The Golden Visa, active since 2013, is a Spanish concession that allows foreigners to obtain a residence permit in exchange for a significant investment in the country in real estate. This visa has been a major attraction for investors of various nationalities, offering residency benefits in exchange for minimum investments of €500,000 in property, among other investment modalities.
When is the Golden Visa for foreigners in Spain being withdrawn?
Recently there has been news circulating about a possible revocation of the Golden Visa, but here we explain the series of steps to be taken before this happens. This is a proposal of the PSOE political party, which seeks to eliminate the Golden Visa for real estate investors. This political group argues that this concession makes the real estate market more expensive and hinders access to housing for Spanish citizens in cities such as Malaga, Madrid, Barcelona and Valencia.
What are the phases to approve this Law?
- Governmental Approval: The government has 30 days to approve or reject the proposed law. In this particular case, it would be at the end of June 2024.
- Congress of Deputies: If the proposal is approved, a commission will be appointed to evaluate it and make the pertinent corrections.
- Senate: Finally, the Senate will vote on the proposal.
It is important to mention that the Popular Party, who instituted this option for foreign investors in order to reactivate the Spanish real estate market, has the majority, and therefore, the members of this party are opposed to the elimination of the Golden Visa. However, there is still a possibility of eliminating this option for foreign investors by the end of 2024.
Recommendations for investors interested in acquiring a Golden Visa
In this scenario, here are 3 key recommendations to secure your Golden Visa in Spain:
- Reach out to a Cross Border Investment Specialist: While the removal of the Golden Visa may be a process that occurs within the next 6 months, nothing is set in stone yet.
- Anticipate changes: In the event that the Golden Visa ceases to be an option as we know it, this is the ideal time to act quickly and complete your property investment process in Spain before any legislative changes come into effect.
- Legal Advice: Consult with experts in immigration and real estate law to understand all the implications and possible strategies.
What has been the impact of the Golden Visa in Spain?
Since 2013, more than 6,200 visas have been issued in Spain for real estate investment. This visa has attracted investors mainly from Russia, China and Mexico . The following graph shows the amount of real estate investments to obtain a Golden Visa for real estate acquisition according to each nationality.
The elimination of the Golden Visa is under discussion and, if approved, will have a considerable impact on the real estate market and foreign investors by the end of 2024. It is also important to mention that the legislative process still has several steps ahead and may be prolonged, so now is the ideal time to act! Remember that at Nolab we have specialists in real estate investments between Mexico and Spain, with full advice in both nations. Contact us, see all the property options we have for you and make smart decisions in Europe.
