Chamber Member, ECIJA has written a post for our blog on the recent changes to Spain’s residency options for foreign investors, including the elimination of the Golden Visa programme. This post outlines the implications of the new law, its expected timeline, and alternative routes to invest in Spain and obtain residency.
Blog post written by ECIJA, Member of the Chamber
The elimination of the Golden Visa programme in Spain
On the 14th of November 2024, the Spanish Congress approved the elimination of the Golden Visa programme through a final provision included in the new Law on Measures of Efficiency in Justice.
The elimination of Articles 63-67 of Law 14/2013 on Support for Entrepreneurs and their Internationalisation will result in the removal of visas and residency authorisations linked to the acquisition of real estate. In addition, visas and residency authorisations for investments in Spanish public debt, company shares, investment funds, bank deposits, and entrepreneurial projects will also be discontinued.
The new law still requires ratification by the Senate. Once it is published in the State Official Gazette, there will be a three-month transition period before the law takes effect, likely around February or March 2025. While the Senate may propose amendments or reject certain provisions, the law is expected to be enacted as planned.
Key points of the current approval
If no further amendments are introduced:
- Applications submitted before the law comes into force will be processed under the regulations in effect at the time of application.
- Existing visas and residency authorisations for real estate investors, valid at the time the law comes into force, will remain valid.
- No new applications will be accepted after the law comes into force.
- Renewals of existing investor visas and residency authorisations will continue to be granted under the regulations in effect at the time of application. Existing visas and authorisations may be renewed for successive five-year periods, provided the conditions in place at the time of the original investment continue to be met.
The Golden Visa programme has been a key mechanism allowing non-EU foreign investors to obtain residency and work permits in Spain without the requirement to become tax residents or live permanently in the country. By contrast, other types of visas and residency permits require effective residence in Spain to qualify for renewal.
Reform of Immigration Regulations
Separately, on the 20th of November 2024, the Reform of Immigration Regulations was approved. This reform is designed to streamline the process of obtaining residency and work permits by reducing both the time required and the number of steps involved.
Alternative routes to Spanish residency
For those seeking alternative ways to invest in Spain and secure residency, there are several options available, including:
- Digital Nomad Visa
- Entrepreneurs Visa
- Highly Qualified Workers Visa
We encourage you to contact our Member, ECIJA, for advice on these options or other tailored solutions to meet your needs.
Additionally, Spain offers several favourable tax regimes for foreign citizens wishing to relocate, such as the Beckham Law regime and the proposed Mbappé Law regime, which is currently in draft form.
Spain: a hub for business and investment
Despite these changes, Spain remains an attractive destination for highly qualified professionals, top-tier investors, and innovative international start-ups.
If you are considering applying for a Golden Visa, there is still a small window of opportunity before the new law takes effect. If you wish to act now, please don’t hesitate to contact our Member, ECIJA, and they will be able to assist you with the process.
