Since 2013, Spain has offered a Golden Visa that grants residency to non-EU nationals who invest large amounts of money in Spanish real estate, banks, or companies. This led to Spain becoming one of the top providers of residency via investment in Europe – but unfortunately, this popular route is due to close very soon.
Following months of uncertainty after Prime Minister Pedro Sánchez first announced the government’s intentions to cancel this option in early 2024, the Organic Law on Measures for the Efficiency of the Public Justice Service was published in the Official State Bulletin (BOE) in January 2025.
This publication set an official deadline for the closure of the Spanish Golden Visa scheme. There is no longer any doubt that the Visado de Oro will be scrapped, as the programme is closing down completely in April.
This means that non-EU citizens who want to obtain a Spanish Golden Visa have until 3rd April 2025 to submit applications. After this date, it will not be possible to apply for a Golden Visa in Spain anymore.
Here’s what potential investors should know about the ending of Spain’s Golden Visa programme.
Why is Spain closing the Spanish Golden Visa scheme?
In April 2024, the Spanish Prime Minister announced that the Visado de Oro would be scrapped because it encourages speculative property investments in regions where local residents are unable to secure affordable housing.
In addition to EU concerns over security, corruption, and tax evasion, which caused several other countries to close their own Golden Visa schemes, the Spanish government believes that the majority of applicants investing in real estate may also impact the availability of housing and affordable property prices for Spanish nationals.
Although real estate investors who apply for Spanish Golden Visas typically purchase luxury properties to meet the 500,000€ minimum investment threshold, which should not affect the availability of middle-class or low-income housing, the scheme’s suspension was added to the Organic Law on Measures for the Efficiency of the Public Justice Service.
The Spanish Congress approved this law in November 2024, but the Senate vetoed the law in early December. However, a congressional majority in the lower house meant the law was passed on 19th December 2024.
The end of the Spanish Golden Visa became official upon its publication in the Official State Bulletin on 3rd January 2025.
Can you still use a Golden Visa in Spain after April 2025?
Yes. If you already have a Spanish Golden Visa when the scheme closes, it will remain valid for the period of time it was originally granted for – as long as you maintain the requirements in force at the time of its authorisation.
A transitional clause ensures that investors and their family members who applied before the new legislation came into force will be able to keep their visas and apply for renewal in accordance with their initial authorisation.
As the change in the law does not apply retroactively, anyone who has been issued a Golden Visa in Spain can continue to use this document and access its benefits after April 2025. These include Spanish residency and Schengen Area travel rights for the primary visa holder and any additional family members with authorised applications.
All Golden Visa holders must follow the previous rules and renewal timelines if they want to maintain their authorisation. This means it is still possible to apply for permanent residency in Spain after 5 years of having a Golden Visa.
How can I apply for a Golden Visa before the deadline?
Applicants who have submitted all the required documents before the deadline will still be granted Spanish Golden Visas if they meet the criteria. It can take up to 20 days from the date of submission for the authorities to process an application, but it will be granted automatically if it isn’t rejected during this timeframe.
However, gathering the necessary documents and completing the minimum investment can take several months. This requires making a qualifying investment, preparing translated and apostilled copies of Spanish Golden Visa documents, visiting Spain on a tourist visa to provide biometric data, and waiting for approval.
This process may be faster if you choose any of the other investment options, such as buying bonds or business shares, but real estate transactions in Spain can take at least 6 to 8 weeks from making the offer to completing the sale. With only a few weeks left before the deadline, prospective applicants need to move extremely quickly.
One option that can help you apply for a Golden Visa even if your property purchase hasn’t gone through yet is to submit an application once the transaction has reached the contrato de arras stage. This is when your offer has been accepted, you’ve paid a deposit, then signed a contract agreeing to proceed with the sale.
While you won’t have completed the purchase and signed the deeds yet, submitting a deposit contract with your application may still be accepted. However, in this scenario, the Golden Visa will only have a validity period of 6 months before renewal.
Get Spanish visa advice from English-speaking lawyers
If you aren’t sure whether you can qualify for a Spanish Golden Visa or submit an application in time, it’s best to consult English speaking lawyers in Spain, like the team here at Manzanares Abogados.
We can assess your situation and help you with documentation to improve your chances of submitting a successful Spanish visa application. Though they have different requirements and permissions, there are other routes still available that we can also look into for you, including non-lucrative visas and digital nomad visas.
To discuss viable ways to obtain Spanish residency in your current circumstances, please contact us by calling our office or sending us an email, and we’ll get back to you as quickly as we can to offer advice.
