Spain is ready to end its Golden Visa Program, and the request deadline is approaching. This scheme awards residency to affluent people outside the European Union in exchange for huge investments. Do not miss this opportunity.
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Major Dates And Details
- The application deadline is 3rd April 2025. This is the last date to submit your request for the Golden Visa Program.
- Program nullification: The scheme will formally end on 3rd July 2025, three months after it was revealed in the Official State Gazette (BOE) on 3rd January 2025.
Quick Timeline Of Events
- 14th November 2024: The Spanish Congress of Deputies endorsed the presentation to nullify the Golden Visa program.
- 2nd December 2024: The Spanish Senate banned the bill, temporarily hesitating its execution.
- December 2024: The Congress of Deputies re-authorized the presentation, passing it with 177 votes in favor and 170 against.
- 3rd January 2025: Spain’s Official State Gazette (BOE) published Organic Law 1/2025, formally verifying the program’s ban.
The new law stipulates that the Golden Visa Program will cease to exist three months after its publication. Candidates are allowed to invest and acquire residency until 3rd April 2025.
Qualification Before The Final Date
Non-EU citizens can still take benefit of the Golden Visa program until the final date:
- Investing in assets worth a minimum of $520,920.
- Choosing other qualified investment alternatives under the program.
The program’s most famous route involves buying high-value real estate and offering residency advantages.
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Reason Spain Is Ending The Golden Visa Program
The determination to ban the Golden Visa Program branches from actions to battle Spain’s accommodation problems. Prime Minister Pedro Sanchez emphasized the demand to prioritize accommodation as a fundamental right instead of a speculative investment prospect.
According to Sanchez, “We will make sure accommodation is not just a speculative business but a right.” In April 2024, intentions to stop the scheme were formally declared as part of broader standards to control the accommodation market.
Economic Effect Of The Program
Presented in 2013, the Golden Visa Program majorly promoted Spain’s economy. In the first ten months of 2024 alone:
- 780 golden visas were provided.
- The average investment for each candidate was $684,924.
These figures indicate the program’s economic contribution, mainly in the real estate industry.
Seeking For Options
While the Golden Visa Program is ending, other residency permit alternatives might be obtainable for non-EU investors. Contemplate investigating these options or seeking personalized guidance from immigration experts.
Major Takeaways For Prospective Candidates
- Act very fast: Present your request before 3rd April 2025.
- Investment alternatives: Concentrate on properties or other qualified investments worth $520,920.
- Effect on the housing market: The nullification intends to control speculation and ensure expensive accommodation for residents.
The end of Spain’s Golden Visa program highlights a significant adjustment toward prioritizing inexpensive accommodation. Investors must act quickly to obtain residency before the final date of 3rd April 2025 and investigate visa prospects.
