Following last year's announcement by Portugal to cancel its Golden Visa program for real estate purchases, and Greece's announcement that the investment threshold for its Golden Visa will increase to 800,000 euros starting September 1 of this year, another European country has suddenly announced the cancellation of the highly sought-after "Golden Visa" without any prior warning.
On April 8, 2024, local time, Spanish Prime Minister Pedro Sánchez announced that Spain will cancel the Golden Visa program that allows residency through the purchase of real estate valued at over 500,000 euros. "We will take necessary measures to ensure that housing is regarded as a right, not a speculative asset."
"Currently, 94 out of every 100 such visas are related to real estate investment... In major cities under high market pressure, it is nearly impossible for those who already live, work, and pay taxes there to find decent housing," Sánchez stated. After reviewing the report submitted by the Ministry of Housing, the government will initiate the process to abolish the Golden Visa and will discuss amendments to the law issued in 2013 at the ministerial meeting.
Spanish Prime Minister: "Not welcoming investments solely for property investment
for the purpose of obtaining residency"
Prime Minister Sánchez pointed out that necessary measures will be taken, as 94% of the "Golden Visas" are related to real estate investments, which are concentrated in major cities such as Barcelona, Madrid, Málaga, Alicante, Mallorca, and Valencia, where housing is "most strained." "This has also led to the currently unaffordable housing prices." The government's top priority is to "respond to citizens' demands, ensuring that citizens can access affordable housing, and ensuring that citizens do not have to spend more than 30% of their household income to secure a decent, suitable, and quality home."
Based on this, Sánchez stated that Spain will abolish the provision in the Golden Visa regulations that allows for residency through the purchase of property worth 500,000 euros, while retaining pathways for investment immigration that are "truly sustainable, beneficial for productive investment, promote innovation, and create high-quality jobs." "We roll out the red carpet for those investors who come to Spain to create jobs, invest in innovation, or drive production, rather than those who come merely to speculate on Spanish real estate."
Spain cancels the "Golden Visa"
Chinese applicants are significantly affected
According to data released by the Spanish government, the Golden Visa program in Spain was launched in 2013, and as of 2023, Spain has issued a total of 6,200 visas to foreign investors, of which 96.18% were for the purchase of real estate. The largest number of Golden Visas was issued to Chinese nationals, with a total of 2,712 visas, of which 99.33% were for property purchases. Following them were Russian nationals, who received 1,159 visas, with 94.65% for property purchases; American nationals received 179 visas, with 94.97% for property purchases; and British nationals received 177 visas, with 93.78% for property purchases.
With the tightening of Golden Visa policies across EU countries, the opportunities for immigration cannot withstand waiting. The European Commission has always taken a cautious stance on Golden Visas, and it is planned that the EU may completely ban Golden Visas by 2025. Now that the Spanish government is about to abolish the Golden Visa, the era of obtaining EU identity through overseas investment in real estate worth 500,000 euros is coming to an end! Investors in need must seize the last train and not miss the final opportunity!
Currently, the application conditions for Spain's "Golden Visa" program are relatively lenient, with no language or educational requirements, a short application cycle, and the freedom to travel to 29 Schengen countries, making it undoubtedly a wise choice. Through the Spanish property investment immigration program, purchasing real estate starting from 500,000 euros allows three generations of the family to apply for Spanish residency. Children can participate in the Overseas Chinese Student Examination as overseas Chinese students, easily gaining admission to prestigious universities in mainland China such as 985 and 211. At the same time, those who meet the relevant conditions can apply for citizenship and obtain a Spanish EU passport, enjoying the generous benefits of EU citizenship.
I would like to remind you that the specific date for the changes to the property investment immigration policy in Spain has not yet been determined, and WorldWay will closely monitor the situation. For investors who have not yet made a decision, the time to choose is now! Repeated price increases and program terminations have consistently told us that immigration cannot withstand waiting; while waiting, prices rise, programs stop, and the policies of the desired immigration countries may no longer be available, leading to regret and losses that are not just financial, but also include irreplaceable opportunities. The last chance has arrived; please act quickly. For more detailed information on immigration, please send us a private message in the comments section or call the WorldWay service hotline: Mainland China: 400-138-2929, Hong Kong Customer Service Center: (852) 2802 8798.
*Investment involves risks; the above information is for reference only.*
