IMPORTANT: This post analyzes the elimination of the Golden Visa in Spain based on the current status of the legislative process and the information available at the time of publication. Currently, Articles 63 through 67 of Law 14/2013, which regulated the visa and residence permit for investors, have been repealed effective April 3, 2025, by Organic Law 1/2025. Any application, renewal, real estate investment, residency planning, or immigration alternative must be reviewed on a case-by-case basis, in accordance with current immigration and international mobility regulations, and the administrative criteria applicable on the date of submission or grant of the authorization.
This year marks the end of an era for Spain’s foreign investment system. The Government has decided to eliminate the “Golden Visa,” a type of visa created to attract foreign investors by granting residence permits in exchange for significant investments in the country. But why is this decision being made, and how will it affect investors and the Spanish real estate market? Below, we analyze the details.
What Was the Golden Visa?
The Golden Visa was established in 2013, during Mariano Rajoy’s administration, in response to the economic crisis affecting Spain at the time. Its main objective was to attract foreign capital to boost the real estate market and other areas of the economy. Requirements included:
- Minimum investment of €500,000 in real estate.
- Investment of 2 million euros in Spanish public debt.
- Investment of 1 million in shares or stakes in Spanish companies.
- Alternatively, one million euros in investment funds or bank deposits in Spain, or developing a business project in the country considered to be of general interest.
Since its creation, the Golden Visa allowed more than 14,000 investors to obtain residence permits in Spain, with a strong concentration of transactions in cities such as Madrid, Barcelona, and Malaga.
Why Is the Golden Visa Being Eliminated?
The measure to eliminate the Golden Visa is included in a broader bill on judicial efficiency. This bill, approved today in the Congress of Deputies, contains more than 100 amendments in different areas, including reforms in gender laws and other judicial modifications.
In terms of policy, the elimination of the Golden Visa follows a European trend seeking to restrict or tighten investment visas. Following the Russian invasion of Ukraine, several European Union countries began reviewing these visas due to concerns about security and the origin of funds used in investments.
When Does the New Law Come into Effect?
On November 14, the Congress approved the repeal of articles 63, 64, 65, 66, and 67 of Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, thereby eliminating this type of residency. Its implementation will take place within a period of between 20 days and 5 months. This interval, not yet precisely specified for Golden Visas, may allow investors who planned to avail themselves of this regulation to complete their procedures before the definitive repeal, expected, as we mentioned, by early 2025.
Impact on the Spanish Real Estate Market
One of the most discussed aspects of this measure is how it will affect the housing market in Spain. According to recent data, 9.7% of purchases made by foreigners in 2023 exceeded 500,000 euros, the minimum amount required to apply for the Golden Visa. However, real estate specialists point out that the impact of this measure on prices will be minimal, as the scarcity of supply in large cities like Madrid and Barcelona is the main problem limiting access to housing in Spain.
Even so, there could be a slight increase in international investors trying to complete their investments in the short term before the deadline. However, experts agree that this specific demand will not generate lasting effects on prices or property supply.
A Shift in European Investment Strategy
With this elimination, Spain aligns itself with other European nations seeking to control residence-by-investment visas. The trend to reduce or tighten these visas has gained strength in recent years, driven by factors such as national security and financial transparency. Countries like Portugal, Ireland, and Malta have adopted similar measures, especially in the context of the war in Ukraine and growing concerns about the origin of certain funds.
What Does the End of the Golden Visa Mean for Spain?
The end of the Golden Visa in Spain represents a shift in strategy for attracting foreign investment, moving away from residence permits in exchange for capital. As the country continues to grow economically and seeks other avenues of sustainability, this measure reflects a European trend favoring more transparent and secure investment.
Although it may seem like a significant change, specialists believe it will not significantly affect the real estate market in Spain. Instead, this adjustment may strengthen economic security and improve Spain’s perception in the global context, aligning with European regulations on transparency and financial control.
Preguntas frecuentes sobre el fin de la Golden Visa en España
¿Qué inversión inmobiliaria permitía solicitar la Golden Visa?
Uno de los supuestos más conocidos permitía solicitar la residencia mediante una inversión mínima de 500.000 euros en bienes inmuebles situados en España, siempre que se cumplieran el resto de requisitos legales aplicables.
¿Qué otras inversiones podían dar acceso a la Golden Visa?
Además de la inversión inmobiliaria, podían valorarse inversiones en deuda pública española, acciones o participaciones en empresas españolas, fondos de inversión, depósitos bancarios o proyectos empresariales considerados de interés general.
¿La eliminación afecta solo a la inversión inmobiliaria?
La reforma afecta al régimen de residencia por inversión previsto en la Ley 14/2013. Aunque la inversión inmobiliaria ha sido la vía más conocida, es importante revisar cada supuesto concreto para determinar qué modalidad de inversión queda afectada y qué alternativas pueden existir.
¿Qué ocurre con quienes ya tenían una Golden Visa concedida?
Los titulares de una autorización ya concedida deben revisar su situación conforme al régimen transitorio y a la normativa vigente en cada momento. Es recomendable analizar los plazos, renovaciones y condiciones aplicables antes de adoptar decisiones patrimoniales o migratorias.
¿Cómo puede afectar la medida al mercado inmobiliario?
El impacto puede variar según la zona y el tipo de inmueble. En mercados como Madrid, Barcelona o Málaga, algunos inversores extranjeros podrían adelantar decisiones de compra, aunque la evolución de los precios depende también de otros factores como la oferta, la demanda y la financiación.
¿La eliminación de la Golden Visa impide invertir en España?
No. Los extranjeros pueden seguir invirtiendo en España, pero la inversión ya no tendrá necesariamente el mismo efecto automático como vía de residencia bajo este régimen. La planificación deberá valorar otras alternativas migratorias, fiscales y patrimoniales.
¿Qué alternativas existen para vivir o trabajar en España?
Dependiendo del caso, pueden existir alternativas como autorizaciones de residencia y trabajo, residencia no lucrativa, residencia para profesionales altamente cualificados, visados vinculados al emprendimiento, teletrabajo internacional u otras vías previstas en la normativa de extranjería.
¿Qué deben revisar los inversores extranjeros antes de comprar un inmueble?
Deben analizar la finalidad de la inversión, la fiscalidad aplicable, la estructura de adquisición, el origen de fondos, los costes asociados, la situación urbanística del inmueble y si la compra forma parte de una estrategia de residencia, patrimonio o inversión a largo plazo.
¿Qué servicios puede ofrecer IN DIEM Abogados ante este cambio?
IN DIEM Abogados puede asesorar en materia de extranjería, fiscalidad, inversión inmobiliaria, planificación patrimonial, permisos de residencia, gestión de patrimonio y alternativas legales para vivir, invertir o trabajar en España tras la eliminación de la Golden Visa.
At In Diem Abogados, we offer comprehensive advice in times of change
At In Diem Abogados, we are aware of every legislative change to offer you the safest and most effective solutions. These types of reforms not only impact those looking to invest in real estate but also affect those who need to precisely plan their taxation, wealth management, and investments in Spain. Our team specializes in providing personalized advice to find the best legal alternative for living, investing, and working in the country.
Services related to taxation, wealth, and investments
- Taxation: We thoroughly analyze the tax implications that may arise for foreigners and residents in Spain, especially in a context of changes in investment residency laws. We will help you optimize your tax burden so that your investment decisions are profitable and secure.
- Wealth Management: If you are an investor, we know that your wealth is essential. We offer comprehensive advice on the management and protection of assets in Spain, adapting to your needs and the current legal environment.
- Investment Advisory: We evaluate with you investment options that may still be advantageous in the country, beyond residence permits, so that you can continue to develop your financial strategy in Spain securely and profitably.
Contact us for a personalized consultation
If you had investment or residency plans in Spain, this is the ideal time to review your legal and tax options with the support of experts. At In Diem Abogados, we provide a comprehensive and up-to-date approach so you can make informed decisions aligned with your objectives.
Do you have questions about how this measure might affect your situation? Contact us today and leverage our expertise to find the best alternative for living, investing, and working in Spain!
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