On November 14, 2024, Spain’s Congress of Deputies approved a bill to eliminate real estate investment as a qualifying option under the Golden Visa Program.
The amendment, introduced through the Law for the Efficiency of Justice, received approval during a plenary session of Congress, as reported by Schengen.News. Local media suggest that the real estate investment route could be officially removed from the Residency by Investment Program as early as January 2025.
However, the bill must first pass through the Senate for potential amendments before returning to Congress for final approval.
Spain’s Golden Visa Program allows nationals from non-EU countries to obtain residency through financial investment. Current options include real estate investment, business development, and capital transfers.
The real estate investment option, which has been the most popular, allows applicants to gain residency by purchasing property worth €500,000 or more and meeting specific conditions.
Prime Minister Pedro Sanchez revealed earlier this year that 94% of Golden Visas were issued through real estate investments, particularly in high-demand areas like Madrid, Barcelona, Malaga, and Valencia. Sanchez argued that this route exacerbates the country’s housing crisis.
In April 2024, Sanchez announced plans to reform the program, stating that the government would prioritize housing as a fundamental right over speculative investment.
“The Council of Ministers will study a report to amend the law that allows obtaining residency through housing investments, ensuring housing is not reduced to a speculative business,” Sanchez stated.
The Golden Visa Program has significantly boosted Spain’s economy, particularly through real estate.
In 2022, Spain issued 2,462 Golden Visas for real estate investments valued at €500,000 or more, marking a 60% increase compared to 2021. Since its inception in 2013, the program has granted residency to 11,464 individuals.
While the program has drawn substantial foreign investment, the government’s decision reflects a shift toward addressing housing affordability and prioritizing social needs over speculative gains.