In his crusade to run a country with “more public transport and less Lamborghinis,” Spain’s socialist Prime Minister Pedro Sánchez is pushing forward a new law to scrap the so-called Golden Visas, a move that directly impacts digital nomads and entrepreneurs.
The controversial remark was uttered in September, referring to the introduction of more aggressive taxes on high-income people in a bid “to protect the middle and working classes from a system that continues to be extraordinarily unfair.”
In this context, it is no surprise that the government has been rolling out measures throughout the year aimed at curbing international workers buying and renting properties in Spain. These buyers are often blamed for driving up housing prices—a claim that remains debatable, we’d say, but it reflects the current political climate.
“We will start the process to withdraw this legislation that allows for someone to get a residency whenever you invest over €500,000 in property. We will take the necessary steps to guarantee that housing is a right and not a speculative business,” said the PM earlier this year.
In the same address, Sánchez noted that most investors choose to invest in real estate—primarily in cities where housing prices have skyrocketed since 2014—despite having other investment options.
“Today, 94 out of every 100 residency visas obtained this way are linked to property investment, and they are mainly focused in cities such as Barcelona, Madrid, Malaga, Alicante, the Balearic Islands, and Valencia,” he added.
If that’s the issue, the Golden Visa scheme could have been limited to Autonomous Communities or cities facing depopulation, where the arrival of high-spending investors might bring tangible benefits, rather than scrapping the program entirely.
The Golden Visa was introduced back in 2013 by the conservative People’s Party to attract foreign investors willing to spend at least €500,000 in real estate, company shares or public debt.
The program’s elimination, already greenlighted by Congress, is now awaiting potential amendments from Senate members before Congress can finally approve it.
This gives you a short window to apply for the Golden Visa, as the program’s termination is expected to be finalized by early 2025.
Over its 11 years of operation, the program granted 15,300 visas, averaging 1,000 approvals per year until 2022, when 2,000 visas were issued, and 2023, which saw a record-breaking 3,200 approvals.
Chinese nationals have been granted 3,300 golden visas, Russians 3,100, and UK citizens more than 1,000. Digital nomads and investors from the United States, Venezuela, Mexico, Ukraine and Iran have also significantly benefited from this program.
Among these nationalities, Americans have been the top contributors, investing €1.6 billion, followed by Chinese investors with €768 million during the period from 2018 to 2022.
According to local news outlet La Vanguardia, visa applicants—without specifying nationalities—increased by 38% in the six months following Sánchez’s announcement to ban the program.
How Can You Secure a Golden Visa Before It’s Banned?
To be a successful candidate, you must be a digital nomad, remote worker, entrepreneur or highly skilled non-EU professional with investment capacity.
The Golden Visa is valid for one or two years (depending on your country of application) and can be renewed for an additional five years, provided that the investment is maintained.
Those applying from their home countries receive an initial one-year permit, while those applying from the Spanish territory are granted a two-year permit. For this reason, we recommend you visit Spain on a tourist visa and apply directly from Spanish territory.
Can I Get European Citizenship with This Visa?
Yes, you can. Unlike other visas, the Golden Visa allows you to eventually apply for Spanish nationality, granting you European citizenship as a consequence.
Due to historical ties, Latin American and Filipino citizens can apply for a European passport after living in Spain for just two years. Citizens of other nationalities must reside in the country for 10 years before being allowed to begin the process. Even so, this is still a valuable advantage of the Golden Visa.