Spain No Longer Issues "Golden Visas" to Property Buyers

On December 19, 2024, the Spanish Congress approved the Law on the Efficiency of the State Judicial Service, overcoming the Senate's veto and officially ending the "Golden Visa" program in Spain. This decision marks a significant shift in the country's policy on attracting foreign investments.

What Has Changed?

The changes will take effect after the law is published in the Official State Gazette of Spain. The "Golden Visa" program is now canceled, and property buyers will no longer be eligible to obtain residency in Spain through this program. Although the "Golden Visa" initiative was in place for a decade, new applications will no longer be accepted.

Reasons for Ending the "Golden Visa" Program

The program has been repeatedly criticized for several reasons:

• Artificially inflated real estate prices. Increased demand from foreign buyers created additional pressure on the housing market, making homes less affordable for local residents.

• Risks to national security. Granting residency to foreign nationals provided opportunities for money laundering and other criminal activities.

Alternatives for Investors Seeking Residency and Citizenship Through Property Ownership

Although Spain has ended its "Golden Visa" program, several other countries offer attractive options for obtaining residency or citizenship through investment:

Turkey

• Residency through property purchase: Starting at $200,000.

• Citizenship through investment: Purchasing property from $400,000 allows investors to obtain a Turkish passport quickly.

Dubai (UAE)

• Golden Visa (10-year residency): Minimum property value of AED 2,000,000 (~$545,000).

• Updated terms:

• Investors can pay as little as 10–20% of the property’s value.

• The program applies to both ready and off-plan properties with at least 10% construction completion.

Northern Cyprus

• Residency permits are granted with no minimum property value requirements.

• Applicants must confirm financial solvency for living expenses and property payments.

• Citizenship can be obtained after 7–12 years of legal residency or employment.
  
  

The termination of Spain's "Golden Visa" program addresses long-standing concerns about its impact on the local economy and security. However, investors seeking residency or citizenship through real estate still have a variety of competitive international options to consider.

Licensed international real estate agency Stay Property operates offices in Dubai, Turkey, and Northern Cyprus. We are happy to help you choose a property for a comfortable relocation. Together, we can compare the conditions, advantages, and disadvantages of these three destinations to ensure an informed investment decision.