Spain’s Golden Visa scheme is a bid to attract more foreign investment (Image: Getty)
Golden Visa scheme will end imminently after delays to the law change.
The scheme was launched in 2013 in a bid to attract more foreign and to boost the Spanish economy following the impact of the eurozone crisis.
This crisis was particularly evident among Spain’s sector back then.
The program offers residency to non-EU citizens who invest a large amount of money in Spain.
The Golden Visa scheme allows investors and their families to live and work in Spain however this program is now set to end in April 2025.
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There are a number of requirements for the program with the purchasing of property being most common (Image: Getty)
The requirements for the Golden Visa scheme include the most common investment being the purchase of real estate which must be worth at least £419,000 (€500,000).
Other investment options include investing in Spanish companies, investing in Spanish public debt securities, investing in Spanish venture capital funds, making bank deposits in Spanish financial institutions or starting a business project in Spain.
If any of these requirements are met, then the investor and their direct family members of the applicant could also apply for the Golden Visa including their spouse, children, and dependent parents.
According to a decree published in the Official State Gazette, by April of this year Spanish authorities will stop accepting applications for this visa scheme for investors.
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This opportunity to live in Spain under the Golden Visa scheme ends in April 2025 (Image: Getty)
This programme also granted a three-year renewable residence permit.
However, during a meeting of the Council of Ministers in April 2024, ministers reached a consensus which would look to end this practice of granting visas in exchange for the purchase of properties or other essential investment requirements.
Prime Minister of Spain, Pedro Sánchez said: “Today, 94 out of every 100 such visas are linked to property investment.
“In big cities that face a very stressed market and where it is almost impossible to find decent housing for those who already live, work and pay taxes there.”
To apply for Spain’s Golden Visa, a person must choose an investment, prepare their application, submit the application, visit Spain for biometrics in person and then wait for the decision which usually takes around 20 days.
The required documents include a valid passport, recent photo, proof of investment, proof of financial stability, health insurance certificate, clean criminal record, family relationship documents and proof of financial dependence – but you must act quickly.
The Official State Gazette document stated: “Visas and authorisations for investors that are in force on the date of entry into force of this transitional provision will remain valid for the period for which they were issued.
“In the event that renewal applications are submitted, they will be processed and resolved in accordance with the regulations in force on the date on which the initial authorisation was granted.”