In a significant policy shift, Spain has decided to cancel the residency by investment program, commonly known as the “golden visa,” for foreign investors in its real estate market.
What is known about the new law?
The exact dates when the new regulations will take effect are yet to be determined, with implementation expected to span from several months up to a year. The potential outcomes of this decision include increasing the investment threshold, maintaining the visa program for commercial real estate while ending it for residential investments, or completely phasing out the program.
As of now, Spain is still accepting applications and issuing golden visas to those investing in the country.
Can you still buy property and obtain a residency visa right now?
Yes. Investors who purchase property worth over 500,000 euros and submit their applications soon have a good chance of obtaining a residency visa before the new law is implemented.
What will happen to visas that have already been issued?
All previously issued golden visas will remain valid. The conditions of stay in Spain for holders of these visas will not change, allowing them to continue enjoying the benefits already granted. This decision ensures that current investors will not be affected adversely by the new law.
