9 April 2024
The proposed ending of the Spanish Golden Visa scheme will bring to an end the fast-track to residency option for those investing €500,000 or more in Spanish property. The decision was announced today by Prime Minister Pedro Sánchez. It has not come as a complete surprise as Portugal announced a similar decision last year.
The Investor Visa (known informally as the Golden Visa) was introduced in 2013 at a time when the Spanish needed to stimulate inward investment in the wake of difficult economic conditions caused in part by the poor performing Euro. It’s no coincidence that the visa was brought in by a right wing government and is being ended by a coalition with more left wing tendencies.
A visa for the wealthy
It could never be disguised that the visa was out of reach to the vast majority of expats wanting to relocate to Spain. In fact the number of Golden Visas issued in 2023 tells its own story.
According to the organisation, Transparency International, the total number of Golden Visas issued in 2023 was estimated to be 6,200. Over two-thirds of these were granted to Chinese and Russian nationals. The figure put for UK applications was just 177.
So, what are the options available once the Golden Visa is taken off the table? Well, one of the biggest benefits of the Golden Visa – unlimited travel throughout the whole Schengen area is not available through either the non-lucrative visa or the digital nomad visa.
Non-lucrative visa
For those who want to live in Spain and not work. A visa product designed with retirees in mind. Proof of financial means is required c€30,000 for a couple per annum, to prove they can be self-sufficient. After 12 months, the option exists to apply to switch from the non-lucrative visa to a working visa.
Digital Nomad Visa
Living in Spain working remotely for a Company or an employer (or self-employed) located outside of the Spanish national territory, and using exclusively computer, telecommunication media and cloud-based systems.
When will the golden visa scheme end?
The announcement was the intention to scrap the visa. No time scales were mentioned. While the expectation is that the visa will be ended nation-wide this was not confirmed either. This has led to speculation that a window may remain for investment in areas of Spain where it is still needed. For what it is worth, we think this will be highly unlikely.
The best advice that we can give to clients at this moment in time is to start your Golden Visa application NOW! If you were giving it serious consideration do not hesitate. Sun Lawyers can help and applications that have begun will hopefully be allowed to be concluded. Contact us at admin@sun-lawyers.com
