Spain Ends ’Golden Visa’ Program, Impacting Moroccan Investors

Foreigners, especially Moroccans, will no longer be able to obtain the Golden Visa, which allowed them to obtain residency rights in exchange for significant investments, particularly in real estate. Spain has officially terminated the program, according to the Spanish press.

Obtaining this visa, valid for two years, was subject to several criteria, including the purchase of a property with a minimum value of 500,000 euros. Its holder had the possibility to renew it for five-year periods, as long as the investment was maintained.

The Golden Visa program also offered investment options in Spanish public debt (2 million euros), shares in local companies (1 million euros), or through bank deposits and investment funds. Between 2018 and 2022, foreign investors injected 4.8 billion euros into the Spanish real estate sector, contributing to soaring prices in the most sought-after areas, it is specified.

In 2023, Moroccans were among the most active nationalities (6.1% of foreign buyers). About 4,500 properties were acquired by Moroccans during the first half of 2023, according to the General Council of Notaries of Spain. They were surpassed by Germans.

Since the program’s launch in 2013, the golden visa has been issued to 14,576 foreigners, including Moroccans, who invested a minimum of 500,000 euros in real estate. After the program’s suspension, renewal applications will continue to be processed according to the legislation in force at the time of initial obtainment.