December 4, 2024
In a surprising move, Spain’s Golden Visa Program, which has always been a target residency location for many, is nearing its permanent closure as we count the days until the end of 2024. In the following lines, the latest developments, estimated dates, and what Spain’s golden visa termination means for prospective investors will be clearly addressed to you.
Spain Golden Visa News 2025: A Proposed Law in Progress
While it is still not officially in operation, a law draft abolishing all previous legislation regulating the Golden Visa program in Spain was approved by the state’s Congress in November. This legislation includes the acts from 63 to 67 of Law 14/2013. Thereby, there won’t be further Golden Visa requests allowed starting nearly the first quarter of 2025.
The most debated subject of investment in the Spanish political realm, that led to Spain’s Golden Visa termination, was the property purchase option, which was a part of meeting its requirements. Nevertheless, the new law draft blocks all kinds of investments including government bonds, capital shares, or bank deposits.
Currently, the law draft is under a hot discussion in the Senate, which previously indicated its willingness to reject the law or even suggest some amendments. However, the Senate outcomes are only advisory without any political authority.
The Estimated Timeline for the Spain Golden Visa Termination in 2025
- Till the moment, the investors can fill out Golden Visa Applications while meeting all eligibility criteria until the end of 2024.
- According to Spanish law, the new legislation goes into effect after 3 months of its publication in official Newspapers. Such a process may reach its completion within the first quarter of 2025. As such, some speculations expect March 2025 to be the actual date of ending the Golden Visa Program in Spain 2025.
Spain Golden Visa 2025: Some Considerations of the Law
- According to the government announcements the already Golden Visa Residents can renew their visa without any concerns.
- Nevertheless, there is a vague point in the brewing legislation regarding adding another dependent after the law takes effect. This right has not been specified until now.
The Main Reason Behind the Law
Despite the huge spike in Spain’s economy as a direct result of the flowing massive investments from foreign investors who seek to comply with the Spanish Golden Visa Program requirements, the government’s current observations reflect a real estate crisis in the country due to the high demand that the Spanish citizens can’t afford to buy proper houses. The law draft is the state’s new strategy to avoid piling up the problem.
How should the Golden Visa Seekers Deal with Spain’s Golden Visa Termination in 2025?
If you are contemplating obtaining a Spain Golden Visa, you’d better get started now. As the Golden Visa Program comes closer to its permanent termination, you need to submit your request before January 1, 2025, to make the most of the still-existing laws. From this day forward, this opportunity will no longer be guaranteed at all, so it’s important to put the wheels in motion if this is the route you want to take.
