Spain Stops Issuing 'Golden Visas'
Spain is officially ending its Golden Visa program, a residence permit for investors. No new applications will be accepted under the program from April 2025, according to amendments published in the Official State Gazette (BOE).
However, existing Golden Visas will remain valid for the period specified when they were issued. Those who applied before the new rules came into force will still be able to obtain a visa under the conditions that were in effect at the time of application.
The Golden Visa program was open to citizens of countries outside the European Union. It provided a residence permit in Spain in exchange for investments such as buying real estate worth at least €500,000, investing at least €1 million in Spanish shares, or at least €2 million in government bonds.
To obtain a residence permit, it was enough to fulfill one of the conditions, which made the program popular among investors.
How to get a residence permit in Spain through the purchase of real estate
Residence permits in Spain are issued for investments of €500,000 or more. In 2024, investors invested an average of €662,000 in Spanish real estate.
Investors can still manage to obtain a residence permit in the country. To do this, Mercury Group experts advise the following in the next two months:
- Select and reserve real estate.
- Transfer money to the developer as soon as possible (if this is a primary residence), or prepare the necessary amount in your bank account to purchase secondary real estate.
- Select the date of signing the transaction with a notary.
- Sign the transaction agreement (in person in Spain or through a legal representative).
- To apply for a Golden Visa, you need a certificate, which is issued only after the transaction is registered. In Spain, the registration period takes from 2 months from the date of the notary. Therefore, it is important to formalize the transaction with a notary as soon as possible.
Investing in real estate in Spain is an attractive way not only to preserve and increase capital, but also to obtain the opportunity to legally reside in one of the most comfortable countries in Europe. It is important to study all aspects of the transaction in advance, including taxes, additional costs and property maintenance, as well as to take into account long-term prospects for profitability and obtaining a residence permit. Sign up for a free consultation with Mercury Group experts.