The Spanish Golden Visa program has been a popular pathway for non-EU citizens to obtain residency in Spain through investment. Introduced as a way to attract foreign capital, the program offers various investment options, with the most favoured being a minimum of €500,000 in real estate. Other routes include bank deposits, shares in Spanish companies, or public debt.
The program which gained widespread attention among international investors looking to benefit from Spain’s attractive lifestyle, stable market, and access to the broader Schengen area will officially end in April 2025, with permits no longer granted in exchange for investments. The Official State Gazette (BOE) has recently published the law confirming its termination. The decision is driven by housing affordability concerns and EU pressure, affecting those planning to invest in Spanish real estate or other financial assets. Until then, the program remains in force, offering a limited window for those looking to take advantage of its benefits. Existing permit holders will retain their residency rights and will continue to be eligible for renewals even after the law takes effect.
To explain the impact of this change and explore alternative residency options, we spoke with Santiago Lapausa, economist and partner at JC&A Abogados. Click below for the full video interview.
For those considering Spain’s Golden Visa, the coming months are critical. This program offers significant benefits, such as the right to live and work in Spain, access to high-quality healthcare and education, and visa-free travel across Schengen countries. However, its imminent discontinuation calls for swift and decisive action.
Investors who act promptly can still obtain residency under the current terms. With real estate remaining a reliable investment in Spain’s flourishing property market, this could be the last chance to benefit from the Golden Visa before the program comes to an end.
For clients considering luxury villas or properties that require time for a decision, there are alternative strategies to secure the Golden Visa now while options remain open. By investing €500,000 in an apartment or placing €1 million in a bank deposit, potential buyers can apply for the visa immediately. Once they finalize the purchase of their ideal villa, the visa will already be secured. Importantly, the €1 million deposit is refundable when the visa is cancelled, and the apartment can generate rental income and appreciate in value over time.
According to Santiago Lapausa, economist and partner at JC & A Abogados, 'The Spanish Golden Visa program has provided a popular pathway to residency through a €500,000 real estate investment, among other options like bank deposits, shares in Spanish companies, or public debt.
With Congress advancing towards the complete termination of the program,, those considering an investment should explore alternatives such as securing a visa now with a €500,000 property or a €1 million deposit. These strategies allow clients to safeguard their residency while finalizing the purchase of a luxury home. Time is of the essence to take advantage of this opportunity
For those who have already invested and submitted their applications, the Golden Visa will still be granted even if it is approved after the ban comes into force. Additionally, existing Golden Visa holders can still renew their permits’
In conclusion, the Golden Visa program has created opportunities for thousands of foreign investors. However, its imminent end marks a turning point, presenting both a challenge and an opportunity for those prepared to act decisively. If obtaining residency in Spain through investment has been part of your plans, now is the time to move forward before the window closes. Whether for personal use, relocation, or as a valuable asset, investing in Spanish real estate now offers a unique chance to secure long-term benefits and residency rights.
In addition to the Golden Visa program, Spain offers other pathways to obtain residency if you are a non-EU citizen, depending on the personal and professional circumstances of the applicants:
Residency for highly qualified professionals: This visa is designed for individuals with skills and experience in specific sectors that are of interest to Spain.
Residency for international remote workers: If you work remotely for a company outside of Spain, you may apply for this visa, which allows you to live in the country while continuing to work.
Residency based on social or family ties: This option is available to individuals who have lived in Spain for an extended period and have family or social connections in the country.
Student visa: If you plan to study in Spain, you can apply for a student visa, which also allows you to work part-time.
Residency for entrepreneurs: This visa is available for those with an innovative business project they intend to develop in Spain.
Pia Arrieta (PA) : Hi, everyone. Welcome back to our channel. Today, we have the privilege of speaking to Santiago Lapausa, Economist and partner at JC&A Abogados. Santiago has extensive experience in investment law, and today we will be speaking with him about the upcoming end of the golden visa in Spain. We will be talking about its legacy, final opportunities, and the alternative residency options for non-EU citizens. Thank you, Santiago, for joining us today.
Santiago Lapausa (SLP): Thank you for the invitation. It's a pleasure to be in your lovely place and have a nice chat with you as always. Thank you. Thank you very much.
PA: Right. So let's dive straight into it.
SLP: Ok, go for it.
PA: The golden visa coming to an end on the 3th of April. Can you tell us what the main reasons are for the termination of the golden visa?
SLP: The main reason is the housing problem we have in Spain. This is not only for Spain, most of the countries in Europe do have a similar problem that there is a lack of properties that people can afford to buy or rent.
So the government has decided that it was good to stop this visa programme to reduce the price of the property.
PA: So I assume that they have made a good research to take such a decision.
SLP: The excuse in reality behind this, because if it's only real estate problem, the reason they will just stop the investment in real estate and keep the other investments. But they have decided to cancel the whole programme. Probably the excuse, as I said, is that the European Union does not like this visa, especially after the war with Russia and Ukraine. They don't like that people can move freely just in exchange of an investment in one country.And other countries have already done this before, like Portugal. It's like the excuse that we are doing the same thing that other countries in the neighbourhood are doing in line with the European Union.
PA: Interesting. So what advice would you give to, obviously, anyone that's right now aware of the end of the golden visa, they're in a hurry to buy a property. Obviously, they have until the third of April. What would be the deadlines and the process that they have to comply with in order to ensure that they're within the deadline to present all the paperwork?
SLP: The decision of terminating with the golden visa was approved by the Congress at the end of the year, and the law was published on the second of January, coming into effect in three months. So the real, the deadline is the 3th of April, as you said. The Golden Visa is a visa. It's a programme that allows investors that are from other countries, not in the European Union, to get a residency permit in exchange of an investment. There are several kinds of investment that people can do. The most popular is the investment on real estate. The applicant must buy a property for at least €500,000, is the minimum price per applicant. That means that if a couple buys 50-50 property of €500,000, none of them can apply because they are under this €500,000. The visa covers not just the applicant, but also the close family, spouses,descendants underage. As I said, the most popular is real estate, but we have a very short period until the 3th of April. Unless someone has already found the property or in the process of buying, this can be still an option. It's important to know that in order to apply, the property must be already registered in the name.It's not enough to buy and have the deed in the notary. The property has to be registered and a certification by the land registry has to be provided.
PA. So that's actually a very important point because obviously there's a process between the signing of the title deed and then however long it takes at the land registry to transfer the ownership to your name, so that must be accounted for as well. Essentially, what would you estimate to be the deadline for someone actually signing the title deed?
SLP: So they have enough time to obtain the certificate from the Land Registry Land registry can take almost a month to be registered, maybe less. And of course, just getting into a decision to buy a property just for €500,000 to get into the programme visa is maybe too stressful. So there are other options, other investments. There's also a possibility that you can apply for the visa if you bought the property since 2013 when the programme started. If you already have a property that you purchased after 2013 and it's within this limit of €500,000 and you meet all the requirements, you can also apply for the visa. But there are other investments, as I said, like making a deposit in a Spanish bank account of €1 million or investing €1 million into a Spanish company. It can be a listed company, but also can be a private company, or investing €2 million in treasury bonds. So these are options that have not been used very often because the investment on real estate was the key feature, but they are more easy to achieve and probably a solution for those who have not decided yet to buy a property. In the meantime, before this visa ends, there is an opportunity there.
PA: So for those looking to actually buy the property for €500,000 or more, taking into consideration what you said about the land registry, then we would assume that probably they would have to be signing the title deedby the end of February, more or less, or maybe a little bit before, actually.
SLP: I will say before.
PA: To give you enough time... All right. So that's something very useful for our clients to know. Now, in regards to the other options for obtaining the golden visa,I assume, like with the property as soon as you end the investment or you withdraw that deposit into the Spanish bank account or your investment into the company, then your golden visa would be taken away, I assume.
SLP: Yes It's compulsory that you have to keep the investment while you are having the visa. So if you buy the property, you have to keep that property or reinvesting another property meeting the same requirements.Also with a bank deposit, you have to keep the money invested while you are enjoying the visa.
PA: Perfect. Thank you. What are the implications for existing golden visa holders once the programme ends? Does their visa end? Can they continue to have the visa?
SLP: The government has made this correct, let's say.In order to give certainty, the applications that are made before the end of the visa before the third of April will continue. They will be clear, and if they meet the requirements, the applicant may get the visa even after the 3th of April. For those who already have a visa, it will be covered by the old law, so they can renew it as long as they keep the investment. Existent visas will not be affected. Existent visas will not be affected. Only no more new visas will be granted after the 3th of April.
PA: What are other investment or residency options in Spain available to non-EU buyers once the golden visa programme ends?
SLP: We have to realise that this visa is for people that are out of Europe, so they are limited by 90 days out of 180 days in a year to stay in one country. There is already an existing visa, the non lucrative visa, that will continue. This visa allows the applicant to stay longer or above this limit of 90 days, but it will not be able to work in Spain. That is a big difference compared to the golden visa. With the golden visa, you can get the authorisation to live here as long as you want, permanently if you want, but also to work. The non-lucrative visa is different. You are allowed to stay here. You cannot work. In order to apply for that, maybe it's a little bit more complex because you have to to buy more documentation. The golden visa is much easier and straightforward. You have the investment, you make the application, and it's done in a very short time.
PA: I guess with the non lucrative visa, you would have to show that you're able to pay for your life here without any income from work in the country.
SLP: Exactly. You have to prove that you have money enough to live on, that you have health insurance for all the members of the family, that you don't I have a disease that is going to be dangerous for the country, no criminal records. It's just for someone who's going to live or retire, for example. So they have to prove that, yeah, I have enough money. I just want to enjoy life in Spain.
PA: Perfect. How about the digital nomad visa? Would that be another way for a non-EU person to be living in Spain?
SLP: Definitely. This is something new somehow. So this digital nomad visa allows people that are also out from Europe to come and live here, provided that they are teleworkers, that they can work remotely from Spain to companies abroad. So it's an application that is also easy to make. The applicant must already be working with a company abroad for more than a certain number of months. It's not something that it was made on purpose to move here. So it's someone that is already working, has a contract, and has to prove that he's able to work remotely, meaning only using electronic means, computer, internet, things like that. So that person can relocate to Spain. And and apply for this visa to live permanently here and work from Spain. They can also work for a Spanish company, but it's limited to 20% of the total income. So it's residual let's say
PA: Perfect. Great. Well, thank you very much for explaining all of that. Obviously, if you're looking to invest in a property for 500,000 or more, there's a very small window left to do that, but obviously, there areother options, like you said. And then beyond the golden visa, obviously, there are a couple of other options for non-EU citizens looking to come to Spain. So thank you very much, Santiago.
SLP: You're welcome.
PA: It's been a pleasure to have you on our channel today. Thank you to everyone watching, please subscribe and stay tuned for more video content from us.
