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This article forms part of the CostaLuz Lawyers blog and is published for general informational and educational purposes only. It was prepared with the assistance of artificial intelligence tools and, before publication, was substantively reviewed and editorially approved by Maria de Castro, a Spanish-qualified lawyer registered with the Cádiz Bar Association under number 2745, founder of CostaLuz Lawyers and the person responsible for the editorial review of the published content.
This article does not constitute legal, tax, immigration, employment, estate-planning or investment advice and does not replace an individual assessment and the professional work of the appropriate CostaLuz Lawyers specialist. No action or omission should be based solely on this information.
If you’re considering applying for Spain’s ‘Golden Visa’, it’s essential to act quickly. With impending changes to the program that could come into effect as early as January, this may very well be your last call to take advantage of the existing conditions. Current investments eligible for the visa include real estate purchases and other substantial financial contributions outlined under the soon-to-be-modified laws. If you have been contemplating making an investment in Spain with the added benefit of obtaining residency, now is the time to make your move before the new regulations take place.
⚠️ Important: The Golden Visa / Investor Visa in Spain has been eliminated and is no longer available in any modality. Following recent legal changes, Spain has ended the Golden Visa program. Our team can advise on the most suitable alternative based on your profile, such as the Digital Nomad Visa, Non-Lucrative Visa, or Entrepreneur Visa.
Q: What significant change is happening to Spain’s ‘Golden Visa’ program? A: The PSOE and its parliamentary allies are using the processing of a law in the Justice Committee to terminate the ‘Golden Visa’ program, which was originally established to allow non-EU residents who invest more than 500,000 euros in real estate to obtain residency permits in Spain.
Q: When will the new law take effect? A: The law is expected to come into effect in January, after which no new residency permits will be issued for housing investments under the current ‘Golden Visa’ criteria.
Q: Why is the ‘Golden Visa’ being eliminated? A: The government, under the leadership of President Pedro Sánchez and former Minister José Luis Escrivá, is seeking to revise the conditions of these visas as part of a broader initiative to adjust immigration and foreign investment policies.
Q: How was the decision to end the ‘Golden Visa’ program made? A: The decision was facilitated through an amendment introduced secretly into a bill focused on improving the efficiency of the public justice service. This amendment was approved without the presence of PP deputies, who were absent due to the emergency caused by the DANA storm.
Q: What happens to the investors who have already applied for a ‘Golden Visa’? A: A transitional provision will respect the visas for those investors or their family members who applied before the effective date of the new law.
Q: What types of investments previously qualified for a ‘Golden Visa’ in Spain? A: The investments that qualified included:
- Real Estate Investment: Minimum of 500,000 euros in one or more properties in Spain, free from any liens or encumbrances.
- Public Debt Investment: At least 2 million euros in Spanish public debt securities.
- Investment in Shares or Company Shares: At least 1 million euros in shares or social participations of Spanish capital companies actively engaged in business.
- Investment in Investment Funds: Contribution of at least 1 million euros in investment funds established in Spain that invest in financial assets.
- Bank Deposits: Investment of at least 1 million euros in bank deposits at Spanish financial entities.
- Business Projects of General Interest: Creation of a business project in Spain considered of general interest, assessed by its job creation potential, scientific and/or technological contribution, and socio-economic impact in the implementation area.
Q: The Golden Visa has ended — what were the application steps? using a deposit contract (contrato de arras) as an express method? A: Using a deposit contract can be what was formerly an express method to apply for the Golden Visa in Spain (this program has ended), particularly when immediate qualification is essential. To start, ensure that the real estate investment is at least 500,000 euros, which qualifies you for the visa. Sign a deposit contract with the seller, agreeing to transfer a specific amount as a down payment to secure the property. This contract should explicitly state your commitment to meet or exceed the minimum investment amount once the transaction is finalized.
Q: What documentation is required for applying with a deposit contract? A: The necessary documentation includes:
- Signed deposit contract: It should be legalized and translated into Spanish by a certified translator if needed.
- Proof of fund transfer: Documentation showing that the amount specified in the deposit contract has been transferred to a Spanish bank account or to the seller’s account.
- Bank certificate: A certificate from your bank confirming that the funds have been blocked for the purchase or have already been transferred to the seller.
Q: Where do I submit my ‘Golden Visa’ application when using a deposit contract? A: Submit your application along with all required documentation at the corresponding immigration office in Spain or at a Spanish consulate if applying from outside Spain.
Q: What are the risks of applying for a ‘Golden Visa’ using a deposit contract? A: Applying through a deposit contract carries legal risks, such as potential disputes over the terms of the contract or the finalization of the property transaction. It is crucial to ensure that the deposit contract is well-drafted and that both parties fully understand their obligations. Working with a real estate attorney in Spain is advisable to cover all legal aspects.
Q: What happens if the property purchase is not completed? A: The ‘Golden Visa’ is conditional on the completion of the purchase as outlined in the deposit contract. Failure to complete the purchase may lead to the visa being revoked or not renewed. It’s vital to adhere to all conditions specified in the contract to avoid complications with the visa application.
Contact Us for Your Application Before the End of the Year
If you’re considering applying for a ‘Golden Visa’ under the existing regulations, we urge you to contact us immediately. Our team is ready to assist you with your application to ensure it is completed before the upcoming changes take effect. Don’t miss this critical opportunity—reach out today to secure your investment and residency in Spain.
Legal Notice: The content on this page is provided for general informational and educational purposes only. It does not constitute legal advice and should not be relied upon as such. No action should be taken based solely on this content without first seeking independent professional legal counsel. Each case requires individual assessment based on its specific circumstances. CostaLuz Lawyers accepts no liability for actions taken or not taken based on this content.
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