Catalonia Golden Visa Investments Hit 5-Year High as Program Nears End

Moustafa Daly
Cairo

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Catalonia registered a record number of Golden Visa approvals in 2024.

The government had issued 314 residency permits to foreign investors between January and November of 2024, marking the highest figure since 2020. Spain’s foreign ministry provided the data in response to a transparency request by local media outlet Catalan News.

Barcelona accounted for 308 of the 314 Golden Visas (98%) the government had issued in Catalonia. The remaining six were split between Tarragona and Girona.

Catalonia has long been the country’s top Golden Visa destination, and in 2024 it accounted for a third of all approvals in Spain.

Since 2020, Catalonia has issued a total of 1,248 golden visas, bringing in a total of nearly €827 million euros in golden visa investments to the region.

While golden visas require a minimum €500,000 investment, the 2024 average reached €662,000, with several applicants exceeding €4 million.

The 2024 surge coincides with the impending closure of Spain’s golden visa program. Spain’s PM Pedro Sánchez first announced his intention to abolish the program in April, and Congress would go on to vote in favor of terminating the program, overriding the Senate's veto.

The Spanish government published the new law in its official Gazette in January, and the Golden Visa will officially end on April 3, 2025.

Chinese investors maintain top spot in 2024

Spain issued a total of 942 Golden Visas between January 1 and Nov 20, 2024. Chinese investors made up almost half of those applications (473), while Iranian applicants came in second (74), followed by Filipinos (59), Americans (50), and Brits (50).

The golden visa's "marginal" impact on Catalonia's real estate market

Krista Victorio, managing director at Orience International, downplays the program’s influence on Catalonia’s real estate market, suggesting its role is "negligible in the context of broader trends."

She says real estate transactions tied to golden visas represent a fraction of Catalonia's property market. She points out that "the impact remains marginal" compared to overall foreign investment, even if 70% of visas lead to property purchases.

These visas "barely account for 2% of the market among the 14,000 property deals completed by international buyers" through September 2024, according to Victorio.

She highlights that foreign demand for local property shows no signs of slowing, "even if the Golden Visa is closing," and that "the market remains strong and attractive, driven by broad international demand rather than specific visa programs."