Spain’s Congress approved amendments to the Law for the Efficiency of Justice on November 14, 2024, to end the country’s golden visa program. The Senate, under the control of the Partido Popular (PP), who are against the bill, will now review the legislation.
The Senate can propose amendments or delay implementation for up to two months but cannot permanently block the bill. The legislation requires final Congressional approval and Official State Bulletin (BOE) publication to take effect.
Prime Minister Pedro Sánchez announced plans to end the program in April 2024, citing property price inflation and potential misuse by foreign criminals.
The Spanish Socialist Workers’ Party (PSOE) failed to include the termination in the new land law but later secured committee approval through the justice system bill registering 20 votes for and 17 against.
The legal text ensures that investors or relatives of investors “who, prior to the date of entry into force of this transitional provision, had submitted the corresponding request, may receive the corresponding visa or authorisation in accordance with the regulations in force on the date of submission of the application.”
This means that investors have until the BOE publication to sumbit their applications.
The PSOE are pushing for cancelling the golden visa by January 2025, though questions remain about non-real estate investment pathways, as the final bill approval excluded specific clauses about these options.
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