The Spanish government is set to abolish the “Golden Visa” program through an amendment to a Justice bill, anticipated to take effect January next year.
Since May 2023, the left-wing coalition currently governing Spain has been signalling plans to shut down the residency-by-investment scheme, widely known as the Spanish Golden Visa, but never committed to any deadline. That changed this week as the PSOE party and its allies took steps to wind up the scheme by next January.
In April, the government confirmed its intention to phase out the Golden Visa program, citing its role in driving up speculation and housing prices. By July, it began pushing the initiative through parliament. Now, Spanish media report that the government will add the Golden Visa’s repeal to an amendment to judicial legislation under review by the Justice Committee, scheduled to take effect in January.
However, a transitional provision will allow any applications submitted before the change takes effect to be processed under the existing rules. This means that anyone meeting the Golden Visa criteria and applying before year-end should still qualify.So if, for example, you’re a British tax refugee looking to escape Starmer’s Socialism in the UK, or a U.S. member of the “laptop class” hoping to escape Trump’s America, there’s still time to secure a Spanish Golden Visa by investing €500,000 in Spanish real estate — but time is running out
Source: By Larraín Nesbitt Abogados, for www.spanishpropertyinsight.com