The Spain Golden Visa program, initially introduced in 2013 to stimulate the Spanish economy and attract foreign investments, is set to close on April 3rd, 2025. The decision to terminate the program was motivated by the persistent housing challenges faced by Spain in recent years, as articulated by Spanish Prime Minister Pedro Sánchez in April 2024. The government's rationale behind this move was to prioritize housing as a fundamental right rather than a subject of business speculation.
Following the approval of the abolition of the program by the Spanish Congress of Deputies in December 2024, 'Organic Law 1/2025' was published in Spain's Official State Gazette (BOE) on January 3rd, 2025, officially confirming the termination. While no new applications will be accepted after April 3rd, 2025, current applications will remain unaffected by this decision.
The Spain Golden Visa program enabled foreign investors to acquire residency permits to live and work in Spain through qualifying investments. Eligible forms of investments under the program include real estate, business ventures, public debt securities, business projects, and bank deposits, with minimum investment thresholds ranging from EUR 500,000 to EUR 2,000,000.
This program gained popularity among foreign investors due to its unique benefits, such as minimum residency requirements, access to resident permits in Spain, and the option to include family members in the application process. Additionally, the program offers efficient renewal and processing procedures, making it straightforward for applicants to navigate.
Since its inception, the Spain Golden Visa program has benefitted more than 15,300 individuals, attracting significant investments primarily in the Spanish real estate sector. Notably, Chinese citizens have been the largest recipients of these visas, followed by Russians, Iranians, Americans, and Britons. Notably, majority of Spain Golden Visa applicants, accounting for 94%, have opted to invest in real estate and the applicants have injected EUR 4.8 billion into the Spanish real estate market between 2018 and 2022.
Despite the imminent closure of the program, the Spain Golden Visa remains an appealing option for foreign investors looking to establish themselves in Spain. With its emphasis on flexibility and efficiency, the program has distinguished itself among similar visa schemes and continues to be a favorable choice for individuals seeking innovation and entrepreneurial opportunities in Spain until its closure.
As a seasoned international law firm with over 30 years of experience working on immigration matters across multiple jurisdictions in Asia, Noth and South America, Europe, Africa and the Middle East, we are well equipped to assist applicants in navigating investment opportunities and immigration processes.
If you interested in the Spain Golden Visa program and wishes to submit your application before the program closes, feel free to reach out to us at https://harveylawcorporation.com/contact/. Our team is dedicated to ensuring that your submission process is smooth and timely, while also making certain that your application meets all legal requirements. We can also help navigate the complexities of the Spain Golden Visa program, providing expert guidance every step of the way.
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