerns.
- Investors still have time to purchase qualifying properties worth €500,000 or more.
Spain’s Golden Visa Program, a long-standing gateway for non-EU nationals seeking residency through property investment, is set to end. With a deadline of April 3, 2025, foreign investors have limited time to benefit from this initiative.
What Led to the Scrapping of the Golden Visa?
The Spanish government’s decision to abolish the program follows concerns about its impact on the housing market. Prime Minister Pedro Sánchez highlighted that housing should be a basic right, not a speculative asset. This sentiment aligns with recent efforts to address Spain’s housing crisis.
The program, launched in 2013, allowed non-EU investors to gain residency by purchasing property worth at least €500,000. While it contributed significantly to the economy, granting 780 visas in the first ten months of 2024, critics argue it drove up property prices, particularly in urban areas.
Residential Properties for Sale
What Does This Mean for Investors?
Wealthy investors still have an opportunity to apply for a Golden Visa until the deadline. The options include:
- Buying property valued at €500,000 or more.
- Investing €1 million in funds, deposits, or listed company shares.
- Purchasing €2 million in government bonds.
These investments grant temporary residency, with pathways to permanent residency after five years and citizenship after ten.
The Final Countdown
If you’re considering investing in Spain, act now. With the clock ticking, Soave Property Investments can help you find properties that meet the Golden Visa requirements. We offer tailored guidance to secure your investment and residency.
Contact us today to explore your options before it’s too late!
