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Despite the Spanish government’s announcement of the impending closure of the golden visa program, the exact timeline remains uncertain. This program, which grants residency to non-EU investors who purchase a property worth at least €500,000, has been a popular choice for many. However, growing concerns about its impact on housing markets and the perception of inequality have led to calls for its termination.
A Government in Transition
The draft law proposing the end of the golden visa program was introduced in February 2024. However, its passage through the Spanish Parliament requires a majority vote, and the exact timeline for this remains unclear. Vicente García, a lawyer and fiscal advisor at Legal Luris, emphasizes the uncertainty surrounding the program’s future, stating that it could be modified or even retained.
Seizing the Opportunity
While the golden visa program’s days may be numbered, it’s still possible to apply and potentially secure residency before its closure. Legal Luris reports processing applications within three to four weeks, demonstrating the ongoing viability of the program.
Key Program Requirements
To qualify for the golden visa, investors must make an unmortgaged purchase of a property (or properties) valued at €500,000 or more. Importantly, the property must be owned by a single individual; joint ownership by couples does not meet the minimum investment requirement.
Benefits of the Golden Visa
The golden visa offers several advantages, including:
- Residency for Family Members: Extend residency to family members.
- Work Authorization: Obtain a work permit and pursue employment opportunities in Spain.
- Tax Residency Exemption: Avoid becoming a tax resident in Spain, which requires spending 183 days per year in the country.
- Visa-Free Travel: Enjoy visa-free travel within the Schengen area.
The Non-Lucrative Visa: A Popular Alternative
Given the high investment threshold of the golden visa, the Non-Lucrative Visa (NLV) has gained popularity among British families and retirees seeking residency in Spain. The NLV requires demonstrating sufficient financial means to support oneself without working in Spain.
While the future of the golden visa program in Spain remains uncertain, it’s still possible to apply and benefit from its advantages. However, interested individuals should act promptly as the program’s days may be limited. Consulting with legal experts can provide valuable guidance and ensure a smooth application process when investing in Spanish property.
