Can Catalonia Save the Golden Visa? Expert Analysis Gives Glimmer of Hope

The Spanish government, led by Prime Minister Pedro Sánchez’s Socialist Party (PSOE) and the leftist Sumar party, has submitted an amendment to Congress that would effectively eliminate the country’s golden visa program.

The amendment aims to repeal articles 63, 64, 65, 66, and 67 of the 2013 law on support for entrepreneurs and their internationalization. If approved, it would end the issuance of new golden visas for real estate investments and other options such as public debt, shares, bank deposits, funds, and business projects.

Catalan Influence and the Likelihood of the Amendment’s Success

Dr. Jacinto Soler-Matutes, a Senior Partner at Emergia Partners, believes “the weak position of PSOE in the Parliament means that it will be quite unlikely that this amendment succeeds.”

He revealed that he and his team “have spoken to the Catalan group that ‘holds the key’ to the parliament majority, and they will vote against it. Even the more important 2025 Budget Law risks being withdrawn for lack of majority by the ruling government coalition.”

Dr. Soler-Matutes explained that “this party sees an opportunity to get a ‘devolution’ of migration authorizations in a deep reform of Law 14/2014, something we have been claiming and working on for the past two years.”

Catalonia has considerable influence in the Spanish Parliament, mainly through its representation in the Congress of Deputies. The region’s political landscape includes various parties, such as Esquerra Republicana de Catalunya (ERC), Junts per Catalunya (JxCat), often aligned with ERC on key issues, and Catalunya en Comú.

These parties can sway votes on national issues, especially regarding autonomy and regional governance. Their support is often crucial for forming coalitions or passing legislation, especially in a fragmented political arena.

Catalonia’s push for independence also complicates national politics, influencing sovereignty and regional rights debates.

Catalonia, particularly Barcelona, recognizes the value of golden visas, which, according to Dr. Soler-Matutes, represent 65% of all investor visas granted so far.

The government’s concern stems from the recent increase in foreign housing acquisitions, particularly in Spanish towns with the most real estate tension.

Housing Minister Isabel Rodríguez, who leads the initiative, argues that the golden visa program has failed to attract significant investments outside of real estate purchases, which do not create jobs and contribute to an overheated market.

Despite these concerns, Dr. Soler-Matutes highlights that “the amendment includes two transitional provisions that would allow existing visas to remain valid and be renewed according to the criteria of the 2013 law. This aligns with a fundamental principle in the Spanish Constitution (article 9.3), which upholds the rights of current golden visa holders, many of whom were quite concerned about the proposed changes.”

He further notes, “even if the amendment passes, there won’t be any practical changes for at least six to nine months, which is the time required for a draft law to be enacted.”

Dr. Soler-Matutes emphasizes that the government coalition has lost many votes in recent parliamentary sessions, so losing this amendment may not be a significant setback and that the “big game” revolves around the 2025 Budget Law.

He and his team plan to engage with members of the Justice Committee when the legislative process begins in September to gather their feedback on the proposed amendment.