Parastoo Legal Group
Spain Golden Visa 2025: What Has Changed and What Investors Need to Know
An update on Spain's Golden Visa programme following the government's 2024 reform announcements.
Spain's Golden Visa programme has been the subject of significant political debate. The Spanish government announced in April 2024 its intention to eliminate the real estate route of the Golden Visa, citing housing affordability concerns. As of early 2025, the legislative process to implement this change is ongoing. Here is the current state of play and what it means for Middle Eastern investors.
What Has the Government Announced?
In April 2024, Prime Minister Pedro Sánchez announced the government's intention to abolish the real estate route of the Golden Visa (the €500,000 property investment route). As of early 2025, this change has not yet been implemented — it requires parliamentary approval. The other investment routes (financial investments, public debt, business projects) remain available.
What This Means for Investors Right Now
Until the law changes, the real estate Golden Visa remains available and fully valid. Applications submitted and approved before any change takes effect will retain their validity. Our advice to clients who are considering the Golden Visa route is: do not wait. If the reform is passed, the real estate route will close and applications already in process may or may not be grandfathered depending on the final legislation.
Alternative Investment Routes
Even if the real estate route closes, the other Golden Visa investment routes remain available: €1,000,000 in Spanish bank deposits, €1,000,000 in shares of Spanish companies, €2,000,000 in Spanish public debt, or a business project of general interest. We advise clients on the most appropriate alternative based on their investment objectives.
Non-Lucrative Visa as an Alternative
For clients who were considering the Golden Visa primarily for residency (rather than investment returns), the Non-Lucrative Visa may be a simpler and less expensive alternative — particularly for those with liquid savings rather than property investment budgets. We assess each client's situation to identify the optimal route.
Our Recommendation
Given the legislative uncertainty, we are advising all clients interested in the real estate Golden Visa to act promptly. Our Madrid team is processing Golden Visa applications for clients from the UAE, Saudi Arabia, Kuwait, Qatar, Iran, and Jordan. Get in touch to discuss your situation.