Carlos Baos – Is it really the end of the Golden Visa in Spain?

The Spanish Golden Visa has been in the eye of the storm for several years. Among other issues, because of the important problem of access to housing in Spain. Although not only for this reason. In 2022, and coinciding with the war between Russia and Ukraine, the European Commission and the European Parliament recommended to all the countries of our environment the elimination or limitation of this type of visa. What has happened since then? Is it true that the Spanish government is going to eliminate this visa?

Understanding the Golden Visa.

As explained in previous articles, the Golden Visa is a residence permit that enables individuals to gain residency in our country by making a substantial investment in Spanish Public Debt (2 million euros), shares or equity investments in Spanish companies (1 million euros), contributing to a business project of “general interest” of purchasing real estate assets that are valued in 500,000 euros or more.

What do the investors gain in return? A residency permit that offers complete freedom of movement in the Schengen Area (facilitating travel within European countries without the need for additional visas), the possibility of reunification of their close family members, access to healthcare and education, a path to a permanent residency, etc.

What has happened?

As advanced, Spain is struggling in the recent years with housing accessibility. In this context, the government’s recent deliberations suggest an imminent move to abolish the option of obtaining the Golden Visa by means of the purchase of real estate. The aim is to reinvigorate the real estate market, and enhance housing accessibility, particularly for young residents.

Although the government’s recent public statements point out to a potential elimination, for the time being this suppression is still in the realm of possibility and lacks concrete implementation dates or details.

While the potential elimination of the Golden Visa in Spain may pose challenges for prospective investors, it’s essential to note that alternative residency options will likely emerge. Once the program is officially phased out, individuals seeking residency in Spain may explore alternative pathways, such as the Non-Lucrative Visa or the Digital Nomad Visa.

The Non-Lucrative Visa certainly lacks the flexibility and perks of the Golden Visa. However, it serves as an attractive choice, particularly for retirees with sufficient financial resources to reside in Spain without employment.

On the other hand, the Visa for remote workers or digital nomads presents another viable alternative, offering remote work flexibility from Spain.

At White-Baos Lawyers, we specialise in Immigration Law. If you’re a non-EU citizen seeking legal residency in Spain, feel free to reach out. We’ll assess your situation and provide expert legal guidance.

You may be interested in the following services and articles:

Obtaining residence in Spain. The Temporary Non-lucrative visa. Right to reside without working..

Digital Nomad Visa in Spain. Everything you need to know. Requirements. Tax benefits. Necessary documentation. Legal advice.

Obtaining Spanish nationality. Marriage to a Spanish national. Residence in Spain. Legal procedure.

Carlos Baos (Lawyer)

White & Baos.

Tel: +34 966 426 185

E-mail: info@white-baos.com

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