EVERYTHING YOU NEED TO KNOW ABOUT THE GOLDEN VISA

The Golden Visa is still in force, but changes are on the horizon. What does this mean for investors?

What is the Golden Visa?

Much has been written about the possible disappearance of the so-called «Golden Visa,» a residency acquired by an investor and their dependent family members, granting a residency that does not require the foreigner to remain in Spain to maintain it.

The Reform of Law 14/2013: What’s Changing?

This type of residence is included in Article 63 of Law 14/2013. Initially, it seemed the Government’s intention was to repeal only section 2.b) of Article 63, which concerns the acquisition of real estate with an investment of €500,000 or more per applicant. However, in the current Government’s proposal, any type of investment granting residency to investors and their dependents is being repealed.

Congress Has Already Approved the Reform

In the latest meeting of the Congress of Deputies, the Organic Law on Measures for the Efficiency of the Public Justice Service was approved, and today, January 3rd, it was published.

This Organic Law’s new sixteenth final provision includes amendments to Law 14/2013, of September 27, supporting entrepreneurs and their internationalization. In this final provision, Articles 63, 64, 65, 66, and 67, which refer to the various possibilities of acquiring residency through different types of investments (including real estate investments worth €500,000 or more), are now void.

When Will the Reform Take Effect?

For now, Investor Residency applications can still be processed, as the published Organic Law will not come into force until after the three-month vacatio legis period established in the legal text.

What Does This Mean for Investors?

If you’re thinking about investing in Spain, now is the time.
Despite the legislative changes, Residency applications for Investors can still be submitted over the next three months via any of the means regulated by Law 14/2013, Article 63, which include:

• Purchasing property for a value of €500,000 or more, free of charges and encumbrances.
• Investing €2 million in Spanish public debt securities.
• Investing €1 million in shares of Spanish companies with real business activity.
• Investing €1 million in bank deposits in Spanish financial institutions.
   

1. The Golden Visa may disappear from Spanish legislation in the short term, but the door remains open for non-EU nationals wishing to obtain residency in Spain over the next three months.
   Although the Golden Visa could disappear soon, you have three months to apply before the new legislation takes effect. Don’t miss this opportunity!
2. This type of residence does not require continuous residence in Spain, just the maintenance of the property that grants the residency.
3. The Organic Law itself establishes a vacatio legis period of 3 months for its entry into force. Therefore, as it was published in the Official State Gazette on January 3rd, you can still submit Investor Residency applications, provided all requirements are met.

What About Applications Submitted Before the Reform Takes Effect?

Investors or their family members who submitted their application before the Organic Law on Measures for the Efficiency of the Public Justice Service comes into effect will receive their corresponding visa or authorization under the regulations that were in force on the date the application was submitted.

What About Renewals?

If you already have a Golden Visa or residency authorization, your visa will remain valid for the period for which it was granted. If you need to renew your visa, it will be processed according to the regulations in force at the time the initial authorization was issued.

The Most Important: Stay Calm and Act Quickly

Although Golden Visa legislation is changing, for now, it is still possible to submit residency applications for investors. Ensure that you meet all requirements and take advantage of the next three months to regularize your residency in Spain.

The Golden Visa remains in force, but legislative changes are coming. If you want to obtain residency in Spain through investment, you’re still in time. Don’t miss the opportunity to secure your future in one of the most attractive countries for international investors!

Want to Know More?

If you have questions or need help with your Golden Visa application, contact us today. We’re here to help you navigate the investment and residency process in Spain.