ELIMINATION OF THE GOLDEN VISA: IMPLICATIONS AND PROSPECTS
4 Noviembre, 2025
The Golden Visa has been a key program in Spain to attract foreign investments by granting residence permits in exchange for significant investments. Recently, the Spanish government has decided to eliminate this program. This article analyzes the articles of the law that will be modified, the reasons behind this decision, and what to expect from now on.
The 2013 Entrepreneurs Law (Law 14/2013, of September 27, on support for entrepreneurs and their internationalization) introduced the Golden Visa program in Spain, allowing foreign investors to obtain residence permits if they made a minimum investment of €500,000 in real estate, among other options.
This program attracted numerous investors and was a driving force for the real estate sector. However, the supposed negative effects on the housing market and concerns about the management of these investments have led to its reevaluation and elimination.
Articles of the Law to be Eliminated
The decision to eliminate the Golden Visa implies the modification of several key articles of the Entrepreneurs Law:
Article 63: Authorization of residence for investors. This article specifies the requirements to obtain a residence visa through real estate investments, in companies, or in public funds. The elimination of the program will mean the repeal of the provisions that allow these authorizations.
Article 64: Procedure for granting the visa and residence authorization for investors. This article describes the procedure and requirements for obtaining the Golden Visa, including the need for a minimum investment and the necessary documents. With the elimination of the program, this article will be reviewed to remove references to investment as a criterion for residence.
Article 66: Renewal of the residence authorization for investors. This article deals with the renewal of residence visas granted under the Golden Visa program. The elimination of the program will also affect the conditions for renewing these authorizations.
Article 67: Effects of the residence authorization for investors. This article establishes the rights and conditions that investors have once they obtain the residence authorization. This includes the right to reside and work in Spain and to move freely within the Schengen area. The repeal of this article will mean that investors can no longer enjoy these benefits under the Golden Visa scheme.
What Will Happen Next?
For those who are in the process of applying for the Golden Visa in Spain, transitional provisions will apply, allowing them to complete their applications under the criteria of the 2013 law. This means that applications already submitted will follow their course and, if they meet the established requirements, will be able to obtain the visa. However, no new applications will be accepted once the amendment comes into effect. Visas already granted may be renewed under the current conditions, but no new golden visas will be issued in the future.
Despite this, the residence market still offers various alternatives for those looking to settle in the country. Spain has other types of visas and residence permits that can be adapted to different needs and objectives. Among them are, for example:
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Residence Visa for Investment in Business: For those interested in investing in business projects that generate employment and contribute to the local economy.
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Non-Lucrative Residence Visa: For those who can demonstrate sufficient economic means to reside in Spain without the need to work.
The elimination of the Golden Visa does not close the doors to residence in Spain but rather opens new opportunities for those who wish to contribute to the growth and diversity of the country.
