Government Aims to Abolish Spanish Golden Visa by January 2025

Spain’s government has finally secured a legislative path to terminate its golden visa program, giving wealthy non-EU nationals until January 2025 to invest in Spanish property for residency rights.

After failing to include the golden visa cancellation in the new land law, the ruling Socialist Party (PSOE) found an alternative route. The government strategically inserted the termination as an amendment to the Bill of Measures Regarding the Efficiency of the Public Service of Justice and Protection of Consumer Rights, which the Justice Committee is already processing.

The amendment would effectively nullify the golden visa program by removing key qualifying articles from existing law. Industry insiders suggest that PSOE aims to expedite this legislative process.

Prime Minister Pedro Sánchez’s administration encountered initial hurdles after announcing the cancellation in April.

The government’s first attempt to include the amendment in the country’s new land law failed when it couldn’t secure sufficient parliamentary support.

This bill still faces several legislative hurdles before becoming law. After passing the Justice Committee with 20 votes in favor and 17 against, it must clear debates in both Congress and the Senate. Only after approval from both chambers and royal assent can the law take effect.

Major opposition parties Partido Popular and Vox maintain their stance against the cancellation, signaling potential challenges in the upcoming parliamentary debates.

Krista Victorio, Managing Partner at Orience, anticipates “a rush of applications as investors move to secure their golden visa before the program closes,” noting that “to protect legal security of individuals, any modifications should not apply retroactively.”

She says there is chatter that the “PSOE wants to move the organic law project quickly,” further limiting the timeframe investors have to apply.

The legislation includes a transitional provision protecting applications submitted before the law takes effect.

The amendment will nullify articles 63 through 67 of Law 14/2013 on entrepreneur support, which currently outlines the golden visa qualification criteria.

Beyond real estate, the program’s termination would affect other investment pathways, including the €2 million public debt investment option and the €1 million threshold for Spanish company shares or bank deposits.

If the bill successfully navigates the complete legislative process, the changes could take effect in January 2025, according to Spanish media reports.