Translated material
Spain abolishes golden visas
From April 3, 2025, Spain will stop issuing new residence permits to foreigners for investments of more than 500 thousand euros, including for the purchase of real estate. Such residence permits are also called “golden visas”. The amendment was published in the Official State Gazette of Spain, RBC noted .
Golden visas will be issued to investors or their relatives who apply before the effective date of the new law, which is April 3. Already issued residence permits will not be cancelled. Foreigners who managed to obtain a “golden visa” before April 3 will be able to extend their residence permit even after the ban comes into force.
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The Spanish government has decided to abolish golden visas in April 2024. Prime Minister Pedro Sánchez said that “housing is a right, not just a speculative business.” The Spanish parliament approved the amendment in December.
The golden visa program was introduced in Spain in 2013 to stimulate investment in the economy and attract wealthy foreigners to the country. This document is not issued to citizens of countries belonging to the EU, the European Economic Area and citizens of Switzerland.
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The Spanish Ministry of Foreign Affairs counted 33,237 golden visa holders in November 2024. It is not reported how many Russians were among them.
After the start of Russia's full-scale invasion of Ukraine, Russians began to actively buy real estate in Spain. In the first six months of 2023, they completed 2,137 real estate transactions.
Moreover, over the past 10 years, more than four million properties have been sold in Spain, of which only about four thousand were sold for the sake of “golden visas.”
Since 2022, the “golden visa” programs have been closed by the UK, Ireland, Portugal, and the Netherlands. Some countries retain this option, such as Cyprus, Malta and Hungary.
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