April 3, 2025, is the final deadline for submitting applications for non-EU nationals interested in acquiring residency in Spain through the Golden Visa Program.
The Golden Visa Program of Spain, also known as the Residency by Investment Schemes, gives non-EU nationals the opportunity to acquire residency in this country in exchange for financial investments. The scheme provided residency in exchange for investing two million euro or more in state bonds, or for investing in emerging Spanish companies. The most popular option was the awarding of the visa, which could be obtained in exchange for buying property worth €500,000 or more.
However, the housing crisis that the country was dealing with forced the government of Spain to eliminate this scheme. Prime Minister Pedro Sánchez said his government's intention to scrap the scheme was intended "to guarantee that housing is a right and not merely the subject of business speculation".
He said that the majority of visas awarded were linked to the purchase of properties in places such as Madrid, Barcelona, Valencia, Málaga, Alicante and the Balearic Islands - all areas where the housing market "is under enormous pressure and where it is almost impossible for people who live and work in those places and pay their taxes each day to find affordable housing".
Since 2013, when the scheme was implemented in Spain, over 15,300 persons have benefited from this program. The record number reached in 2023, when Spain granted about 3,200 golden visas to foreigners.
Based on the statistics from the Housing Ministry of Spain, the largest number of golden visa recipients are nationals from China, followed by Russians and UK citizens. The top beneficiaries of the Golden Visa Program are also nationals from the United States, Iran, Ukraine, Venezuela, and Mexico.
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