Spain Golden Visa Program Officially Terminated After Over a Decade

In a landmark decision, the Spanish government has officially shut down its Golden Visa program, ending a more than decade-long initiative that granted residency to non-EU nationals in exchange for real estate investments. The move, which has been anticipated for months, is expected to have broad implications for foreign investors and the European residency-by-investment market as a whole.

Originally launched in 2013, the Spain Golden Visa offered a fast-track residency option for individuals investing at least €500,000 in Spanish property. Over the years, it attracted tens of thousands of wealthy individuals, particularly from China, Russia, Turkey, and the Middle East.

Housing Crisis Triggers Policy Shift

Spanish officials have pointed to the country’s growing housing affordability crisis as the primary driver behind the decision to end the program. Government leaders argue that the influx of foreign capital into the real estate market has driven up home prices, especially in urban and coastal regions, putting pressure on local residents.

Prime Minister Pedro Sánchez stated that the program was no longer serving its intended purpose and was instead contributing to rising inequality and housing shortages.

The decision reflects a larger trend across Europe, where Golden Visa schemes have come under increasing scrutiny for their perceived role in real estate inflation and lack of long-term integration benefits.

What Happens Next for Investors?

While the program is now closed to new applicants, Spanish authorities have indicated that existing Golden Visa holders will not be immediately affected. However, it remains unclear how renewal procedures and long-term residency pathways will be handled going forward.

Immigration lawyers and real estate advisors are urging clients with pending applications to act quickly and seek legal counsel to understand their rights under the transitional regulations.

With Spain now officially out of the picture, attention is shifting to other European countries that continue to offer Golden Visa pathways—most notably Greece, Portugal (via fund investment), and Latvia, where the entry requirements remain comparatively accessible.

Economic and Market Implications

The termination of the Spain Golden Visa program may result in short-term slowdowns in Spain’s luxury property market, which has been heavily driven by non-EU buyers in recent years. Property developers and international brokers are voicing concern about the economic ripple effects, particularly in cities like Madrid, Barcelona, and coastal resort areas where international demand has been high.

At the same time, neighboring countries with active Golden Visa programs are expected to benefit from Spain’s withdrawal. Experts anticipate a spike in investor interest in Greece’s real estate-based visa, especially given the lower thresholds in select regions and the streamlined application process.

A Shift in European Immigration Policy

Spain joins a growing list of EU countries that have restricted or eliminated investor-based residency routes. Over the past few years, Portugal, Ireland, and the Netherlands have all made significant changes to their Golden Visa programs, either ending them outright or narrowing eligibility.

The European Commission has also raised concerns about Golden Visa schemes, citing security risks, transparency issues, and money laundering vulnerabilities. As a result, the political climate in Europe is shifting toward greater regulation and oversight of investment-based migration.

The end of the Spain Golden Visa marks a defining moment in the evolution of residency-by-investment programs in Europe. For investors, it serves as a reminder that immigration pathways can change rapidly—and that flexibility and proper guidance are essential when choosing where to invest.

As new opportunities emerge in other EU nations, those interested in securing European residency should stay informed and act decisively to take advantage of still-available programs before similar closures take place.