Update on the elimination of the Golden Visa Programme in Spain
Yolanda Lobao Partner - Private Wealth/ Private Client
The Spanish Congress approved on the last 14th November 2024 the elimination of the Golden Visas Programme by means of a final provision introduced in the new Law on measures of efficiency of Justice.
With the suppression of Articles 63-67 of the Law 14/2013 on support of entrepreneurs and its internationalization; not only Visas and Authorizations of residency due to the acquisition of real estate are eliminated, but also Visas and authorizations of residency for investing on Spanish public debt, shares of companies, investment funds, bank deposits and entrepreneurial projects.
The new Law still needs to be ratified by the Senate and, afterwards, once it is published in the State Official Gazette; there will be period of 3 months before the Law enters into force, probably around February-March 2025. Senate could reject or propose amendments, and therefore, there is still room for a modification, but the Law will be enacted in any case.
Therefore, according to the last approval, if no further amendments apply:
- Applications submitted prior to the Law being into force, will be dealt with according to the regulations in force at the moment of application.
- All existent Visas and Authorizations of Residency for Investors on Real Estate, valid at the time of the Law entering into force, will remain valid.
- No new Applications could be made after the Law enters into force.
- Renewals of the existent Visas and Investors ́ Authorizations of Residency permits will be granted according to the regulations in force at the time of the application; this means that existent Visas and Authorizations could be renewed, when expire, for successive periods of 5 years provided the conditions applicable at the time of the investment, continue to be complied with.
The Spanish Golden Visas programme allowed to non- EU foreign investors to obtain the residency and work permit in Spain, without having to be tax resident, or live effectively, in Spain. Other type of Visas or Residency permits require the effectively living in Spain for being renewed.
On another hand, the Reform of the Immigration Regulation has been approved on 20th November 2024, which will improve the obtention of the residency and work permits by reducing time and stages for their granting.
Please do not hesitate to contact us in order to advice you on other interesting routes to invest and becoming Spanish Resident, such as the Digital Nomad Visas, Entrepreneurs Visas, Highly qualified workers, amongst other.
In addition, several special tax regimes favourable to foreign citizens who wish to live in Spain are available, such as the Beckham Law regime or the new Mbappé Law regime (still a draft).
Spain will continue to attract top qualified employees from around the globe, high profile investors and the most innovative international start-ups.
If you wish to apply for a new Golden Visa now, there is still a small gap of time until the new Law enters into force, if ratified as it is now, please do not hesitate to contact us and we will assist you to make it happen.
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