Spain's Golden Visa Program Set to End in 2025: What You Need To Know
Spain, renowned for its stunning landscapes, vibrant culture, and delectable cuisine, has long been a preferred destination for international property buyers. One of the significant incentives for investing here has been the Golden Visa program which provides residency by investment. However, the goverment have confirmed the program is going to be scrapped and recent developments suggest that could happen as soon as January 2025.
What is the Golden Visa Program?
Launched in 2013, the Golden Visa has been a gateway for non-European Union citizens to live, work, and study in Spain. By purchasing property worth at least €500,000, foreign investors and their families could obtain residency, enabling hassle-free travel across the Schengen Zone. This program has been particularly appealing for Brits post-Brexit, due to the ease of the application process and the benefits it offers, such as exemption from the '90 day rule' meaning there is no restriction on how long they stay in Spain.
Recent Developments
Last week, The Congress of Deputies in Spain approved the bill to end the Golden Visa scheme in Spain and according to local media reports, the real estate investment route may be abolished as soon as the new year. However its worth noting that the bill is yet to be submitted to the Senate for amendments, and then it will be addressed to Congress for final approval before being officially abolished from the program.
This announcement of the possible termination of the Golden Visa program in the upcoming year has sparked a notable surge in applications as many international buyers are keen to secure residency before the potential closure. The Spanish government is considering this move as part of broader regulatory changes targeting the property market and residency norms in Europe. In response, there’s been a flurry of interest from prospective buyers, fueling an increase in demand for properties that qualify under the program.
Why Invest Now?
The benefits of the Golden Visa program are extensive. Apart from gaining residency, investors enjoy the all of the lifestyle advantages that come with living in Spain.
Spain offers a warm climate, an affordable cost of living, and a rich history and culture. Moreover, property investment in Spain can also be a lucrative venture - particularly in sought after destinations such as Marbella and Ibiza - given the nation’s robust real estate market and increasing property values.
For international buyers, acquiring property under the Golden Visa not only secures residency but also positions them in a dynamic and welcoming European country known for its quality of life.
INTERESTED IN APPLYING for the Golden Visa Scheme Before It Ends?
At Casita Agency, we work with a team of professionals who are on hand to assist with any advice or guidance you need in making your application. Get in touch today to start your property search with us and let us find you the perfect home in Marbella or Ibiza, and make your Spanish property dreams a reality.
Email: info@casitaagency.com
