Spain ends Golden Visa program after 12 years, citing housing strain and investor demand
Launched in 2013 under former Prime Minister Mariano Rajoy, the program required a minimum investment of €500,000—most commonly in real estate
- Apr 8, 2025,
- Updated Apr 8, 2025 10:47 AM IST
Spain has officially shut down its Golden Visa program, ending a 12-year policy that offered residency to non-EU nationals in exchange for investment. As of April 3, 2025, foreign investors can no longer gain Spanish residency or visa-free access to the Schengen Zone by purchasing property or making qualifying investments, Schengen.News reported.
Launched in 2013 under former Prime Minister Mariano Rajoy, the program required a minimum investment of €500,000 (Rs 5.48 crores)—most commonly in real estate. Since its inception, Spain has issued 14,576 Golden Visas, with 95% linked to property purchases.
While the scheme brought billions into the Spanish economy, it also drove up property prices in cities like Madrid and Barcelona and regional hotspots including Malaga, Alicante, Girona, Valencia, and the Balearic Islands. The surge in foreign demand added pressure to local housing markets and made homes increasingly unaffordable for residents.
Responding to these concerns, Spanish President Pedro Sánchez announced 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.”
In December 2024, the Spanish Congress of Deputies voted 177–170 in favour of ending the program. The measure was enacted through Organic Law 1/2025, published in the Official Gazette on January 3, and took effect after a three-month window.
Despite the pending repeal, Spain continued issuing Golden Visas into early 2025. According to Local Spain, around 500 visas were granted in the first quarter alone—continuing the trend from 2024, which saw 780 visas issued between January and October. Most recipients came from China, the United States, and the United Kingdom.
The Spanish government said the move is part of a broader effort to prioritize local housing access over speculative investment.
Spain has officially shut down its Golden Visa program, ending a 12-year policy that offered residency to non-EU nationals in exchange for investment. As of April 3, 2025, foreign investors can no longer gain Spanish residency or visa-free access to the Schengen Zone by purchasing property or making qualifying investments, Schengen.News reported.
Launched in 2013 under former Prime Minister Mariano Rajoy, the program required a minimum investment of €500,000 (Rs 5.48 crores)—most commonly in real estate. Since its inception, Spain has issued 14,576 Golden Visas, with 95% linked to property purchases.
While the scheme brought billions into the Spanish economy, it also drove up property prices in cities like Madrid and Barcelona and regional hotspots including Malaga, Alicante, Girona, Valencia, and the Balearic Islands. The surge in foreign demand added pressure to local housing markets and made homes increasingly unaffordable for residents.
Responding to these concerns, Spanish President Pedro Sánchez announced 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.”
In December 2024, the Spanish Congress of Deputies voted 177–170 in favour of ending the program. The measure was enacted through Organic Law 1/2025, published in the Official Gazette on January 3, and took effect after a three-month window.
Despite the pending repeal, Spain continued issuing Golden Visas into early 2025. According to Local Spain, around 500 visas were granted in the first quarter alone—continuing the trend from 2024, which saw 780 visas issued between January and October. Most recipients came from China, the United States, and the United Kingdom.
The Spanish government said the move is part of a broader effort to prioritize local housing access over speculative investment.