It has been six months since we first announced the Spanish Government’s intention to eliminate the Golden Visa in Spain .

Nothing could be further from the truth. What we find today on the table is that the Bill that intends to eliminate this possibility for investors to acquire residency in Spain is still being processed in the Spanish Parliament, so it may undergo changes until its approval and subsequent publication in the Official State Gazette.

The purpose of this post is precisely to discuss the main changes that are foreseen in this scenario. More specifically, we are referring to the amendments that have been submitted and that, as indicated below, intend to completely eliminate the Golden Visa in Spain.

But beware! At present we are only talking about amendments that have been submitted: these are proposed modifications made during the legislative process to change, add, delete or clarify parts of the original text of the bill before it is passed into law. Therefore, it is still possible to get the Golden Visa in Spain.

In other words, all the possible modifications discussed below are not yet official, but are in the process of being debated and discussed by legislators.

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What amendments are we talking about?

We are talking about amendments that propose the complete repeal of Articles 63 to 67 of Law 14/2013, affecting investments in:

  • Spanish Government Debt.
  • Shares in Spanish companies.
  • Investment funds
  • Bank deposits
  • Acquisition of real estate in Spain
  • Business projects of general interest

In other words: these amendments aim to eliminate all the ways in which the investor can qualify for residency in Spain and, therefore, qualify for the Golden Visa.

What would happen to applications filed prior to this law to “eliminate” the Golden Visa coming into force?

The amendment also includes this possible scenario: “Investors or family members of investors who, prior to the date that this transitory provision (of the Law that would “eliminate the Golden Visa” and which is in the process of being processed) comes into force, had submitted the corresponding application may receive the corresponding visa or authorization in accordance with the regulations in force on the date of submission of the application.”

In other words, this amendment is intended to allow applications submitted prior to the repeal of the Golden Visa to continue being processed.

Visa renewals and authorizations for investors due to real estate acquisitions

The amendment submitted also addresses this issue: “visas and authorizations for investors that are valid on the date this transitory provision comes into force shall remain valid for the term for which they were issued. Where renewal applications are submitted, they will be processed and decided upon in accordance with the regulations in force on the date the initial authorization was granted”

In other words, if this amendment goes through, it would allow for Golden Visas granted before the foreseeable repeal to be renewed.

When will we know more?

As indicated, these possible modifications are currently mere proposals that have been submitted as amendments to the Bill that aims to eliminate (whether partially or totally remains to be seen) the Golden Visa in Spain.

If the entire process is on schedule, the new Law is expected to be published in the Official State Gazette by the end of December 2024 or early 2025.

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