Spanish Government Ends Golden Visa to Address Housing Crisis

Spain Terminates Residency-by-Investment Program to Protect Housing Market. On April 3, 2025, Spain officially ended its Golden Visa program, concluding a 12-year initiative that allowed foreign investors to obtain residency permits in exchange for significant financial investments. This decision was made in response to concerns about housing affordability and rising property prices in the country.​

Program History

The Golden Visa program was launched in 2013 to attract foreign investment into Spain's economy. The primary requirement for obtaining residency was an investment of at least €500,000 in real estate. Since its inception, over 14,500 such visas have been issued, with approximately 95% linked to real estate investments. The main recipients were citizens of China, Russia, and the United Kingdom.​

Reasons for Termination

The decision to end the program was driven by its negative impact on the housing market. High demand from foreign investors contributed to increasing property prices, particularly in major cities like Madrid and Barcelona, as well as regions such as Malaga, the Balearic Islands, Alicante, Girona, and Valencia. This made housing less affordable for local residents. In April 2024, Prime Minister Pedro Sánchez announced intentions to ensure that housing is a right, not a speculative business.​

In December 2024, Spain's Congress of Deputies approved the termination of the Golden Visa program with 177 votes in favor and 170 against. On January 3, 2025, Organic Law 1/2025 was published in Spain's Official State Gazette, confirming this.