Spain Issued 573 Golden Visas Since Announcement to End Real Estate Investment Option

A total of 573 golden visas have been granted by authorities in Spain since April 2024, when the Prime Minister of Spain, Pedro Sánchez, announced the abolishment of the real estate investment option from the Golden Visa Program.

According to Spanish authorities, the total number of golden visas issued between January and October 2024 is 780, with an average investment of €657,204, Schengen.News reports.

Spain Approved Bill to Discontinue Real Estate Investment Route

The Residency by Investment Program of Spain offers foreigners residency in exchange for financial investments and meeting the requirements for need.

The most sought-after option of this scheme was the real estate investment option, offering residency in exchange for purchasing a property worth at least €500,000.

However, the Prime Minister of Spain, Pedro Sánchez, announced in April this year that the route would be discontinued in a bid to manage the housing crisis better.

However, some critics did not support such a move, arguing that it would not improve the situation.

The problem with housing in Spain, both in terms of sales and rental, is not caused by the Golden Visa, but rather by the increasing lack of supply [of housing] and the accelerating growth in demand.

Earlier this month, the Congress of Deputies approved a proposed bill to ban the real estate investment option, which should now be reviewed and approved by the country’s Senate.

If approved, it may take about three months before the law comes into effect. The decision would mean that the golden visa would be discontinued in the first or second quarter of 2025.

Top Beneficiaries of Spain’s Golden Visa Program

Based on the document which the Europa Press agency had access to, the government of Spain mentioned the top nationalities that benefited the most from this program.

The figures indicate that this year, no Russians benefited from this program. Russians previously were the top beneficiaries of this program.

According to the document, visas were granted to nationals from Saudi Arabia, Qatar, the United Kingdom, Ukraine, Serbia and Türkiye, among others.

As for those from Latin America, the top beneficiaries of the Golden Visa Program of Spain were Venezuelan nationals, such as Venezuelan, Argentina, Brazil, Chile, Colombia, Honduras, the Dominican Republic, and Mexico, among others.

In addition, figures from the Ministry of Housing and Urban Agenda revealed that since 2016, about 11,000 golden visas have been issued by authorities in Spain.

Such figures reveal that the program contributes significantly to Spain’s economy.