End of the Spanish Golden Visa
We heard six months ago that it’s days were numbered but now we know for sure that Spain’s golden visa will end on 3rd April 2025.
Rather like the Portuguese version, the programme will no longer be available for real estate investments, but other types of capital investment will remain open. For those still keen to buy a property for at least €500,000 (£415k) then in theory there’s still time to apply – if they hurry. Applications submitted before the end of the grace period will be processed under the existing rules. Contact a legal professional in Spain for advice.
To recap, the golden visa scheme has been running since 2013 and for Britons post Brexit it really did offer the most flexible type of route for non-EU citizens to spend more than 90 days in 180 in Spain. Visa holders are allowed to reside and work in Spain without the same level of restrictions as other types of visa – and do not have to become tax resident in Spain.
But the high entry point – and legal costs to obtain it - has limited its appeal to many buyers. The €500,000 has to be un-mortgaged and it also has to be in one person’s name. The two main alternatives are the Non-Lucrative Visa (NLV) for non-working people; or the Digital Nomad Visa for those who can carry out their work remotely.
The ending of the scheme comes in response to opposition from the European Union – to all such golden visa or golden passport programmes - and also localised objections. The Greek golden visa thresholds have now been increased.
The Spanish version has been blamed for its negative impact on the property markets of cities such as Barcelona and Madrid by artificially increasing prices, making it more difficult for locals to compete.
