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Spain to End Golden Visa Program by April 2025: Alternatives for Investors and Expats
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Spain will permanently eliminate the Golden Visa, a program that started in 2013 that allowed foreign investors and non residents to the European Union to receive a resident permit by making important economic investments in the country. The change is part of a broader effort to address housing affordability and market pressures, and make housing affordable for Spanish residents, especially after years of being criticized by the general public as a way to favor those who had money to access the country. According to the Official State Gazette (BOE), investors who obtained a 'Golden Visa' before the law came into effect will be able to continue renewing their residence permits under the same conditions under which they were originally granted.
This includes the possibility for their immediate family members, such as spouses and dependent children, to also retain the benefits associated with these authorizations. They not only obtain an "accelerated" permit to reside in Spain, but they can also travel freely within the European Union and the Schengen Area, which includes up to 26 countries. Other benefits include access to public healthcare and education systems, as well as better rates at public universities, but at a time when rent prices keep rising in major Spanish cities and buying property with a mortgage is becoming more difficult due to high interest rates, the government of Pedro Sánchez announced last year the end of golden visas through property purchases.
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These types of Golden Visas were originally created in the context of the economic crisis that hit Spain after the 2008 global financial collapse, with a weakened economy and a real estate market paralyzed by oversupply; the government of Mariano Rajoy introduced this program as part of Law 14/2013, aimed at supporting entrepreneurs. It was designed as a tool to attract foreign investment. The scheme offered residence permits to non-EU individuals who met specific criteria, such as: Purchasing real estate in Spain worth over 500,000 euros, investing more than 2 million euros in Spanish government debt, contributing over 1 million euros in shares of Spanish companies, investment funds established in Spain, or bank deposits in national financial institutions, launching business projects of general interest, such as those that generate employment or promote innovation. With the entry into force of the new regulations, investors who already hold a 'Golden Visa' will be able to continue renewing it according to the rules in place at the time of its initial granting. However, no new applications will be accepted after April 2025.
Other visas may be suitable for you, including an Entrepreneur Visa if you can demonstrate innovation and economic impact such as a job creation in a business plan; a digital nomad visa, a job seeker visa, a EU Blue card, Spain work visas, study visas, Non-profit visa and different alternatives. TWOLANDER can help you explore which visa best suits your needs. If you want to talk to us, we will be happy to provide you with more information. Please email us at: annali.ruiz@xybooster.com
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Spain to End Golden Visa Program by April 2025: Alternatives for Investors and Expats
Spain to End Golden Visa Program by April 2025: Alternatives for Investors and Expats
Spain is ending the Golden Visa program, which granted residency to foreign investors
Written by
Jean G. Fowler
Jean G. Fowler
Spain will permanently eliminate the Golden Visa, a program that started in 2013 that allowed foreign investors and non residents to the European Union to receive a resident permit by making important economic investments in the country. The change is part of a broader effort to address housing affordability and market pressures, and make housing affordable for Spanish residents, especially after years of being criticized by the general public as a way to favor those who had money to access the country. According to the Official State Gazette (BOE), investors who obtained a 'Golden Visa' before the law came into effect will be able to continue renewing their residence permits under the same conditions under which they were originally granted.
This includes the possibility for their immediate family members, such as spouses and dependent children, to also retain the benefits associated with these authorizations. They not only obtain an "accelerated" permit to reside in Spain, but they can also travel freely within the European Union and the Schengen Area, which includes up to 26 countries. Other benefits include access to public healthcare and education systems, as well as better rates at public universities, but at a time when rent prices keep rising in major Spanish cities and buying property with a mortgage is becoming more difficult due to high interest rates, the government of Pedro Sánchez announced last year the end of golden visas through property purchases.
-
These types of Golden Visas were originally created in the context of the economic crisis that hit Spain after the 2008 global financial collapse, with a weakened economy and a real estate market paralyzed by oversupply; the government of Mariano Rajoy introduced this program as part of Law 14/2013, aimed at supporting entrepreneurs. It was designed as a tool to attract foreign investment. The scheme offered residence permits to non-EU individuals who met specific criteria, such as: Purchasing real estate in Spain worth over 500,000 euros, investing more than 2 million euros in Spanish government debt, contributing over 1 million euros in shares of Spanish companies, investment funds established in Spain, or bank deposits in national financial institutions, launching business projects of general interest, such as those that generate employment or promote innovation. With the entry into force of the new regulations, investors who already hold a 'Golden Visa' will be able to continue renewing it according to the rules in place at the time of its initial granting. However, no new applications will be accepted after April 2025.
Other visas may be suitable for you, including an Entrepreneur Visa if you can demonstrate innovation and economic impact such as a job creation in a business plan; a digital nomad visa, a job seeker visa, a EU Blue card, Spain work visas, study visas, Non-profit visa and different alternatives. TWOLANDER can help you explore which visa best suits your needs. If you want to talk to us, we will be happy to provide you with more information. Please email us at: annali.ruiz@xybooster.com
Are you a writer at heart?
Are you a writer at heart?
As the unforgettable Mariska Veres once sang, ♫ 'Send me a postcard, darling,' ♫ Send us your adventures, stories, or tips, and we'll get back to you as soon as we can.
As the unforgettable Mariska Veres once sang, ♫ 'Send me a postcard, darling,' ♫ Send us your adventures, stories, or tips, and we'll get back to you as soon as we can.
Share your overseas experiences with us
Share your overseas experiences with us
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