Spain Is Ending Its Golden Visa Programme

After 12 years, Spain has announced it is officially closing its golden visa programme. 

Launched in 2013, Spain’s golden visa was designed to attract foreign capital and investors into the country to help supercharge the economy after the banking and property crisis.

Under the golden visa, non-EU citizens could get residency in Spain in exchange for investing:

• €500,000 in residential or commercial property.
• €1 million in Spanish companies.
• €2 million in Spanish government bonds.

Once the investment was made and residency was granted, applicants could live and work in Spain, as well as enjoying Schengen-free travel.

So, why are they scrapping it?

 

Why Is Spain Scrapping Their Golden Visa?

 

In the last few years, Spain has struggled to provide affordable housing to its local population, largely fuelled by the influx of foreign money.

Although golden visas were only responsible for 0.3% to 0.5% of all property purchases, they have made housing particularly expensive in popular areas like Madrid, Barcelona, Málaga, Alicante, Valencia, and the Balearic Islands.

In Ibiza for example, most locals have been totally priced out.

In addition to this, the European Commission has questioned how secure these visas are, especially as it can be difficult to find out where the funds originated.

Golden visa programmes have been scrapped around the world due to worries around money laundering and potential security risks – especially with the Russia/Ukraine war int he background.

The Spanish golden visa programme ends this month, and Spain have officially announced they will no longer accept new entrants.

 

How Many Golden Visas Did Spain Give Out?

 

Between the years of 2013-2023, Spain handed out 14,576 golden visas. 6,200 alone were granted in 2023 according to Transparency International, with 95% of all visas granted in exchange for a property investment.

Property was an obvious choice because it was not only affordable, but it was pretty low stakes. Investors could buy a property and not have to do much else – making it perfect for retirees or those that no longer wanted to work.

In other countries, the property option doesn’t exist – and golden visa holders have to actively grow businesses within the economy they are moving to.

When it comes to the countries that applied for the most amount of golden visas in Spain, according to Transparency International, the main beneficiaries were:

• China (2,712)
• Russia (1,159)
• Iran (203)
• USA (179)
• UK (177)

As political tensions across the globe continue to rise, it’s no surprise that the Spanish government were questioning the influx of Chinese, Russian and Iranian nationals.

 

 

What About Current Visa Holders?

 

If you currently hold a Spanish golden visa and are worried about it expiring – don’t.

Current visas stay valid and you can renew under the original rules if your visa was granted before April 3rd 2025. The new announcement largely applies to new visa holders – so if you were putting off applying for whatever reason – your luck may have run out.

 

Will This Reduce Spain’s Appeal To Foreign Investors?

 

Maybe – but there are other ways for high-net-worth individuals to enjoy the financial benefits of Spanish residency.

These include:

• Digital nomad visa (for those that work outside of Spain)
• The Beckham law – allows expats to be taxed at 24% on Spanish income up to €600,000 for 6 years.

However, some argue that investors will now look to other European countries with golden visas in order to gain EU residency.

 

Where Else In Europe Can You Get a Golden Visa?

 

There are an increasing number of countries that are stopping their golden visa programmes. However, a few countries in Europe still offer them.

These countries and their minimum investment amounts are:

Greece: Must invest at least €250,000 in Greek property.

Malta: Must buy a property for at least €375,000 in Malta.

Italy: Minimum investment amount of €250,000.

Cyprus: Minimum investment of €300,000.

Monaco: At least €500,000 in a bank account in Monaco.

Portugal: Invest a minimum of €500,000 in investment, VC or research funds.

 

Which European Countries Ended Their Golden Visa Schemes?

 

UK: Ended in 2022

Ireland: Ended in 2023

Netherlands: Ended January 2024

Spain: Ended April 3rd 2025

 

The Pros and Cons Of Golden Visas

 

Spain isn’t the only country that has scrapped its golden visa, but does this signal the beginning of the end for them?

As the list of countries that has scrapped their golden visas grows, it will be interesting to see where foreign investors choose to place their money, and whether they will find other routes in.

If you are thinking about moving to Spain – don’t worry – plenty of options still exist to help you experience this wonderful country.