UGLOBAL . COM 65
SPAIN ’ S GOLDEN VISA PROGRAM SET TO END IN APRIL 2025
BY ALEXANDRE RANGEL
Spain provides three pathways for investors to obtain legal residence , including a real estate investment option that the government will terminate on Apr . 3 , 2025 .
Spain ’ s Golden Visa program has attracted thousands of investors worldwide since its inception in 2013 . The program offers non-EU nationals the right to apply for legal residence by purchasing real estate in Spain for at least 500,000 euros . This is just one of the pathways of the program .
After over a decade , the real estate investment route remains the most sought-after among foreign high-net-worth individuals ( HNWI ) seeking legal residence in Spain . However , it ’ s about to end .
On Apr . 8 , 2024 , during a meeting in Sevilla , the president of the Spanish government announced that the program would be terminated . The proposal was formally introduced before Congress the following day . The government ’ s decision to end the program , along with the support of its political allies , did not come as a surprise . Left-wing congressmen have been arguing that the program is one of the main drivers of skyrocketing real estate prices in Spain in recent years . Spain ’ s decision to terminate the program is part of a broader trend across Europe , where Golden Visa programs are being phased out due to their contribution to soaring property prices .
According to the Housing and Urban Agenda Department , 14,576 Golden Visas have been granted since the program began eleven years ago . The main groups of foreign investors come from China , Russia , the United Kingdom , the United States , Ukraine , Iran , Venezuela and Mexico . These investors are primarily buying properties in Spain ’ s major cities , including Madrid , Barcelona , Malaga and Valencia . Most South American are acquiring properties in the main cities , such as Madrid , Valencia and Barcelona , while the other foreign nationals prefer to invest in the South , particularly in the Costa del Sol , where they often relocate .
“ Although the program ' s termination is intended to control rising property prices , the other investment routes will also be eliminated .
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