Last Opportunity to Obtain the Golden Visa in Spain

The Golden Visa is one of the most attractive tools for foreign investors interested in establishing themselves in Spain and enjoying the benefits of residency in the European Union. This program, designed to encourage foreign investment and stimulate sectors such as real estate, has now been officially repealed. However, a transitional period has been established, allowing interested parties to submit applications until April 2, 2025. In this article, the Migration Law Department at Gentile Law examines the Golden Visa scheme, analyzes its impact, and provides recommendations for those wishing to take advantage of this final window of opportunity.

What Is the Golden Visa, and What Are Its Benefits?

The Golden Visa, formally known as the "Residence Visa for Investment," was introduced in 2013 under Law 14/2013, which supports entrepreneurs and their internationalization. This visa allows non-EU nationals to obtain legal residency in Spain through significant investments, such as:

• Acquisition of real estate valued at a minimum of €500,000.
• Investment of €1 million in shares of active Spanish companies.
• Bank deposits of at least €1 million.
• Investment of €2 million in public debt.
• Business projects generating socioeconomic impact in Spain.

Key Benefits:

1. Residency in Spain: Golden Visa holders can legally reside in the country without needing to meet physical presence or fiscal residency requirements for renewal.
2. Freedom of Movement in the Schengen Area: A key advantage is the ability to travel freely across the 29 countries within the Schengen Area.
3. Access to Permanent Residency and Citizenship: After several years of residency, holders can access permanent residency and eventually apply for Spanish citizenship.
4. Fast Processing: The Golden Visa application is processed within 20 working days, making it one of the fastest residency permits to obtain in Spain.

In addition, investors can extend these rights to their family members, including spouses or registered partners, financially dependent children, and financially dependent parents over 65 years old.

Why Was the Golden Visa Repealed?

The repeal of the Golden Visa reflects a shift in the Spanish government’s migration and economic policy priorities. The reasons cited include:

• Increase in Housing Prices: The large-scale acquisition of properties by foreign investors has been identified as a contributing factor to rising real estate prices in regions such as Madrid, Barcelona, and the Costa del Sol.
• Security Concerns: Critics have argued that the program could facilitate the entry of capital from dubious origins.
• Reassessment of Impact: Despite its original aim to boost the economy, critics suggest that the benefits have been more limited than expected, mainly concentrated in specific sectors.

What Has Been the Impact of the Golden Visa in Spain?

Since its inception, the Golden Visa has been a popular route for thousands of international investors. As of 2023, over 40,000 visas have been granted, with the following highlights:

• 60% of applications are linked to real estate investments, with investors primarily from China, Russia, the United States, and Mexico.
• The average investment in real estate is estimated at €800,000.
• Regions such as Madrid, Catalonia, and Valencia have attracted the highest volume of investors.

When Does the Repeal Take Effect, and What Are the Options for Interested Parties?

The repeal has been approved, but a three-month transitional period allows new applications to be submitted until April 2, 2025. During this time, those who meet the requirements can file their applications, and once approved, renew their visas under the regulations in effect at the time of issuance.

How Can Gentile Law Assist You?

At Gentile Law, we specialize in migration law and have advised numerous foreign investors on their path to residency in Spain. We offer a comprehensive service that includes:

• Legal and Financial Advice: Ensuring compliance with all requirements.
• End-to-End Application Management: Handling all aspects of the Golden Visa application process.
• Legal Representation: Providing support throughout the entire procedure.

The Opportunity Is Still Within Reach

The Golden Visa has served as an exceptional gateway to Spain for investors worldwide. While its repeal marks the end of an era, the opportunity to benefit from this program still exists. At Gentile Law, we are ready to guide you through every step of the process and ensure your investment leads to residency and new opportunities in Spain. Do not miss this last chance to obtain one of Europe’s most advantageous visas.

At Gentile Law, we encourage interested investors to begin the process promptly to ensure compliance with deadlines and requirements before the program is definitively closed.

Pablo Lanfranchi
pablolanfranchi@gentile.law
+34 604 51 60 52