April 3, 2025, marks the formal end of Spain's Golden Visa Program.

Although the program significantly boosted Spain's economy, it also caused more challenges for the nation's property market.
Since it was put into effect in 2013, 14,576 golden visas have been granted.According to Schengen.News, it implies that non-EU citizens will no longer be able to make financial investments in Spain in return for residency and visa-free travel to all Schengen Zone nations.

Since the Mariano Rajoy administration introduced the program in 2013, 14,576 golden visas have been granted, greatly stimulating the Spanish economy. The program's minimum funding requirement was €500,000.Despite the fact that the program offered a variety of possibilities, the real estate investment path accounted for 95% of all golden visas.

Spanish citizens and the housing market, especially in Madrid and Barcelona, faced challenges as a result of the high demand for real estate investment options.Along with the previously listed, Malaga, the Balearic Islands, Alicante, Girona, and Valencia received the majority of golden visas.China, the United States, and the United Kingdom were among the major recipients of this program.

Higher property prices as a result of investments, particularly through the real estate investment route, made homes less affordable to Spanish citizens. In response, Pedro Sanchez, the president of Spain, declared in April 2024 that his nation would take all necessary steps to guarantee that housing is a right rather than a corporate venture.

I would like to inform you that the Council of Ministers will be reviewing a report submitted by the Minister of Housing and Urban Agenda tomorrow. The report aims to amend the law that was enacted by the Popular Party in 2013 and permits the issuance of a residency visa for those who invest in housing in our nation.

Congress of Deputies-approved termination of the Golden Visa Program

In December 2024, the Spanish Congress of Deputies gave their approval to end the Golden Visa Program. With 177 votes in favor and 170 against, the proposition was approved.The Organic Law 1/2025, which confirmed the end of this plan, was published in Spain's Official Gazette (BOE) on January 3, 2025.

The statute made clear that three months after it was published in the Official State Gazette, the decision would become 

operative.According to data from Local Spain, 780 golden visas were granted between January and October 2024, the majority of which came after Sanchez declared he was ending the program.

The Spanish real estate industry estimates that over 500 golden visas have been granted in the first three months of this year, despite the lack of official statistics.