Spain to Discontinue “Golden Visas” from April 2025
Starting April 2025, Spain will cease issuing “Golden Visas”, a type of residency permit granted to foreigners in exchange for investments. This change is outlined in the amendments published in the Ley Orgánica 1/2025, de 2 de enero, de medidas en materia de eficiencia del Servicio Público de Justicia.
Key Provisions:
- Validity of Issued Visas: Visas and permits for investors that are valid on the effective date of this transitional provision will remain valid for their original duration.
- Applications Submitted Before Amendments: Investors or their relatives who applied for visas before the amendments took effect can obtain them “in accordance with the rules in force on the date of application.”
Golden Visa Program:
The golden visa program allowed citizens from non-EU countries to obtain residency through investments. In Spain, the most common option was purchasing real estate with a minimum value of €500,000. Other options included investing €1 million in shares of Spanish companies or €2 million in Spanish government bonds.
Russian Investors:
According to data from Tranio, Russians purchased over 2,700 properties in Spain in 2023, the highest figure since 2014. In the same year, around 38% of Russian citizens considered buying property in Spain to obtain residency.
Program Closures in Other Countries:
Since February 2022, countries like Portugal and the United Kingdom have closed their golden visa programs for Russians. Cyprus and Malta revoked golden passports from several Russian citizens.
These changes reflect a broader trend in Europe toward reviewing the conditions for granting residency through investments, which may influence the decisions of foreign investors in the future.
