Spain Ends ’Golden Visa’ Program, Impacting Foreign Real Estate Investors

Pedro Sanchez abolished the golden visa after introducing an amendment to the law on the efficiency of justice in Congress on April 3. The text was approved without debate. In 12 years of application, the golden visa allowed 14,576 foreigners, including Moroccans, to obtain a residence permit on the condition of investing a minimum of 500,000 euros in real estate. Between 2013, the year the program was launched, and April 2025, more than 14,000 golden visas were issued, reports HuffPost.

According to data from the Spanish Ministry of Housing, the number of golden visas issued saw a notable increase between 2022 and 2023. The main beneficiaries are Moroccans, Russians, Chinese, Americans, British, Iranians, Venezuelans, and Mexicans. Many Moroccan investors saw this golden visa as a quick way to enter and settle in Spain, and to move within the Schengen area without having to apply for additional visas.

People who have already obtained a golden visa, as well as those who applied for one before April 3, are not affected by this reform. Applications submitted after this date will not be accepted, it is specified. The abolition of the golden visa follows criticism from social actors about its impact on the real estate market, estimating that this program has contributed to an increase in housing prices, particularly in tourist cities like Madrid and Barcelona.

Faced with the problem of difficult access to housing for citizens, the Spanish government had to end the golden visa. However, the method adopted to do so is causing debate. The opposition criticizes the Executive for having carried out this reform by amending a text that was not directly related to immigration or housing policies. They also deplore the fact that this amendment was approved without debate by Congress.