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The Truth About the Possible “Elimination” of the Golden Visa for Spain

Possible elimination Golden Visa for Spain

Last February 24, 2023 we learned of a Bill for the modificationof Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, which regulates, among other types of permits, the Residence and Work Authorization for Investors and their families (Golden Visa).

Possible modification of the Golden Visa for Spain

Celeste Mercado, specialist in the Golden Visa at GD Global Mobility (Gesdocument), says that “the reform of the aforementioned Law proposes the partial modification of the current program of the so-called Golden Visa by eliminating the possibility of accessing a residence permit through the acquisition of a real estate property of a minimum value of 500,000 euros after charges and encumbrances.”

This Law, approved in 2013 as a way to attract foreign capital, has proven throughout its life to be a great driver of investment in Spain.

Although on the day of the publication of this post we do not know how far the Bill will go, it should be noted and taken into account that, as explained in the following paragraph, the aim is not to completely eliminate the Golden Visa program, so access to this type of permit by any of the other ways contemplated in the regulations will still be possible.

Alternative investment routes for obtaining the Golden Visa for Spain

If this option (Golden Visa through real estate investment) were finally eliminated, there would still be other options that allow the Golden Visa for Spain to be obtained, so investors would still have the possibility to benefit from the advantages offered by this program. Specifically, in addition to the real estate route, we are talking about investments in:

a)   Financial assets, for a minimum amount of 1 million euros, which can be used for:

  1. Deposit into a Spanish bank account,
  2. Shares or social participations in Spanish capital companies with a real business activity, or
  3. Closed-end investment funds or venture capital funds, incorporated in Spain.

We have a page on our website where we deal extensively with this option: Golden Visa for Spain: investment in financial assets

b)   Spanish public debt, which must be maintained for a minimum period of 5 years, with 2 million euros being the minimum investment required,

c)   A business project that will be developed in Spain and that is considered and accredited as of general interest, for which the fulfillment of at least one of the following conditions will be needed:

  1. Creation of jobs,
  2. Undertaking an investment with a significant social-economic impact in the geographical area in which the activity will be carried out, and/or
  3. A significant contribution to scientific and/or technological innovation.

Do you want to know more about this option? Here we explain this investment path: Golden Visa for Spain through investment in a business project

Conclusion: for the moment, the Bill that aims to modify the regulations on the Golden Visa seeks to eliminate one of the ways of accessing this permit and not completely suppress the program. This content is subject to possible changes arising from the processing of the Bill.

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