Editorial transparency and use of artificial intelligence
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.
In a recent announcement on April 9, 2024, Spain’s President, Pedro Sánchez, revealed plans to end the Golden Visa program for foreign investors purchasing real estate. This has left many investors questioning the future of their residency options in Spain. With legislative changes swiftly advancing through the Senate, the opportunity to explore alternatives to the Golden Visa is quickly closing.
⚠️ 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.
If you’re considering residency in Spain through investment, time is running out! Below, we’ve answered the key questions to help you make an informed decision—act now before the window closes!
What Is Happening to the Golden Visa Program?
The Spanish government is moving to repeal the Golden Visa program for real estate investments. The legislative process is nearly complete, and changes could take effect as soon as late 2024 or early 2025. This could be your last chance to take advantage of this residency route.
Act Now! If you plan to invest, now is the time to do so before the program is officially closed.
Can I Still explore alternatives to the Golden Visa?
Yes, but the clock is ticking! New applications are still being processed, but amendments are actively being debated in the Senate. Some consulates have already begun requesting additional documentation, and others have even temporarily paused activities.
Don’t wait! Start your application today before it’s too late.
What Happens to Current Golden Visa Holders?
If you have already applied or are in the process of applying, your residency status should remain secure under the current law. You will likely be recognized as having “acquired rights,” meaning you can renew your residency permit and continue on the path to Spanish citizenship without issue.
Will Other Investment Routes Be Affected?
At the moment, the primary focus of the changes is on real estate investments, but there are growing concerns that the Senate may also introduce amendments affecting other investment routes, such as capital investments or business projects.
If you are considering these alternative pathways, act quickly before they are potentially limited or eliminated as well.
How Long Is the Visa or Residence Permit Granted For?
Here’s how the current timeline looks depending on how and when you apply:
- Arras Contract (Real Estate Reservation): You’ll be granted 6 months, which can be extended up to 3 years.
- Visa Duration:
- If you apply from a consulate outside of Spain, you’ll be granted a 1-year visa.
- If you apply from within Spain, you’ll receive a 3-year residence card, which can be renewed for another 5 years.
Pro Tip: To renew, you will need to prove that the investment asset (property, capital, etc.) is still under your ownership and that you have visited Spain at least once during the year.
What Should You Do Next?
Time is of the essence! Whether you’re planning to invest in real estate, capital, or a business project, the Golden Visa program is nearing its end.
Here’s what you should do immediately:
- Get your NIE (Foreigner Identification Number) as soon as possible.
- Start your Golden Visa application by reserving your property (Arras contract) or making the required capital investment.
- Complete your purchase or investment quickly to ensure you meet the program’s requirements.
- Submit your application before it’s too late!
Final Call to Action: Don’t Miss This Last Opportunity!
The Golden Visa program is closing fast, and the real estate investment route may only be available for a few more weeks. Other investment options may soon follow. Secure your residency in Spain now before these changes take effect.
As specialist relocation lawyers, we provide:
- Comprehensive advice on acquiring the necessary investment asset.
- Continuous legal and tax support throughout the process.
- Representation before the administration if your visa application is denied.
Contact us today to get started—the sooner, the better!
For a complete overview of immigration and visas in Spain, see our Immigration Spain Guide.
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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