Spain thought about the fate of the national program "Golden Visa" back in 2023. Then the head of the Spanish left-wing party Mas Pais Iñigo Errejon stated that he had previously agreed with the Ministry of Social Security on the termination of the program "Golden Visa". The official argued that the program was not benefiting the national economy and was contributing to the displacement of the local population.

"Spanish citizenship cannot be bought," Errejón noted at the time, emphasizing that the scheme had led to a ‘catastrophic’ increase in housing prices and displaced locals from their neighborhoods without creating any new jobs. 

However, the final decision to close the scheme was only recently published in Spain’s Official State Gazette (BOE) on January 3, 2025. The deadline for applications is April 3, 2025. 

Legislative process by stage:

  • In December 2024, the Congress of Deputies approved the closure of the program with 177 votes in favor and 170 against.
  • On December 2, 2024, the Spanish Senate initially blocked the bill.
  • The first Congressional approval was received on November 14, 2024.
  • The final decision came in the form of Organic Law 1/2025.

Current Situation and Statistics

Statistics of visas issued:

  • In 2022, 2017 visas were issued.
  • In 2023, the number of visas issued was 3,273.
  • In the first 10 months of 2024, 780 visas were issued.
  • The average investment per applicant was €657,204.

After the announcement of the closure of the program (April-October 2024), the number of visas issued increased to 95 per month.

Prior to the announcement (January-March 2024), an average of 69 visas per month were issued.

Since January 2025, there has been a significant increase in the number of applications.

Geography of applicants

Main countries from where investors are coming from:

  • China
  • USA
  • UK
  • New active applicants include Mexico, Chile, Venezuela, Brazil, UAE, Belgium, Germany and Russia.

Reasons for Closing the Program

Housing crisis

The program was recognized as a contributing factor to speculation in the real estate market. Its impact on rising housing prices was the reason for the need to provide affordable housing for local residents.

Housing Law in Spain. Important Points

Official position

According to Prime Minister Pedro Sánchez and Housing Minister Isabel Rodríguez:

  • Housing should be a right, not an object of speculation.
  • The program creates excessive pressure on the market.
  • Speculative practices must be stopped.
  • The government is working to increase the supply of affordable housing.

Recall that Spain introduced the "Golden Visa" program in 2013 to stimulate the country’s economy. At the moment, citizens of non-EU countries need to invest at least €500,000 in accordance with the Spanish program — and then, they can get a residence permit of this country. 

While you can still jump on the last wagon, read our guide on how to get a Golden Visa of Spain. 

Also, we have recently published a review of attractive real estate on the Spanish coast, which you can buy right now.