The recently published Organic Law 1/2025, dated January 2, introduces a major change in the residency visa framework in Spain. This law, which will take effect on April 3, 2025, repeals Articles 63 to 67 of Law 14/2013 (on support for entrepreneurs and their internationalization), effectively eliminating the legal framework regulating the investor residency visa, known as the Golden Visa.
What Were the Golden Visas? 🤔
The Golden Visa allowed non-resident foreign nationals to obtain residency permits in Spain by making significant investments, provided they met the following requirements:
-
Financial investments:
- Investing at least €2 million in Spanish public debt, or
- €1 million in shares of Spanish companies, investment funds, venture capital funds, or bank deposits in Spanish institutions.
-
Real estate investments:
- Purchasing real estate in Spain with a value of €500,000 or more.
-
Business projects:
- Developing business initiatives deemed of general interest in Spain.
With the new law taking effect, these options will no longer be available. ❌
Transitional Provisions 🕒
The law includes transitional measures to safeguard acquired rights and ongoing applications. Here are the key points:
-
Applications submitted before April 3, 2025:
Investors and their families who file their applications before this date can continue to process them under the regulations in force at the time of submission. -
Visas already granted:
Permits issued before the law takes effect will remain valid for the period for which they were originally approved. -
Renewals:
Renewal requests will continue to be processed according to the legal provisions applicable at the time the initial authorization was granted.
Need Assistance? 📩
If you have questions or need guidance on how these changes might affect you, feel free to reach out to GCE Group’s tax department. We’re here to help you navigate these changes and ensure you make the best decisions for your situation. 😊
