Spain Issues 780 Golden Visas in 2024 Amid Changes to Investment Scheme

Spain issued approximately 780 golden visas to foreign nationals between January and October 2024, according to recently released government data. The figures reveal that from January to March, Spain granted an average of 69 golden visas per month, while from April to October, this monthly average increased to 95. Despite this rise, the total number remains significantly lower than in 2023, when Spain issued around 3,200 golden visas to foreigners.

Spain has long been one of the European Union’s leading countries for issuing golden visas. Since the program’s introduction in 2013, over 15,300 individuals have benefited from the scheme. According to statistics from the Spanish Housing Ministry, annual issuances of golden visas typically remained below 1,000 for most years until 2022, when the number surged to over 2,000, peaking at 3,200 in 2023.

The majority of recipients of Spain’s golden visas are nationals from China, followed by Russians and UK citizens. Additionally, nationals from the United States, Iran, Ukraine, Venezuela, and Mexico are among the top beneficiaries of the program. Official data also indicate that the most popular option under the scheme is the purchase of real estate worth at least €500,000, a route frequently chosen by wealthy investors.

Spain’s Golden Visa Program, formally known as the Residency by Investment Scheme, allows non-EU nationals to obtain residency in the country through financial investments. Among the various options available, the real estate investment pathway has been the most prominent, requiring a property purchase of at least €500,000.

However, this option has faced increasing criticism for exacerbating Spain’s housing crisis. In response, the Spanish government is moving to abolish the real estate investment route altogether. Earlier this year, the Congress of Deputies approved a bill to remove this option from the Golden Visa Program.

In April, Prime Minister Pedro Sanchez announced plans to discontinue the real estate investment route, stating: “I want to announce that tomorrow’s Council of Ministers is going to study a report submitted by the Minister of Housing and Urban Agenda to modify the Law, approved by the Popular Party in 2013, which allows obtaining a residence visa if you invest in housing in our country.”

The Residency by Investment Scheme was initially implemented in 2013 by the People’s Party government under Mariano Rajoy, during a time of significant financial crisis, as a strategy to stimulate Spain’s economic growth.

By fLEXI tEAM