Spain to End Golden Visa Program Benefits Starting January 2025
Spain Phasing Out Golden Visa Real Estate Option Amid Housing Crisis
Starting January 2025, Spain will discontinue granting new residence permits under its Golden Visa Program, marking a significant shift in its approach to the Residency by Investment scheme.
Popularity of Real Estate Investment Option
Spain's Golden Visa Program allowed wealthy foreigners to acquire residency through various investment routes, with the real estate investment option being the most sought-after. This option required a minimum property purchase of €500,000, attracting significant interest from investors.
However, this surge in property acquisitions contributed to Spain's growing housing crisis, driving up property prices and limiting affordable housing for locals.
Government's Decision to Address the Housing Crisis
In April 2024, Pedro Sánchez, President of the Government, announced the termination of the real estate investment route to better manage the housing crisis. This move aligns with the EU's broader call for member states to eliminate programs like Golden Visas and Passports, which have faced criticism for enabling money laundering**, tax evasion, and corruption.
Demand Surge Before the Policy Change
Despite the planned phase-out, interest in Spain's Golden Visa Program has surged. Juan Carlos Lois, a specialist in international mobility, reported a threefold increase in applications during August 2024 compared to the same month in 2023. The surge is attributed to investors rushing to secure residency before the real estate option ends.
Transparency Concerns
While removing the real estate option is a step toward reform, critics argue that it may not fully address underlying issues. Eka Rostomashvili, coordinator for Transparency International Spain, stressed that abolishing the property route alone won’t eliminate the risks associated with residency-by-investment schemes.
Future of Spain’s Golden Visa Program
As Spain transitions away from the real estate investment option, it remains to be seen whether other investment routes under the program will face similar scrutiny. This move reflects Spain's efforts to balance economic benefits from foreign investments with addressing social concerns like affordable housing.
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