On November 14, 2024, Spain’s Congress of Deputies approved a law concerning efficiencies in the Public Justice Service, which includes changes abolishing residence permits based on investment (the Golden Visa program).
According to the bill, eligible applicants who have submitted their application under this route before the changes take effect will still be issued a visa, and the validity of previously issued visas will be honoured.
The bill will now be considered by the Senate for amendments before returning to the Congress for final approval. The change is expected to take effect from January 2025.
Earlier in 2024, the government announced that it is working to abolish Golden Visas based on investment in residential property, a route which has attracted an increasing amount of investment in Spain, but which has been identified as a cause of the country’s housing crisis.
Erickson Insights & Analysis
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