The Spanish Golden Visa Ends This Week

On April 3rd, Spain will discontinue accepting applications for its “Golden Visa” program, ending one of the simpler methods for obtaining Spanish residency.

The Golden Visa program enabled non-EU property buyers to gain Spanish residency by investing in property valued at a minimum of €500,000. During the ten years of the program's existence, 14,576 Golden Visas were issued, with most applicants hailing from China, Russia, the UK, and the USA.

The Spanish government decided to terminate the program last year after a surge in applications indicated that properties were being purchased by foreign buyers as speculative investments. Amid a full-scale housing crisis, the government felt this was no longer defensible.

Spanish PM Pedro Sánchez stated that 94% of new Golden Visa applications were from real estate investors, noting that “speculative investment in housing is not the model we need, because it leads us to disaster and, above all, to lacerating inequality.”

In recent years, the Golden Visa program became more appealing to British buyers following the UK's departure from the EU in 2021. It allowed non-EU buyers to stay in Spain for more than 90 days out of every 180, while also allowing applicants to maintain tax residency in the UK.

The 90/180 Day rule still applies, restricting British nationals visiting Spain to just 90 days out of every 180. This particularly affects “swallows” (individuals who own Spanish property and traditionally spend winters in Spain) and other property owners who can no longer enjoy their properties as they did before Brexit.

Nevertheless, there is ongoing advocacy against the rule. The 180 Days in Spain page on Facebook continues to be a valuable resource for news and updates, organizing the campaign against the rule and promoting a bilateral agreement between the UK and Spain to alter the situation.

The introduction of passport stamping at Lanzarote’s Airport last year now allows border officials to more easily verify if visitors have exceeded their 90-day limit. However, the stamping process still seems somewhat inconsistent, and there have been no reports of any penalties for “overstayers.”

The upcoming digital Entry/Exit System (EES) and the ETIAS visa waiver program are expected to enhance efficiency. Both initiatives are scheduled for introduction this year, although they have experienced several delays.