Spain Ends Golden Visa: Exploring New Residency Options for Non-EU Investors

Spain, known for its rich culture and stunning landscapes, has been an attractive destination for international investors. Since 2013, the Spanish Golden Visa program has allowed non-EU nationals to gain residency through significant financial investments, particularly in real estate.However, the program is soon coming to an end, and will no longer accept new applications.

On April 8, 2024, Prime Minister Pedro Sánchez announced the end of the Golden Visa program. The decision aims to curb speculative real estate investments, ensuring that housing remains a fundamental right. The program previously allowed residency for investments over €500,000 but will no longer accept new applications.

The Golden Visa offered numerous benefits, including:

• Residency in Spain: Ability to live, work, and study.
• Free Movement: Travel across the Schengen Zone.
• Family Reunification: Bringing immediate family members.
• Path to Permanent Residency and Citizenship: Eligibility after fulfilling residency requirements.

With the Golden Visa ending, non-EU nationals can explore other options:

• Non-Lucrative Visa: For those not intending to work in Spain, requiring proof of sufficient funds and health insurance.
• Entrepreneur Visa: For launching a business that contributes to Spain’s economy.
• Student Visa: For individuals enrolled in Spanish educational institutions.
• Work Visa: For those with a job offer in Spain.

Also, read our article: Can I Live in Spain Full Time if I Buy a Property?

The application process for these alternatives involves providing proof of financial means, clean criminal records, and health insurance. Engaging a legal advisor can be beneficial in navigating these requirements.

Holders of these visas can enjoy Spain’s high quality of life, access to public services like healthcare and education, and the opportunity to integrate into Spanish society.