On April 3, the reform of Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, comes into effect, eliminating investment visas, commonly known as ‘golden visas’. This modification, approved on January 3 with the publication of Organic Law 1/2025, of January 2, on measures for the efficiency of the Public Justice Service, establishes the repeal of Articles 63 to 67 of Law 14/2013. Until now, these articles regulated the residency regime for foreigners making significant investments in Spain, such as purchasing properties worth at least €500,000.
The ‘golden visa,’ or residency visa by investment, was introduced in 2013 to attract foreign investment in the context of an economic crisis. This initiative encouraged the acquisition of real estate as well as investments in public debt, investment funds, and Spanish companies. The program was implemented during Mariano Rajoy’s (PP) government, following the example of other European countries like Portugal and Greece after the 2008 financial crisis. Initially granted for two years, the visa could be renewed for successive five-year periods without requiring permanent residence in Spain, also allowing free movement within the Schengen area.
In the previous legislature, former minister and current governor of the Bank of Spain, José Luis Escrivá, had already indicated the government’s intention to review this visa. Finally, in April 2024, Prime Minister Pedro Sánchez announced its elimination for property purchases. The government justified this decision due to the increasing number of property acquisitions by non-resident foreigners since 2022, particularly from the UK (post-Brexit), Russia, China, and Latin America.
Was the program successful or a failure?
Between 2013 and 2023, 14,576 visas were granted for the purchase of properties worth over €500,000. In 2022, 2,017 visas were issued, while in 2023, the number rose to 3,270, doubling the 2021 figure (997 visas).
Evolution of the ‘golden visa’ (2016-2024)
| Year | Golden Visas | Investment (€ millions) | Average |
|---|---|---|---|
| Global | 10,528 | 10,014.26 | €951,203 |
| 2016 | 461 | 419.48 | €909,947 |
| 2017 | 947 | 2,362.75 | €2,494,983 |
| 2018 | 998 | 754.24 | €755,750 |
| 2019 | 861 | 610.27 | €708,792 |
| 2020 | 632 | 526.80 | €833,544 |
| 2021 | 997 | 838.18 | €840,698 |
| 2022 | 2,017 | 1,728.78 | €857,105 |
| 2023 | 3,273 | 2,518.02 | €769,332 |
| 2024* | 342 | 255.74 | €747,785 |
*Data as of January 31, 2024. Source: Ministry of Housing and Urban Agenda (MIVAU).
In 2024, despite the government’s announcement, around 800 applications were recorded since the law allowed those who had applied before the effective date to maintain their investments. Visa renewals will continue to be processed according to the regulations in force at the time of initial approval.
The visas have been granted to individuals from the Persian Gulf (Saudi Arabia, Kuwait, Qatar), Europe (United Kingdom, Ukraine, Serbia, Turkey), and Latin America (Venezuela, Argentina, Chile, Uruguay, Brazil, Colombia, Mexico).
The latest Annual Real Estate Registry Statistics Report for 2023 highlighted that the growth in foreign property purchases over the last two years was partly due to the emergence of new nationalities in the market. In 2023, 9.71% of foreign purchases exceeded €500,000, amounting to approximately 8,500 properties. Of these, 49.59% were acquired by EU citizens and 50.41% by non-EU nationals, who were eligible for the ‘golden visa.’
The provinces with the highest number of such property acquisitions were Barcelona, Madrid, Málaga, Alicante, the Balearic Islands, and Valencia. In Marbella, these transactions represented 7.1% of total purchases, in Barcelona 5.3%, and in some areas of the Balearic Islands up to 10%, according to the Ministry of Housing and Urban Agenda (MIVAU).
European and global outlook
In the EU, Malta, Greece, and Italy still offer ‘golden visa’ programs, while Portugal has tightened its requirements. Conversely, the UK, Ireland, the Netherlands, and Austria have eliminated or announced plans to end their programs over concerns about security and transparency. Outside Europe, countries such as Australia, Singapore, the US, and Thailand continue to provide these visas. Canada has imposed stricter conditions on foreign investors, whereas New Zealand has eased requirements such as English language proficiency but increased the minimum investment amount.
Future measures in Spain
Beyond ending the ‘golden visa,’ Pedro Sánchez announced a broader package of housing measures, including a significant tax increase for non-resident, non-EU property buyers in Spain. This tax hike could reach up to 100% of the property’s value, although specific details have yet to be disclosed.
Additionally, the ERC party has submitted a proposal in Congress to restrict property purchases by non-resident foreigners unless they can prove at least five years of continuous residency in Spain.
