An expert has revealed what changes to the Golden Visa could mean for Brits.
Nicky Kelvin, Editor at Large at The Points Guy, has broken down Spain’s decision to end its Golden Visa program.
He said: “Spain is closing the door on its ‘residency-by-investment’ scheme. This program, launched in 2013, allowed non-EU citizens to get a Spanish residency permit (and thus freedom of movement within the Schengen Area) by investing heavily in the country, most commonly through property purchases of €500,000 (£416,050) or more.
“The Spanish government argues the scheme has inflated property prices, making homes less affordable for locals, particularly in popular areas like Barcelona, Madrid, and the coastal regions. They want to cool down the market and prioritise housing affordability for Spanish citizens.
“While the Spanish government announced its intention to end the scheme in April 2024, the final law will likely come into effect in January 2025. Applications submitted before the final implementation date are expected to be honoured.”
Some Brits who have bought properties solely to qualify for the Golden Visa may choose to sell if they no longer plan to live in Spain full-time.
Mr Kelvin also said that there will likely be fewer visits to Spain by Brits, the Golden Visa offered a no minimum stay time but now people may choose to visit the country less often. Some may need to consider different residency options.
He added that Brits planning to retire in Spain may need to consider other visa options, such as the Non-Lucrative Visa.
This visa requires proof of sufficient funds to support yourself without working but doesn’t have the hefty investment requirement of the Golden Visa.
Mr Kelvin said: “Some Brits might be put off by the change and choose to invest in Golden Visa programs in other countries, such as Greece, or Italy.
“However, it’s worth noting that the EU is generally pushing back against these schemes, so the landscape could shift further.
“While news of visa changes can sometimes cause confusion, it’s important to clarify that these Golden Visa adjustments won’t impact the average British tourist.
“If you’re planning a holiday to Spain, your standard tourist visa arrangements remain unchanged. Spain continues to welcome British visitors with open arms.”
If you’re thinking of applying for a Golden Visa or you already have one, consult a qualified immigration lawyer to understand what the changes will mean for you.