DEATH OF THE GOLDEN VISA

April 3, 2025, will mark the end of the Golden Visa in Spain, as stipulated in the Organic Law 1/2025. This regulation, published in the BOE on January 3, 2025, eliminates articles 63 to 67 of Law 14/2013, which regulated residence visas for foreign investors. With this change, an end is put to a model that linked residence permits to significant investments in Spanish territory.

What were the Golden Visas and how did they work?

The Golden Visas, introduced in Law 14/2013, offered residence permits to non-resident foreign citizens through relevant economic investments in Spain. This model aimed to attract foreign capital and encourage business activity. The main requirements to obtain them included:

Financial investments:

Minimum of 2 million euros in Spanish public debt.

1 million euros in shares of Spanish companies, investment funds, venture capital, or bank deposits in Spanish entities.

Real estate investments:

Purchase of real estate in Spain for a value equal to or greater than 500,000 euros.

Business projects:

Initiatives considered of general interest, such as job creation or technological innovation.

With the entry into force of the Organic Law 1/2025, these options will no longer be available, marking a significant change in Spain's migration and economic policy.

Transitional regime: What happens with ongoing applications?

To ensure the legal security of current investors, the regulation establishes a transitional regime that regulates applications submitted before the law's entry into force and the permits already granted:

Ongoing applications:

Applications submitted before April 3, 2025, may continue their processing according to the regulations in force at the time of their submission.

Granted visas: The permits already issued will remain valid until their expiration date.

Renewals: The renewals of existing visas can be processed according to the legal provisions applicable at the time of their initial grant.

The elimination of the Golden Visas represents a drastic change in Spain's migration policy. Since their implementation, these visas had been a key tool for attracting foreign investment in sectors such as real estate and finance. However, they had also been subject to criticism for potential risks of real estate speculation and lack of control over the origin of the funds.

The end of this model raises questions about how it will affect the attraction of foreign investment in Spain, as well as strategic sectors that benefited from this flow of capital.

If you are a foreign investor affected by the elimination of the Golden Visas, you can explore other options to establish your residence in Spain. An interesting alternative is to take advantage of the Beckham Law, a tax regime that offers significant advantages for highly qualified professionals and athletes moving to the country.