Foreign investors eyeing European residency are now facing a ticking clock in Spain. The country’s Golden Visa program—one of the most popular residency-by-investment options in Europe—is set to officially end in April 2025. The Spanish government has confirmed that applications submitted before April 2, 2025 will still be considered, prompting a rush among non-EU investors eager to gain legal residency before the window closes.
The decision, announced earlier this year by Spain’s Ministry of Housing and Urban Agenda, reflects a broader shift in the country’s approach to real estate and immigration policy. Officials argue that foreign property investment has contributed to rising housing prices, particularly in major cities and coastal areas like Madrid, Barcelona, and the Balearic Islands.
As a result, Spain is now joining other EU nations in tightening or dismantling their Golden Visa offerings in response to growing concerns over affordability and social equity.
The End of an Era for Residency-by-Investment in Spain
Since its launch in 2013, Spain’s Golden Visa program has attracted thousands of international investors, primarily from China, Russia, and the Middle East. Under the program, non-EU nationals could obtain residency by investing at least €500,000 in Spanish real estate.
The visa came with a range of benefits, including:
•Freedom to travel across the Schengen Zone
•Residency rights for family members
•The ability to apply for long-term residency and citizenship after a set period
However, critics of the program argue that it has worsened the country’s housing crisis by inflating property prices in key markets and driving locals out of urban centers.
Real Estate Market Feeling the Pressure
With the deadline fast approaching, real estate agencies in Spain—particularly those specializing in luxury and foreign clientele—are reporting a surge in inquiries. Demand is especially high in Majorca, Ibiza, and Marbella, where international buyers have historically played a major role in high-end property sales.
Some developers are adjusting timelines to help clients close deals and complete Golden Visa applications before the cut-off date. Immigration consultants are also working overtime to handle a backlog of inquiries and to ensure applications are processed in time.
Yet, for many potential investors, the tight timeline poses logistical challenges. The property purchase process in Spain can take several weeks due to legal checks, banking procedures, and documentation requirements. Industry experts warn that the window to act is narrowing quickly.
What Comes Next?
After April 2, 2025, the real estate-based Golden Visa option will no longer be available. However, some experts believe the Spanish government may eventually propose alternative pathways focused on entrepreneurship, tech investment, or job creation—similar to models seen in Portugal or Italy.
For now, though, investors seeking immediate EU access via property investment are being urged to consider alternatives in countries such as:
•Greece, where the Golden Visa is still available through property purchases starting from €250,000 (in selected regions)
•Latvia, offering one of Europe’s most affordable programs
•Portugal, through investment funds or research-based programs, as real estate was removed in 2023
A Final Call for Action
As the deadline looms, investors with interest in Spain are advised to act swiftly. Any delays in the purchasing process, documentation, or application submission could mean missing out entirely on the Golden Visa opportunity in Spain.
While the end of the program marks a shift in Spanish immigration policy, it also underscores a broader trend in Europe: countries are becoming more selective about the types of investment they welcome, favoring economic activity over passive real estate purchases.
Whether this move will truly improve housing access for locals remains to be seen—but for now, time is running out for those hoping to secure their future in Spain through the Golden Visa route.
