An IMGW News Report
Spain will officially terminate its Golden Visa Programme on April 3, 2025, as confirmed by the publication of Organic Law 1/2025 in Spain’s Official State Gazette (BOE) on January 3, 2025. Wealthy non-EU nationals will have until this date to apply for residency under the programme, which allows investments in Spanish property or businesses to secure a residence permit.
Legislative Milestones
The decision follows a legislative process initiated in April 2024, when Spanish Prime Minister Pedro Sánchez announced plans to address housing affordability by reforming laws introduced in 2013 under the Popular Party. Sánchez emphasised that housing should be a right, not a speculative business.
On November 14, 2024, Spain’s Congress of Deputies approved the proposal to abolish the Golden Visa Programme. However, the Spanish Senate vetoed the bill on December 2, leading to further deliberations. By December 2024, the Congress passed the measure with 177 votes in favour and 170 against, paving the way for its publication in January 2025.
The Programme’s Impact
Launched in 2013, the Golden Visa Programme has significantly contributed to Spain’s economy. In the first 10 months of 2024, authorities granted 780 golden visas, with an average investment of €657,204 per applicant. The most popular route involved investing at least €500,000 in Spanish property.
Despite its economic benefits, the programme faced criticism for exacerbating Spain’s housing crisis. Critics argue that it drove up property prices, limiting affordability for local residents. The government’s decision to end the programme reflects broader efforts to tackle this issue.
Final Application Deadline
Applications for Spain’s Golden Visa Programme will close on April 3, 2025. Non-EU investors still have time to secure residency by meeting the programme’s requirements, such as property investment, before the deadline.
Broader Implications
While the move aligns with EU recommendations, industry experts highlight the Commission’s increasing influence in shaping member states’ policies on Investment Migration (IM) initiatives. This development parallels the ongoing legal battle between the European Commission and Malta over its Citizenship by Investment (CBI) Programme.
In the Malta case, the Commission has argued that its CBI programme undermines the essence of EU citizenship by granting it without a genuine link to the member state. Malta, however, has asserted its sovereign right to define its naturalisation criteria.
“As the European Court of Justice deliberates on Malta’s CBI Programme, the tension between national sovereignty and EU integration remains a focal point.”
If you wish to read more about the ongoing EU debate concerning CBI programmes, we recommend that you read the following IMGW News reports:
- From 3,200 to 780: Spain’s Golden Visa Numbers Plummet Ahead of Major Reform
- After Netting Over €5B, Spain Axes the Real Estate Route to Citizenship
- Spain’s Golden Visa Scheme: On the Brink of Termination?
- What to Expect in 2025
- Malta Citizenship Case Recommended for Dismissal, Final Verdict by 2025 – Advocate General’s Opinion Update
