Spain to end its "Golden Visa" for foreign investors  

April 8, 2024

Spanish Prime Minister Pedro Sánchez has announced his government’s plans to suppress the "Golden Visa", which allows non-EU citizens access to residency when they invest more than €500,000 in real estate.

Once granted, the "Golden Visa" allows its holder to reside legally in Spain and travel within the Schengen area without the need to obtain an additional visa. In addition, the holder and his or her immediate family can benefit from medical care and education in Spain.

The programme was introduced in 2013 with the aim of attracting foreign investors and boosting the Spanish economy.

Criticism of Sánchez’s new move against foreign investment has been swift. Madrid’s minister for Housing, Transport and Infrastructure, Jorge Rodrigo has lamented that Sánchez is "making decisions contrary to Spain’s interests". "If he confuses the diagnosis, he will never be able to tackle the problem," he said.

For her part, the Regional Minister of Economy, Finance and Employment of the Community of Madrid, Rocío Albert, has pointed out that this new measure is "purely cosmetic and does not solve the problem of access to housing" – which is Sanchez´s alleged reason for the initiative. "Furthermore, breaking the rules of the game generates distrust and legal insecurity, and discourages investment", she added.

This programme has been very popular among Latin American investors and has helped boost the Spanish real estate market, generating important investments in various sectors of the country’s economy.