The end of the Spanish Golden Visa for UK British Nationals and other non-EU citizens, has been on the cards since Prime Minister Pedro Sanchez’s announcement in April 2024.  Since then the Government have made significant progress with legislation necessary to bring about the end of this type of Spanish residency.

In November 2024 Congress approved a bill that included text to scrap the ‘Golden Visa’ and end this residency scheme as soon as January 2025.  On December 2nd, the Senate vetoed the bill sending it back to Congress delaying the ending of the Golden Visa for property purchases in Spain for several months.  It is now expected that the earliest legislation could get pushed through is April 2025.

Aside from political reasons, (Congress is controlled by the Prime Minister Pedro Sanchez and his coalition government of the centre-left Spanish Socialist Workers’ Party – PSOE and radical left-wing Unidas Podemos, while the Senate is controlled by the centre-right party, the Partido Popular), there was concern over the way that the Spanish government had tried to bring in the changes.  Basically the text annulling the Golden Visa, was inserted in a completely unrelated bill, the Judicial Efficiency Bill which is all about rules for expedited trials for cases of illegal squatting.

According to the Official Gazette of the Spanish Parliament dated 2 December, the Partido Popular’s rationale for the veto revolved around the government’s failure to employ “proper legislative drafting techniques”. It argued that the simultaneous processing of two legislative projects affecting the same laws would create confusion, calling the bill “a hodgepodge of uncoordinated legislative amendments”.

Whatever the case, as Congress retains the power to override the veto the Senate’s opposition will only delay the process, and it is just a matter of time before we’ll see the end of Spain’s Golden Visa.

Whats Does The End of The Spanish Golden Visa Mean?

The end of the Spanish Golden Visa means that this residency scheme will no longer be available for new applicants.

The Golden Visa programme in Spain allows nationals of third countries to obtain residency in Spain through investment.  Specifically, by investing either €500,000 in property, making a €1 million cash deposit in a Spanish bank, investing €1 in shares in Spanish companies or investment funds or buying €2 million in Spanish government bonds.

When Spain’s Golden Visa finally comes to and end, it will no longer be possible for non-EU nationals to obtain residency through these investments.

The legislation included in the recent Bill makes it clear that any application submitted BEFORE the Bill has been published will not be affected by the new legislation.  That is to say, as long as you have applied before the Bill comes into affect, your application will still be valid and processed.

Additionally the change will not apply retrospectively, so anyone who already has residency in Spain under the ‘Golden Visa’ scheme will retain it and be able to continue renewing it.

The Golden Visa and Property Investor Residency is a fast track process which typically takes around 4 to 6 weeks to obtain, therefore anyone who already owns a qualifying property or who is buying one in the next couple of months, still has time to apply.

Read more about the Golden Visa.

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