If you’ve been following the news about the status of the Golden Visa in Spain this month, you might be suffering from a bit of whiplash! On November 14th, Spain’s Congress of Deputies approved a bill that would abolish the Golden Visa Program (GVP) by January. This week, the Spanish Senate rejected the bill, and it looked like the GVP was going to be protected. However, the ruling party has since indicated that it is moving forward with its plans to end the controversial program.
Some history: The GVP was introduced in 2013 as a way of attracting foreign investment into the country at a time when the economy was struggling. It provided a short-stay OR residence visa (meaning the holder was not required to spend a majority of the year living in Spain) making a “significant capital investment” in the country, either 2 million euros in Spanish public debt securities, 1 million euros in stocks or shares of a Spanish company, or the purchase of real estate worth a minimum of 500,000 euros. It is this last provision, which has accounted for 94% of Golden Visa applications, that has made the GVP a target for elimination.
The current Spanish government is blaming the GVP, mostly unfairly, for the drastic shortage of affordable housing stock that is plaguing cities across the country and has been the cause of major demonstrations and anti-tourist sentiment this past year. The elimination of the GVP was added to a larger bill that included many other housing-related laws, and this week, the bill was quashed in the Senate, leading some people to hope the GVP would continue eternally. However, our sources in Madrid tell us that this is definitely not the case.
The governing party, convinced that the GVP has contributed to housing cost inflation, is determined to eliminate the program, ideally by January 2025. They are going to separate it from the other bills and are insistent that it will pass this month. If that happens, Spain will be among several other European countries ended their Golden Visa schemes.
So what does this mean for those of you who were hoping to come to Spain with a Golden Visa? As the news on this bill continues to develop, we will update the information on our Visa Types pages, so be sure to check back, or email info@americansmovingtospain.com for a personal conversation about the situation and your options if it is eliminated. You can still make your Spanish dreams come true!
