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The truth about the possible "abolition" of the Golden Visa in Spain: update 2024

Possible elimination Golden Visa for Spain

As we mentioned previously in 2023, and according to the latest statements by the Government, it is considering a proposed amendmentto Law 14/2013, of September 27, 2013, on support for entrepreneurs and their internationalization, which regulates, among other types of permits, the Residence and Work Authorization for Investors and their family members. (Golden Visa)

Possible modification of the Golden Visa in Spain

Celeste Mercado, Golden Visa specialist at GD Global Mobility (Gesdocument), indicates that according to announcements by the Spanish prime minister, it would seem that "the reform of the Law in question proposes the partial modification of the current program of the so-called Golden Visa by abolishing the possibility of obtaining a residence permit by means of the acquisition of a real estate property of a minimum value of 500,000 euros, free of liens and encumbrances".

The Law was passed in 2013 as a way to attract foreign capital, and has proven throughout its term to be a great driver of investment in Spain.

Although as of the date of publication of this post no reform bill has yet been brought before Congress, it should be noted and taken into account that the aim is not necessarily to completely abolish the Golden Visa program, and so in any case access to this type of permit would be maintained, via any of the other routes allowed for in the regulations.

Likewise, those who have already had their permits granted will retain them.

It remains to be seen what the potentially reformed Law will say regarding the conditions for renewal, conditions of validity of the Law itself; whether there will be a "window" for sales already formalized or earnest money agreements, visas already granted, etc.

Alternative investment routes to obtain a Golden Visa in Spain

In the event that the aforementioned route (Golden Visa via real estate investments) is finally eliminated, there would still be other options to acquire the Golden Visa in Spain, and investors would therefore still be able to benefit from the advantages offered by this program. Specifically, in addition to the real estate route, we would be looking at investments in:

  1. Financial assets, for a minimum amount of 1 million euros, which may take the form of:
  2. Deposit in a Spanish bank account;
  3. Shares or equity interests in Spanish companies with genuine business activity; or
  4. Closed-end investment funds or venture capital funds incorporated in Spain.

We have a page on our website where we discuss this option at length: Golden Visa in Spain: investment in financial assets

  1. Spanish public debt, which must be held for a minimum term of 5 years, with a minimum investment of 2 million euros;
  1. A business project to be developed in Spain that is considered and accredited as being of general interest, for which at least one of the following conditions will be assessed:
  1. Job creation;
  2. Investment with a significant socioeconomic impact in the geographical area where the activity is to be developed; and/or
  3. Significant contribution to scientific and/or technological innovation.

Want to know more about this option? We explain this investment route at greater length here: Golden Visa in Spain for investment in a business project

Conclusion: for the moment, our understanding is that the intention is to amend the Golden Visa regulations in order to eliminate one of the ways to obtain this permit, but not to completely abolish the program. This content is subject to possible changes arising from the processing of the legal reform.

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We have a team of experts in advising and processing visas and/or residence and work permits for investors and their families.

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