Date Published: 04/12/2024

573 golden visas granted since plans to abolish scheme announced

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The Spanish government is still awaiting Senate approval for its legislative reform

573 golden visas granted since plans to abolish scheme announced

Despite plans to end Spain’s “golden visa” programme, 573 visas have been granted since April, when Prime Minister Pedro Sánchez announced the decision. The programme, introduced under Mariano Rajoy’s government, allows foreign investors to gain residency by investing more than 500,000 euros in Spanish property, or other large investments.

While the move to abolish the scheme has been passed through Congress, it remains stalled in the Senate, leaving the legislative reform incomplete. The phase-out, part of the Justice law on public service efficiency, includes transitional provisions to protect the rights of investors and their families who applied before the law comes into force.

The Ministry of Housing and Urban Agenda (MIVAU) has revealed that 780 golden visas were issued between January and October 2024, with an average investment of 657,204 euros per visa. This figure was disclosed in response to parliamentary questions by Jon Iñarritu of EH Bildu.

Who received golden visas in 2024?

The golden visa programme has historically attracted investors from diverse regions. This year, recipients came from countries such as:

Persian Gulf: Saudi Arabia, Kuwait and Qatar
Europe: United Kingdom, Ukraine, Serbia and Turkey
Latin America: Venezuela, Argentina, Chile, Brazil, Colombia, Mexico and others
Asia-Pacific: China, India, Indonesia, Vietnam and Singapore
Others: United States, Canada, Israel, South Africa, and Saint Kitts and Nevis

Notably, no Russians were issued golden visas in 2024, despite their significant presence in previous years, due to the scheme having been paused for Russian citizens following the country’s invasion of Ukraine.

Broader context of the golden visa programme

Since 2016, Spain has issued approximately 11,000 golden visas, according to MIVAU. While most visas have been linked to property investments over 500,000 euros, the scheme has also facilitated residency for those making other financial contributions:

Investments over 2 million euros in Spanish public debt
1 million euros or more in Spanish companies or investment funds
Development of business projects deemed of general interest

The planned repeal of Article 63, which outlines these criteria, will render related articles – covering proof of investment, visa effects and permit durations – void.

Although the government has pushed for the scheme’s elimination, experts suggest its closure will have minimal impact on Spain’s residential property market. Investors involved in the programme represent a niche group, and demand from other sectors remains robust.

As the Senate deliberates on the final approval, the golden visa scheme continues to draw interest, underscoring its role in shaping Spain’s approach to foreign investment and residency.

It is still possible to secure a Golden visa in Spain for now. For help applying before it’s too late, contact Heniam & Associates, experts in residency and paperwork in Spain:

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