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Golden VisasInternational Real EstateSecond PassportsSpain Golden Visa Ending for Real Estate Investors - Lincoln Global Partners

April 22, 2024by David Lincoln0

In a significant development, Spain has declared its intention to terminate its “golden visa” program, which grants residency to foreign investors in real estate. Prime Minister Pedro Sanchez made the announcement that they Spain Golden Visa real estate option should be ending this year, framing the decision as a move towards ensuring access to affordable housing for residents, rather than perpetuating a speculative market.

Spain to end it’s Golden Visa program?

Just like Portugal which terminated its real estate option under its highly popular golden visa program and Greece which has announced further price increases to its existing program, Spain is the latest country to place the blame on its Golden Visa program for surging housing prices.

Sanchez revealed that 94 out of every 100 visas granted under the program are tied to real estate investments. The claim is that this concentration has contributed to heightened market stress in major urban centers, where housing affordability has become a pressing issue for those already living, working, and paying taxes in these areas.

Spain Golden Visa History

Since its inception in 2013, the “golden visa” program has issued nearly 5,000 permits, according to government data. Notably, Chinese investors top the list of beneficiaries, followed closely by Russians, who collectively have invested billions of euros in Spanish real estate. However, a 2023 Transparency International report raised questions about the origin of these funds and highlighted the need for greater scrutiny.

The Counter Argument

Not everyone is convinced that the Spain Golden Visa Ending will have a positive impact on the housing crisis. It can be argued that Spain’s housing challenges stem from a lack of supply and a surge in demand, rather than the “golden visa” program itself. Many industry players have criticized the government’s decision, suggesting that targeting international buyers without addressing fundamental issues in the housing market amounts to a misdiagnosis.

Also Read:- Spanish Golden Visa Program: EU Residency by Investment

Rush Hour for Real Estate Investors!

Despite the news, it is crucial to highlight that the program is still open to investors and no official decision nor deadline has been yet specified.

If following the latest trend seen in European Golden Visa programs, such as Portugal and Greece, we expect investors to be given a transitional period to complete ongoing applications.

Time is of the essence now to start your Spanish Golden Visa application within the current regulations. Sign up for our Newsletter to keep up to date with the current and upcoming changes in the investment migration industry.

Contact our team now and book a free consultation to discuss this further!

David Lincoln

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