Spanish Golden Visa Rules to Change in 2024?

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On Monday, April 8, 2024, Spain’s Prime Minister Pedro Sánchez announced his intention to eliminate the real estate option of the Spanish Golden Visa. Speaking in Seville, as work on the Andalusian capital’s Metro Line 3 begins, his words soon made headlines. In this article, we’ll discuss the impact on Spanish Golden Visa rules in 2024.

Spanish Golden Visa Background

Spanish law brought this Residency by Investment into being on September 27th, 2013. The then ruling conservative government wanted to encourage foreign direct investment in the country. So, they created a residence permit with third-country nationals in mind.

In return for a qualifying investment, these non-EU citizens would receive residency within the European Union. The Spanish Golden Visa is the only residence permit in Spain that does not stipulate a minimum stay in order to renew it.

Pedro Sánchez appears to be conforming to European trends. Neighbouring Portugal cut the property part off its Residency by Investment offering. Greece has increased the minimum real estate investment threshold with its golden visa.

What Sánchez Said

“We are going to take the necessary measures to guarantee that housing is a right and not a mere speculative business,” stated the leader of Spain’s Socialists.

“I want to announce that tomorrow’s Council of Ministers – that is, this Tuesday – will study a report submitted by the Minister of Housing and Urban Agenda to modify the law, approved by the Popular Party in 2013, which allows obtaining the residence visa if you invest in housing in our country.”

The View From Latitude Regarding Potential New Spanish Golden Visa Rules

David Regueiro, our Group Chief Operating Officer, is quick to clarify what’s going on: “Nothing will change today, or even tomorrow.”

“Speaking yesterday, Sánchez did not give any time frame for his plans. Meeting today, the Council of Ministers gave no deadline.”

“Yet, to sit and do nothing would be foolish for investors,” concludes Regueiro. “The government is laying the ground for the end of the Spanish Golden Visa’s real estate option. As this is the most popular path to residency, I would strongly urge you to follow it while you can.”

How to Secure a Spanish Golden Visa in 2024

Do you want to act before it’s too late? Talk to an investment migration expert such as Latitude Group who can guide you every step of the way. So, don’t delay and contact us today.