Golden Visa Scheme in Spain Comes to an End After Over a Decade
Spain Officially Ends Golden Visa Program After 12 Years of Operation
As of April 3, 2025, Spain’s Golden Visa Program has officially come to an end. Introduced in 2013 by the government of Mariano Rajoy, the scheme aimed to boost the Spanish economy by attracting foreign investment, primarily through real estate purchases of €500,000 or more.
Over 14,000 Golden Visas Issued Since Launch
Over its 12-year lifespan, 14,576 Golden Visas were granted under this residency-by-investment program. Despite offering multiple investment paths, 95% of all visas were issued via the real estate route, indicating a strong preference among investors for Spain’s property market.
Key cities and regions that attracted the highest number of Golden Visa investors included:
- Madrid
- Barcelona
- Málaga
- Balearic Islands
- Alicante
- Girona
- Valencia
Major beneficiaries of the program were citizens from China, the United States, and the United Kingdom.
Termination Linked to Soaring Housing Costs
The growing demand for property through the Golden Visa Program significantly impacted Spain’s housing affordability, especially in major metropolitan areas. Rising property prices, driven by foreign investment, made it increasingly difficult for local residents to access affordable housing.
In response, Prime Minister Pedro Sánchez announced in April 2024 that Spain would take decisive action to protect housing as a basic right, not a speculative commodity.
Official Abolishment & Legal Process
The Spanish Congress of Deputies voted to terminate the Golden Visa scheme in December 2024, passing the motion with 177 votes in favor and 170 against.
The termination was formalized through Organic Law 1/2025, published in the Official State Gazette (BOE) on January 3, 2025. The law stipulated that the program would be officially abolished three months after publication, bringing us to its end date—April 3, 2025.
Last-Minute Surge Before Closure
Despite the announcement of its termination, the program experienced a notable surge in interest. According to Local Spain, between January and October 2024, 780 Golden Visas were issued—many of them after the government’s declaration to end the scheme.
While official data for early 2025 is not yet available, industry experts in the real estate sector estimate that approximately 500 Golden Visas were granted in the first quarter of this year, reflecting a last-minute rush by investors before the window closed.
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