Spain Officially Terminates Golden Visa Program After 12 Years of Operation

Key Highlights

• Spain's Golden Visa Program officially ends today, April 3, 2025.
• While the program boosted the economy, it also contributed to rising housing costs.
• Since its inception in 2013, Spain granted 14,576 Golden Visas.

As of April 3, 2025, Spain’s Golden Visa Program is no longer in effect.

This means non-EU citizens can no longer qualify for Spanish residency or visa-free travel across the Schengen Zone by making a financial investment in Spain, according to Schengen.News.

Launched in 2013 under the government of Mariano Rajoy, the program allowed foreigners to obtain residency by investing at least €500,000. It played a key role in strengthening Spain’s economy, with 14,576 visas issued over 12 years.

Real Estate Route Dominated Applications

Although the Golden Visa offered multiple investment pathways, approximately 95% of approvals came through property purchases.

However, this surge in property investment—particularly in cities like Madrid and Barcelona, as well as in Malaga, the Balearic Islands, Alicante, Girona, and Valencia—led to inflated housing prices, making homeownership increasingly difficult for locals.

Most Golden Visa holders were citizens of China, the United States, and the United Kingdom.

In response to the housing crisis, Spanish Prime Minister Pedro Sánchez announced in April 2024 that the government would act to protect housing as a basic right, not a speculative asset.

“Tomorrow, the Council of Ministers will review a report from the Ministry of Housing and Urban Agenda to amend the 2013 law allowing residence visas through property investment,”
— Prime Minister Pedro Sánchez

Program Termination Approved by Parliament

The Spanish Congress of Deputies approved the repeal of the Golden Visa Program in December 2024, with 177 votes in favor and 170 against.

The final step came with the publication of Organic Law 1/2025 in Spain’s Official Gazette (BOE) on January 3, 2025, which set April 3, 2025, as the date of enforcement.

Despite the pending termination, interest in the program remained high. Between January and October 2024, 780 Golden Visas were granted—many even after Sánchez’s official announcement. While official figures for 2025 are not yet available, real estate industry estimates suggest that around 500 visas were issued in the first quarter of the year.