Spain Ends Golden Visa Program for Non-EU Real Estate Investors

The Spanish government has officially ended its Golden Visa program, which previously allowed non-EU citizens to gain residency by investing in Spanish property. The move marks a significant policy shift aimed at addressing rising housing costs and protecting affordable housing for local residents.

What Was Spain’s Golden Visa Program?

Launched in 2013, Spain’s Golden Visa allowed foreign nationals from outside the European Union to obtain residency by investing a minimum of €500,000 in Spanish real estate. The program was designed to attract foreign investment during Spain’s post-crisis economic recovery. Over the years, it drew thousands of applicants from countries such as China, Russia, the UK, and the US.

Why Spain Ended the Golden Visa

The Spanish government decided to cancel the Golden Visa for real estate investment to curb housing market speculation and address concerns over affordability in major cities like Madrid, Barcelona, and Valencia. The surge in foreign investment had been linked to rising home prices and reduced availability of housing for Spanish residents.

Officials have emphasized that housing should be a right, not a luxury investment asset, and this legislative change is part of a broader effort to ensure access to affordable housing for all citizens.

What the End of the Program Means for Investors

The real estate investment route under the Golden Visa is no longer available as of April 3, 2025. However, Spain continues to offer alternative residency options through other forms of investment. These include:

• Investment in Spanish businesses or startups
• Purchase of government bonds
• Significant economic or innovation-driven projects

Applications submitted before the cutoff date will still be processed under the previous guidelines, but no new property-based applications are being accepted.

Alternatives for Residency in Spain

While the real estate route has ended, non-EU nationals still have several pathways to live in Spain legally. The most popular alternatives include:

• Non-Lucrative Visa – For retirees and individuals with sufficient passive income
• Entrepreneur Visa – For launching innovative businesses in Spain
• Highly Qualified Professional Visa – For skilled professionals employed by Spanish companies

Impact on Spain’s Real Estate and Immigration Landscape

The end of the Golden Visa marks a shift in Spain’s immigration policy, aligning with a growing trend in the European Union to reevaluate residency-by-investment programs. The decision reflects a broader emphasis on housing affordability, economic equality, and sustainable urban development.

This policy change is expected to influence both local real estate trends and the future of foreign investment in Spain. Meanwhile, neighboring countries with similar programs, such as Greece, Portugal, and Italy, may see increased interest from global investors seeking alternative residency options.

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