The "Golden Visa to Spain" program, which officially started in 2013, has become an attractive way for investors from outside the EU to obtain a residence permit in the country. In exchange for an investment, foreigners received the right to live and work in Spain. However, it recently became known that the state plans to close its program and is already taking certain steps to do so. Find out when the program may be closed and whether you still have time to get permission

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On July 24, 2024, the Spanish government presented to Congress amendments to the law that initiates the procedure to close the Spanish investment residence permit program. The authorities plan to end all options for participation in the program, including the purchase of real estate.

How many foreigners were able to get a residence permit in Spain in exchange for investment?

Spain's investment program was launched at the height of the financial crisis in 2013. Thanks to the program, 15,450 foreigners received Spanish residence permits, eight of them through the purchase of government debt, 167 for the purchase of shares, 371 for bank deposits, 214 for investment in funds and 114 for opening business projects.

The rest - 95% of investors or 14,576 visas were issued for the purchase of real estate.

Why is Spain closing its Golden Visa program?

The main reason for the possible closure of the program is criticism of the EU and uncontrolled growth of real estate prices in cities, which nullifies government initiatives, such as raising the minimum wage.

Is it possible to obtain a residence permit on the basis of the "Golden Visa" of Spain?

The adoption phase of the amendment will last at least until early September and will include public hearings.

Currently, the program continues to work. All previously issued "golden visas" and necessary extensions will work under the 2013 law.

Investors who want to start the process now can still do so.

Available types of visas to Spain, as well as the requirements and procedure for their registration in this article.

Benefits of a residence permit in Spain for investors

- Residency: investors can live and work in Spain together with their families.

- Access to the Schengen area: Golden visa allows visa-free travel within the Schengen area.

- Pathway to citizenship: This potentially leads to permanent residency and citizenship.

You will need health insurance to safely move and find employment in a new country. You can issue an extended policy on our website using the link.

Investment options

To obtain a residence permit, a candidate must make one of the following investments:

- Investment in real estate: investment in real estate in Spain with a minimum amount of 500,000 euros is required. Purchased real estate can be both residential and commercial.

- Capital investment: The minimum threshold includes a capital investment of at least €1,000,000 in listed or unlisted shares or a deposit in a Spanish bank.

- Business projects: as an alternative, investments can be directed to a business project that is in the public interest of Spain, with criteria such as job creation, social and economic impact and contribution to scientific and/or technological innovation.

The Spanish golden visa opens the investor's way to a comfortable life in Europe, however, given the possibility of its closure, it is worth taking care to speed up the application for a permit.

We will remind you! In January 2023, Spain launched its own visa for digital nomads, which was recognized as one of the most anticipated permits in Europe. Find out what the procedure for obtaining a digital nomad visa in Spain is in 2024 and what obstacles expats face in this article.

Igor Usyk - Head of Legal Department at Visit World

To ensure a safe move to Spain, I advise you to contact a specialist. My colleagues, qualified specialists with legal education, will help you avoid unpleasant situations during migration abroad.

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