Spain Ends The Golden Visa Program After 12 Years

Spain ended its Golden Visa Program on April 3 2025, halting residency for non-EU investors. Introduced in 2013, the program attracted 14,576 investors primarily through property purchases. The decision aimed to address housing affordability for Spanish residents as foreign investments drove rising property prices. The scheme notably impacted Madrid, Barcelona and famous coastal regions.  

Spain officially ended its Golden Visa program on April 2, 2025, marking the conclusion of a residency scheme that attracted thousands of foreign investors over the past 12 years. According to a report by Schengen News, non-EU nationals will no longer be able to obtain Spanish residency and visa-free access to the Schengen Zone by investing in the country.

The program, launched in 2013 under PM Mariano Rajoy, offered residency to individuals who invested at least 500,000, primarily through real estate. Since its introduction, 14567 golden visas have been issued. Of these, 95 per cent were tied to property purchases, which contributed significantly to Spain's economy but also placed pressure on the housing market.

The program's impact was most visible in cities like Madrid and Barcelona and regions such as Malaga, Alicante, Girona, Valencia, and the Balearic Islands. Rising demand from foreign investors increased property prices, making housing less affordable for Spanish residents.

In response, Spanish President Pedro Sanchez said in April 2024, "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."

The Spanish Congress of Deputies approved the termination of the Golden Visa Program in December 2024 with 177 votes in favour and 170 against. The new legislation, Organic Law 1/2025, was published in the official Gazette on January 3 2025 and came into effect after a three-month window.

Despite the decision, the scheme remained active in early 2025. Local Spain reported that around 500 golden visas were issued between January and October in the first quarter. Most recipients of these visas came from China, the United States, and the United Kingdom. The Spanish government stated that the end of the Golden Visa Program is part of its broader effort to prioritise housing access for residents over speculative investment.

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