

A recent surge in “Golden Visas” in Catalonia has raised eyebrows, given the Spanish government’s announcement to terminate the programme.
According to an analysis of data from the Catalan News Agency (ACN), the region saw record-breaking numbers in 2024, with foreign investors flocking to secure residency permits before the potential shutdown.
Key findings: a golden year for Catalonia
Between January and November 2024, Catalonia granted 314 residency permits to foreign investors who purchased assets worth more than €500,000—mostly real estate. This is the highest annual figure recorded since at least 2020, demonstrating a sharp increase in interest despite the programme’s uncertain future.
Unsurprisingly, Barcelona was the star attraction, accounting for 98% of these permits (308 out of 314). By contrast, Tarragona and Girona issued only three each, underscoring the capital’s magnetic pull for high-net-worth investors.
The programme’s international appeal was also evident in the nationalities of its beneficiaries. Nearly half of Spanish Golden Visas went to Chinese citizens, followed by Iranians, Americans, and Britons. This diversity highlights Catalonia’s global appeal and its reputation as a prime destination for property investment.
Investment volume and historical trends
The 2024 surge wasn’t a standalone event. When combined with 2023 figures, the past two years accounted for nearly 60% of all Golden Visas granted in Catalonia since 2020, with a total of 1,248 permits issued.
This spike also translated into significant economic activity. The €826 million invested by Golden Visa recipients in 2024 equates to an average outlay of €662,000 per investor. Such figures underline the programme’s value as a driver of high-value real estate transactions in Catalonia.
Government plans to abolish the programme
The Golden Visa programme’s apparent success in Catalonia comes at an ironic moment, as Spain’s government announced in April 2023 its intention to phase it out. The rationale? Critics argue that Golden Visas inflate housing prices, worsening affordability for locals—an issue mirrored in other European nations. Portugal, for instance, recently ended its own scheme for similar reasons.
As ACN notes:
“It is the highest figure since at least 2020, and it comes after the government of Pedro Sánchez announced in April that it would put an end to the Golden Visa programme.”
This apparent contradiction—a record number of Golden Visas following an announcement of their termination—suggests a rush to secure permits before the door closes.
Implications for Catalonia
The concentration of Golden Visas in Barcelona has sparked concerns about its impact on the city’s housing market, which already struggles with affordability issues. High levels of foreign investment risk further driving up property prices, potentially exacerbating an already heated market.
Nevertheless, the data highlights the enduring allure of Barcelona and Catalonia for foreign investors, particularly from China. Even amid controversy and policy shifts, the region’s blend of lifestyle, economic opportunities, and cultural richness remains irresistible to global buyers.
A rush to the finish line?
The record figures for 2024 could represent a last-minute dash by investors to capitalise on a soon-to-disappear opportunity. If the Golden Visa programme is indeed abolished, it may leave a void in the high-value property market while sparking debate over its lasting legacy in Catalonia.
In the meantime, Barcelona’s dominance as a foreign investment hub continues unabated, raising both opportunities and questions for the city’s future.