If you’ve been eyeing Spain for an overseas move, you may have heard recent buzz that its popular Golden Visa program—formally known as the investor visa—is about to end in 2025.

Is it true? Yes. In a January 2025 decree, the Spanish government confirmed that April 3, 2025, will mark the official end date for the scheme.

That puts some hopeful investors in a bind. Many of our clients wonder if there is still time to apply and what can be done if you miss that window.

This article explains everything you need to know about Spain’s Golden Visa phase-out and its implications for prospective expats.

What Is the Spanish Golden Visa (and Why It Matters)?

The Spanish Golden Visa is a residency-by-investment program. It’s a pathway for non-EU citizens to get a three-year residence permit by investing at least €500,000 in Spanish real estate. That permit could then be renewed, which was a way to get permanent residency. From there, it became a matter of time until you qualified for Spanish citizenship.

The benefits of the program meant people could start living and working in Spain right away. They had visa-free movement across Europe’s Schengen Area, covering 27 countries, and the ability to include dependents (spouse, children, and, in some cases, parents).

This was the idea: attract wealthy foreign investors through the incentive of an easy path to citizenship.

And for over a decade, it did just that—bringing in people from all over the world.

But since the Golden Visa’s introduction in 2013, it’s been increasingly connected to the uncontrollable rise of property prices in major Spanish cities.

That’s important because Spain’s Golden Visa program has helped inspire others like it. And it’s downfall could be a sign of what’s to come for others.

Who’s Been Using the Spanish Golden Visa?

Between 2013 and 2023, Spain granted 14,576 Golden Visas, with the largest groups of investors hailing from:

  • China
  • Russia
  • United Kingdom
  • United States
  • Ukraine
  • Iran
  • Venezuela
  • Mexico

The Golden Visa Comes to an End

The word came down in April 2024. Spain’s Prime Minister Pedro Sánchez announced that the plan was to terminate the Golden Visa scheme as one way to address the housing crisis. According to Sánchez:

“Today, 94 out of every 100 such visas are linked to real estate investment…in major cities that are facing a highly stressed market and where it’s almost impossible to find decent housing for those who already live, work, and pay their taxes there.”

The government, citing data from Barcelona’s housing market, noted that 5.3% of all residential transactions in the city each year were linked to Golden Visa purchasers (PDF). Critics argue that foreign investor demand has inflated housing prices and worsened affordability for locals, who are then priced out of their own neighborhoods.

As a result of these concerns, Spain has chosen a firm end date for the program: April 3, 2025.

What Do I Need to Do Before April 3, 2025?

So, then, can you still apply?

Yes! Until April 3, 2025, non-EU investors can still apply for Spain’s Golden Visa. That would require you to:

  1. Purchase at least €500,000 worth of Spanish real estate, make a qualifying business investment of €1 million, buy €2 million in Spanish public debt, or invest €1 million in Spanish companies
  2. Submit all required documentation (passport, background checks, proof of funds, etc.)
  3. Pay application fees

 

But if this is the right move for you, don’t wait. Experts anticipate a last-minute surge in applications, potentially leading to bottlenecks in processing, leading to much longer wait times than the usual 3 to 6 months.

Where Are New Investors Looking Instead?

With Spain officially ending its Golden Visa, many investors (particularly Americans) have begun redirecting their interest to other European residency-by-investment schemes, such as Portugal’s Golden Visa or Greece’s Golden Visa. Both programs have recently undergone rule changes of their own but remain open and continue to draw foreign capital.

But for how long?

The Golden Visa programs throughout Europe have faced backlash, and Spain’s removal of theirs could be a canary in the coal mine. If you want a residency-by-investment path to European citizenship, act now rather than later.

What If I Can’t Make the Deadline?

There are still multiple routes to Spanish citizenship:

What Comes Next for Spain?

Spain’s broader housing policy aims to curb foreign speculation in overheated real estate markets like Madrid and Barcelona. And closing the door on the Golden Visa is one part of that approach. The truth is, the country has become so popular with expats that they’ll likely still have issues with wealthy foreigners buying real estate—but at least their visa programs won’t be adding fuel to the fire.

To continue drawing in talented people, there have been hints from the government that alternative pathways for highly skilled workers or digital nomads might open up. These programs have been popular in other EU countries as a way to attract up-and-coming professionals.

Is There Still Time to Get Spain’s Golden Visa?

Yes, but the window is short. If you’re determined to live in Spain (and meet the investment threshold), you can apply under the Golden Visa rules until April 3, 2025. However, delays are likely, and you should account for finding property, carrying out due diligence, and submitting official documents well before the program ends.

If Spain doesn’t work out, alternatives exist in the area. Consider Portugal, Greece, or Malta.

Or, you might want to check out other paths how to get to Spanish citizenship with our full guide.