Is Spain Scrapping the Golden Visa?

Addressing reporters in Seville, the Socialist Prime Minister outlined plans to eliminate Spain’s golden visa, citing the need to address the housing crisis and ensure housing is regarded as a fundamental right rather than a speculative commodity.

The golden visa, which also extends to those investing €1 million in Spanish companies’ shares, €2 million in government bonds, or transferring €1 million to a Spanish bank account, has been criticized for providing a relatively easy path to Spanish residency for wealthy individuals. Notable benefits of the visa include the inclusion of family members, exemption from Spanish tax residency requirements, and freedom of movement within the Schengen Zone.

Since its inception in 2013, over 11,500 golden visas have been issued, accompanied by 20,000 authorizations for family reunification. However, such wealth-based visa programs have faced mounting scrutiny across Europe due to concerns about facilitating criminal activity and distorting real estate markets.

Foreigners accounted for a record 15 percent of property purchases in Spain in 2023, with evidence suggesting an increasing willingness among foreign buyers to invest substantially in Spanish real estate, particularly in major provincial capitals like Barcelona, Madrid, Málaga, Alicante, Valencia, and Palma de Mallorca.