3 April 2025 will mark the end of ‘golden visas’ in Spain under the provisions of Organic Law 1/2025. This law, published in the Official Spanish State Bulletin (BOE) on 3 January 2025, repeals articles 63-67 of Law 14/2013, which regulated the issuance of residency visas to foreign investors. These changes will put an end to the model linking the granting of a residence permit to significant investment within Spain.
What are ‘golden visas’ and how did they work?
‘Golden Visas’, introduced by Law 14/2013, offered non-resident foreign nationals the opportunity to obtain a residence permit through significant economic investment in Spain. This model was aimed at attracting foreign capital and encouraging entrepreneurial activity. The main requirements for obtaining such a residence permit were as follows.
Financial investments
At least two million euros in Spanish government debt securities.
One million euros in shares in Spanish companies, investment funds, venture capital or bank deposits in Spanish institutions.
Investment in property
Purchase of property in Spain worth €500,000 or more.
Business projects
Initiatives for the benefit of the whole of society, such as job creation or technological innovation.
With the entry into force of the Organic Law 1/2025, this possibility will disappear, marking a significant change in Spanish immigration and economic policy.
Transitional regime: what will happen to pending requests?
In order to provide legal certainty for existing investors, the law establishes a transitional regime governing requests submitted before the law comes into force, as well as residence permits already issued.
Pending requests: requests submitted before 3 April 2025 will be processed in accordance with the legislation in force at the time of submission.
Visas issued: previously issued residence permits will be valid until they expire.
Renewals: renewals of valid visas will be processed in accordance with the legislation in force at the time of their initial issuance.
The cancellation of ‘golden visas’ represents a radical change in Spain's immigration policy. Since their introduction, these visas have been a key tool for attracting foreign investment in sectors such as property and finance. At the same time, they were criticised for the possible risks associated with property speculation and the lack of control over the origin of the funds.
The discontinuation of this model raises questions about how this will affect the attraction of foreign investment in Spain, as well as strategic sectors that have benefited from capital inflows.
