Demand for Spain’s Golden Visa Program Rises Following Abolishment of Real Estate Investment Option

Abolishment of real estate investment option from the Golden Visa Program has led to an increased demand from internationals for Spain’s Golden Visa Program.

A specialist in international mobility in Spain, Juan Carlos Lois, said that in August, the country saw an increase that tripled the corresponding requests compared to the previous year’s same period figures, Schengen.News reports

Carlos Lios told Grupo Reforma that during the entire month of August, Spain has been receiving applications for the Golden Visa Program every day.

According to Antonio Lechuga, a Spanish lawyer specialising in immigration, a particular interest in Spain’s Golden Visa Program was noted by nationals from Latin America, the Middle East, and Asia.

Lechuga said that there has been an ongoing increase in the program since its implementation, and in recent years, it has been driven by globalisation and uncertainty in some international markets.

No More Real Estate Investment Options in the Golden Visa Program

As a means to deal with the housing crisis, in April this year, Spain decided to discontinue the real estate investment option from the Residency by Investment Program.

This decision means that foreign nationals are no longer eligible to acquire residency by investing €500,000 or more in the Golden Visa Program.

Emphasising the country will take all the necessary measures to ensure that housing is a right and not a mere speculative business, the measure was confirmed by the President of the Government, Pedro Sanchez.

I want to announce that tomorrow’s Council of Ministers is going to study a report submitted by the Minister of Housing and Urban Agenda to modify the law, approved by the Popular Party in 2013, which allows obtaining a residence visa if you invest in housing in our country.

Spain’s President, Pedro Sanchez

Abolishment of Real Estate Investment Option Has Minimal Impact on Golden Visa Program

The abolishment of the Real Estate Investment option from the Golden Visa Program, in spite of being among the most sought-after options, has had minimal impact on this scheme, according to Lois.

He said that looking back at the golden visas granted in recent years, it can be seen that they do not represent a considerable percentage of purchase and sale transactions in general.

One of the flags of the current government is social housing, which is understandable; in Spain, there is a brutal housing crisis. There are many young people who cannot access housing. The real estate market is saturated. There is a bubble that prevents many people from being able to access, even with good jobs, a house.

a specialist in international mobility in Spain, Juan Carlos Lois

Based on the figures from the Ministry of Housing and Urban Agenda, since 2013, when the program was introduced, until the beginning of 2024, a total of 14,576 golden visas have been granted.

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