Proposed Changes To The Golden VISA Program For Gaining Residency In Spain

The Spanish government is planning to abolish its Golden Visa program in 2024. This program, which was introduced in 2013, allowed non-EU investors to gain residency in Spain by making a significant financial investment, typically a minimum of €500,000 in real estate. The primary reason for scrapping the program is to address concerns about housing affordability and the impact on local housing markets, especially in major cities like Barcelona, Madrid, and Valencia.

The Golden Visa has seen a substantial increase in applications in recent years, with 3,273 visas granted in 2023 alone, compared to fewer than 1,000 annually in earlier years. This surge in applications has heightened the pressure to discontinue the scheme.

For current applicants and those considering applying, the proposal to abolish the Golden Visa still needs to be ratified, and this process may take between 6 to 12 months. During this period, it is still possible to apply for the visa, and those who already have it may be able to retain their residency status.

Alternatives to the Golden Visa include the Digital Nomad Visa and the Non-Lucrative Visa. The Digital Nomad Visa allows remote workers to live in Spain, while the Non-Lucrative Visa is aimed at retirees and requires proof of financial self-sufficiency without the need to work.

In conclusion, while the Golden Visa program is being phased out, Spain still offers other residency options for non-EU citizens seeking to live in the country.

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