Final Rush For the Spanish Golden Visa

Many Britons planning to relocate to Spain have had to expedite the process to take advantage of the Golden Visa, which expires on April 3. The Golden Visa program offers a short-stay or residence visa for foreigners making a significant capital investment, defined as: An initial investment of at least 2 million euros in Spanish public debt securities, or 1 million euros in stocks or shares in Spanish businesses with active operations, or in investment or venture capital funds established in Spain, or in bank deposits in Spanish financial institutions.

The acquisition of unencumbered real estate worth at least 500,000 euros (if the investment is made by a married couple under community property, one spouse can obtain an investor visa, and the other a family member visa). A business project in Spain deemed of general interest, considering job creation, significant socio-economic impact in the project's geographical area, or substantial contribution to scientific or technological innovation. In this scenario, a representative appointed by the investor to manage the project can obtain the visa.

The government argues that the rising interest in this option has aggravated the country's housing crisis. Thus, to better address the housing crisis, Prime Minister Pedro Sanchez announced in April this year that the scheme would be discontinued. The visa program was initiated in 2013 by Mariano Rajoy's conservative government.

It was intended to attract much-needed foreign investment following the eurozone crisis, which severely impacted Spain's property sector. Up to 2023, a total of 6,200 visas were issued for property investment, according to Transparency International, although other sources report higher numbers.

However, alternatives exist, such as the non-lucrative visa, a Spanish visa available to non-EU citizens with sufficient financial means to reside in the country without engaging in work or professional activities. It is one of the simplest paths to permanent residency in Spain, provided the income/savings requirements are met. You can also use it to bring your family.

The non-lucrative visa allows legal residence in Spain and grants a one-year residency permit, renewable for an additional four years if residency criteria are met. Other options include the digital nomad visa, student visa, or entrepreneurial visa.