The Spanish government, led by the PSOE and supported by parliamentary allies, has taken steps to end the “Golden Visa” program. Originally introduced under former Prime Minister Mariano Rajoy, this program granted residency to non-EU foreigners who invested over 500,000 euros in Spanish property. Since 2016, approximately 11,000 Golden Visas have been issued.
This change was implemented through an amendment to a justice reform law, passed without opposition presence, due to their suspension of activities in response to the DANA disaster. The new law removes key articles that had previously defined eligibility criteria for the Golden Visa, including real estate investment, investments in public debt, significant stakes in Spanish companies, and business projects of general interest.
Existing Golden Visas remain valid for those who applied before the law takes effect, but future applicants will no longer be eligible. As stated by Prime Minister Pedro Sánchez, the government aims to ensure housing is a right rather than a speculative business. Roughly 94% of Golden Visas have been tied to real estate, especially in high-demand cities like Barcelona and Madrid.
In 2023 alone, over 4,000 properties worth more than 500,000 euros were purchased by non-EU citizens. However, experts believe that the visa program’s elimination will have limited impact on Spain’s housing market.