Mark Stücklin
The Spanish Golden Visa residency-by-investment scheme has been granted a surprising three-month transition period before its termination, offering potential investors a final opportunity to benefit from it.
Background and legislative journey
The Spanish Golden Visa scheme has faced consistent criticism since its inception in 2013 under the Popular Party government of Mariano Rajoy. The programme, which allowed investors to gain Spanish residency by investing at least €500,000 in real estate, has long been unpopular with Spain’s left-leaning factions and the European Commission. Critics argue that it fuels speculation, gentrification, and excessive demand in the property market.
Efforts to reform or eliminate the scheme gained momentum in May 2023 when the Socialist-led coalition government considered raising the investment threshold to €1 million or abolishing the real estate component entirely. By July 2024, the government took steps to phase out the scheme, proposing amendments in parliament to officially terminate it.
On 14 November 2024, the Congress of Deputies approved legislation to end the Spanish Golden Visa programme. The termination was included as part of a broader judicial efficiency bill, known formally as the Organic Law on Measures for the Efficiency of the Public Justice Service. This law passed Congress narrowly on 19 December 2024 with 177 votes in favour and 170 against.
Senate opposition and final approval
Despite the legislation’s passage in Congress, it faced a veto in the Senate, where the opposition People’s Party (PP) holds a majority. The PP criticised the government’s approach, calling the legislation poorly structured and likely to cause legal confusion. They also objected to the inclusion of the Golden Visa repeal within a broader judicial reform bill rather than addressing it as standalone legislation.
Congress eventually overrode the Senate’s veto, and the new law was published in the Official State Gazette (BOE) on 2 January 2025. Initially, the Golden Visa scheme was set to end the following day.
A surprising reprieve
In a surprising twist, the government introduced a three-month transition period on the day the legislation was published. This unexpected move allows investors to submit Golden Visa applications until 3 April 2025. Existing holders and applicants who file before this deadline will retain their status under the programme.
Raymundo Larraín, a Spanish lawyer and Golden Visa expert, speculates that the transition period may have been a procedural necessity. “During this three-month transition period, Golden Visa applications will still be accepted, and applications pending as of the effective date will still be reviewed normally,” he explains. His firm offers a Golden Visa application service, which you can find out about here.
Implications for potential investors
The reprieve provides a last-minute window for non-EU nationals, including those from the UK and USA, to invest in Spanish real estate with the added benefit of Spanish residency and visa-free access to the European Union. The investment threshold remains €500,000, but time is of the essence.
For prospective investors, the clock is ticking. With the scheme set to close permanently on 3 April 2025, this is the final chance to secure residency under Spain’s Golden Visa programme. Those interested should act swiftly to navigate the application process and capitalise on this window of opportunity.
