Introduction to Spain’s Golden Visa Program
Spain offers a visa as a gateway for investors seeking “The Spanish Way Of Life” and economic benefits.
The Golden Visa is one way for non-EU nationals to gain residency in Spain, hence avoiding the 90/180 day rule and being able to have freedom of movement throughout Europe and EU countries.
In this article I’ll describe how to get a Golden Visa in Spain and what the possible changes are going to be later in 2024.
This article will provide a comprehensive overview of the Golden Visa, correctly called the Investor Visa, including its benefits, how to obtain the Golden Visa along with recent changes affecting its availability.
Believe it or not, Tenerife is part of Spain...!!
Despite a number of internet commenters misinforming readers that Tenerife and the Canary Islands as a whole, are part of Africa, they are in fact, 100% Spanish…so this means that the Spanish Golden Visa applies to Tenerife and the other islands as well.
I’m going to point out that, although still available as I write this article in August 2024, the Golden Visa is likely to be phased out in the near future though – even as soon as the end of this year, 2024.
The current Spanish government has decided to try to put an end to it.
The deciding factor being that the real estate part of the visa has probably played a large part in the rise in property prices in certain parts of Spain as well as playing a massive role in the housing shortage.
On 9th April 2024, Spain’s Council of Ministers resolved to phase out the Golden Visa to address the problems in the hopes of enhancing affordability for locals.
Prime Minister Pedro Sánchez emphasised the Government’s commitment to making housing a fundamental right rather than an asset for speculation.
The real estate element of the Golden Visa has mainly affected large cities such as Barcelona, Madrid, and Valencia, inflating property prices due to high demand from foreign investors, but the Canary islands have had their fair share of these problems too.
Since its inception in 2013, over 14,000 visas have been linked to real estate purchases, with a significant number of recipients coming from countries like China, Russia, the UK and the US.
The move to end the Golden Visa aligns with European Commission concerns about the security implications of such residency programs.
While the termination of the Golden Visa program has been announced, the law still needs to be formally amended and ratified…and we all know how long that could take!
So, for now, the Golden Visa remains an option, though the process of purchasing property and obtaining approval can be lengthy…so if you want one, you probably need to get your skates on.
Overview of Spain’s Golden Visa
Introduced in 2013, the Golden Visa program was designed to attract foreign nationals willing to make significant investments, benefiting both their personal residency status and the Spanish economy.
Main Benefits of the Golden Visa: 
- Legal Rights: Live, work, and study in Spain
- Family Inclusion: Immediate family members can enjoy similar benefits.
- Mobility: Freedom to travel within the EU, Schengen Area and EEA.
- Minimal Residency Requirements: Only annual visits required to maintain or renew the visa.
Investment Option:
- Real Estate: Invest a minimum of €500,000 in property.
- Bond Investment: Invest €2 million in Spanish government bonds.
- Corporate Investment: Invest €1 million in Spanish company shares.
- Bank Deposits: Deposit €1 million in a Spanish bank.
Application and Requirements
Eligibility Criteria: 
- Over 18 years old.
- Secured health insurance from an authorised provider Spain.
- Sufficient financial means to support family and personal expenses.
- No prior Schengen entry denials or illegal stays.
- Clean criminal record in Spain and home country for the past five years.
Application Process:
- Verification of eligibility and document preparation.
- Variable documentation depending on the type of investment.
Click here for a more detailed explanation of how to obtain a Spanish Golden Visa.
Recent Changes and Future of the Golden Visa
As I said before, despite its benefits, the Spanish Government has announced plans to phase out the Golden Visa program due to its impact on housing affordability, concerns over speculative investments and also security concerns over who’s actually applying and obtaining the right to remain in Spain.
This phase-out also aligns Spain with other European countries adjusting their residency-by-investment schemes.
Transition Period:
- As I mentioned earlier, the program has been under review since Sanchez and the Council of Ministers have decided to phase it out but there is no immediate closure date, although any potential applicants should be aware of possible changes and the need to move fast.
Comparison to Other Regions
At the end of 2023, Portugal closed down its own real estate investment element of the Golden Visa and Ireland, although still allowing a real estate option, now has to be a 2 million euro investment into a real estate fund, so not within many people’s grasp.
Ultimately, Spain is shifting its focus towards sustainable residency options that don’t inflate local housing markets.
This move may influence international investors to consider alternative nations or even different Spanish visa types, such as the non-lucrative visa, which requires no minimum property investment and offers greater flexibility.
Final thoughts
As I say, for now, Spain’s Golden Visa remains a good option for anyone thinking of a move to Spain and having freedom of movement throughout the EU but with impending changes, potential applicants should act promptly and also stay informed about new developments so as to make well-informed decisions about their investment and residency plans.
