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Spanish Govt Approves 68% Fewer Golden Visas as It Prepares to Scrap Program

US Investors, who account for less than 10% of Chinese investors, contributed more than double in pure investment terms

Spain’s golden visa approvals have dropped dramatically in 2024, with projected year-end numbers falling to 936—less than one-third of 2023’s total, according to Catalan News.

While the government has not disclosed application numbers, approved visas have declined to levels last seen in 2021, when authorities granted 997 visas.

Government data show 780 visa approvals through October 2024, averaging 78 approvals monthly.

This sharply contrasts 2023’s record 3,273 approved visas, despite the program’s potential termination in 2025.

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These figures, however, only tell part of the story. While approvals may have declined, application numbers remain unknown, and there is a possibility they could be greater than in previous years.

Foreigners poured €4.8 billion into Spanish real estate between 2018 and 2022 alone, according to the Ministry of Housing.

While 94% of applicants choose the real estate pathway, requiring a €500,000 investment, 6% opt for alternative routes—investing €1 million in Spanish companies or €2 million in public debt.

Chinese nationals dominate the recipient list, securing 1,302 visas. Russians followed with 521 approvals, while Iran and the United Kingdom secured 124 and 123 visas, respectively.

American investors present an intriguing contrast, according to Eldiario.es data. Despite ranking lower in total approvals (113), US citizens lead in capital investment, contributing €1.6 billion between 2018 and 2022—more than double the €768 million influx from Chinese investors.

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Spain's premium real estate markets, including Barcelona, Madrid, Málaga, Alicante, Valencia, and the Balearic Islands, have attracted the majority of golden visa investors.

The Spanish government has been working on terminating the golden visa for some time, and the Spanish Socialist Workers' Party (PSOE) has finally made some headway.

Congress, where the PSOE holds a majority, recently approved a bill to end the golden visa program.

Krista Victorio, Managing Partner at Orience, says that regardless of what happens with the amendment, attracting foreign investment to Spain should be in the common interest of the government, "but hey, don’t let the truth get in the way of good politicking, right?"

The bill now faces Senate review, where the opposing Partido Popular holds control.

While senators can propose amendments or delay implementation for up to two months, they cannot permanently block the legislation.

Prospective investors still have a narrow window to act. The legislation includes a grandfathering provision for applications submitted before the Official State Bulletin publication.

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