Spain has announced it will officially terminate its “Golden Visa” program by January 2025. This program, which granted residency permits to foreign nationals who invested at least €500,000 in Spanish real estate or other qualifying assets, is being discontinued due to concerns over its contribution to rising housing costs and market speculation.
The Socialist-led government has incorporated the cancellation into broader legislative reforms. However, a transitional provision will allow applications submitted before the end of 2024 to be processed under the existing rules. This move aligns with EU-wide concerns about similar programs potentially facilitating money laundering and other illicit activities .
If you are considering applying under the current framework, it is advisable to act promptly, as time is limited before the program’s closure .
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