After over a decade in operation, Spain’s Golden Visa Program officially ends on April 3, 2025. Introduced in 2013 as a way to attract foreign investment and stimulate economic growth, the program granted residency to non-EU nationals in exchange for substantial financial investments—particularly in real estate. While it brought billions into the Spanish economy, the program also faced growing criticism for inflating property prices and deepening the housing crisis in key urban areas.
On April 3, 2025, the Spanish Golden Visa Program will be formally abolished, ending an era in which non-EU nationals could gain residency—and visa-free access to the Schengen Zone—by investing in Spain. The initiative, launched under Prime Minister Mariano Rajoy in 2013, issued 14,576 golden visas over its lifetime. While the program allowed several types of investment, 95% of all visas were granted through real estate purchases, each requiring a minimum investment of €500,000.
The influx of foreign buyers drove up property prices in cities like Madrid and Barcelona, contributing to a housing affordability crisis. Other affected areas included Malaga, the Balearic Islands, Alicante, Girona, and Valencia. Primary recipients of the visas included nationals from China, the United States, and the United Kingdom.
In response to the mounting criticism, Prime Minister Pedro Sánchez declared in April 2024 that housing should not be treated as a speculative asset, but as a basic right. This led to legislative action, and in December 2024, the Congress of Deputies voted 177–170 in favor of ending the program. The decision was formalized through Organic Law 1/2025, published on January 3, 2025, and set to take effect three months later.
Interestingly, despite the program’s pending closure, there was a surge in last-minute applications—780 visas issued between January and October 2024, and another 500 estimated in early 2025, showing continued demand until the final moments.
For immigrants—particularly those seeking EU residency via investment—the closure of the Golden Visa Program carries mixed implications:
Positive Effects:
● May help stabilize housing markets, making cities more livable and affordable for working-class immigrants.
● Shifts immigration policy focus toward skills-based and humanitarian entry routes rather than wealth-driven access.
● Could foster more inclusive urban development, as gentrification slows down.
Negative Effects:
● Wealthy individuals and business owners lose a quick path to residency and Schengen mobility.
● Real estate investors and migration consultants may see reduced opportunities in Spain.
● Uncertainty remains for current visa holders planning to transition to permanent residency.
The end of Spain’s Golden Visa Program marks a pivotal moment in the country’s immigration and housing
policy. While the scheme successfully attracted billions in foreign investment and boosted the economy,
its unintended impact on housing affordability could no longer be ignored.
As Spain moves
toward
policies that prioritize the right to housing over speculative gains, this shift signals a broader
rethinking of how immigration and economic growth should be balanced.
For immigrants, this
change
brings
both opportunities and challenges—paving the way for more inclusive, needs-based immigration policies
while closing one of the most attractive doors for investment-based migration in Europe.
Whether
this
sets a trend for other countries remains to be seen, but for now, Spain has made its stance clear:
people over property.
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