
Spain’s Congress of Deputies approved the bill to abolish the real estate investment option from the Golden Visa Program. The program may stop offering the real estate investment option in January 2025.
The Senate has not yet addressed the bill for amendments, though. On November 14, 2024, the Congress of Deputies in Spain was approved.
The ruling follows amendments approved in the Plenary Session of Congress under the Law for the Efficiency of Justice.
The Residency by Investment Program may eliminate the real estate investment route in January 2025, according to reports in the local media.
The bill has not yet been sent to the Senate for revisions, and before it is formally removed from the program, it will be sent to Congress for final approval.
For citizens of nations outside the EU, Spain’s Golden Visa Program provides a route to residency. They have to make a financial investment in this nation in order to obtain residency.
The Spanish Golden Visa Program provides wealthy foreign nationals with a number of options, such as capital transfers, business development, and real estate investment.
The real estate investment option has been regarded as this scheme’s most popular choice. Under this program, foreign nationals who meet certain requirements and buy a property valued at €500,000 or more can obtain residency.
Pedro Sanchez, the prime minister of Spain, claimed that real estate investments in areas like Madrid, Barcelona, Malaga, and Valencia—where he claims the housing market is “stressed”—accounted for 94% of all visas granted.
The housing crisis that Spain has been facing has been attributed to Sanchez’s announcement in April of this year that he would eliminate this route.
Pedro Sanchez, the president of the Spanish government, declared that the nation would do everything in its power to guarantee that housing is a right rather than a speculative endeavor.
Spain’s economy benefits greatly from the Golden Visa Program, especially from the opportunity to invest in real estate.
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With a value of €500,000 or more, Spain awarded 2,462 golden visas to individuals who opted for the real estate investment option in 2022 alone. This represents a 60% increase over 2021 data.
11,464 people have received golden visas from Spain since the program’s launch in 2013.