What is Spain’s ‘golden visa’ and what does the ban mean for UK nationals?
What is Spain’s ‘golden visa’ and what does the ban mean for UK nationals?
Share:
The ‘golden ticket’ scheme to Spanish residency will soon be over. Spain will end its “golden visa” programme this spring in a bid to address the country’s growing housing crisis. So-called “golden visas” grant residency rights to foreign citizens through investments in real estate.
As Spain follows Portugal and Australia to scrap the scheme and help improve access to affordable housing for residents, what does the visa ban mean for Brits?. Read more: Is Spain introducing a tourist ban for UK visitors? What new rules mean for your holiday.
Launched in 2013, the golden visa programme grants residency rights to non-EU citizens who make large investments in Spanish real estate. Currently, foreigners who invest at least €500,000 (£420,405) in a property without taking out a mortgage are awarded a renewable residence permit, allowing them to live and work in the country for three years.
A golden visa can be renewed every five years granted “the right conditions are met”. Applications submitted between now and 3 April will be processed according to the current golden visa regulations. To apply, you must be a non-EU resident over 18 years old, demonstrate sufficient financial means and make a qualifying investment in Spanish real estate worth at least €500,000.
Spanish Prime Minister Pedro Sanchez confirmed in a January decree that the scheme would close for new applicants on 3 April 2025. In April 2024, Mr Sanchez said: "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.".
