Last chance to apply for a Golden Visa

The rules for acquiring Spanish residency in exchange for property investment are about to undergo significant changes. The Spanish Prime Minister and leader of the Socialist Workers’ Party (PSOE), Pedro Sánchez, recently announced his intention to end the so-called “Golden Visa” programme, which awarded residency permits to foreigners in exchange for investing in Spanish real estate. This proposal, which has been debated on several occasions over the past year, seeks not only to remove the possibility of acquiring residency by purchasing property in Spain but also to toughen requirements for other forms of investment. Currently, the minimum required investment to receive the “Golden Visa” is set at €500,000. However, over time, this requirement has become less restrictive, particularly in larger cities, where investors could easily spend this amount on a fairly standard, non-luxury property. The process of reforming Law 14/2013 is a complex one with a broad scope and includes various critical stages. Efforts to eliminate the scheme completely will be complicated and could suffer numerous setbacks. Here is a summary of the main stages involved in the reform:

1. Preparation of the draft bill: The process begins with the preparation of the draft bill by the government for presentation to the Council of Ministers. At this stage, the bill may already face its first obstacles and could be subject to modifications or delays.
2. Debate in the Congress of Deputies: After initial approval, the bill is presented to Congress, where it is debated and potential changes can be proposed. This process can be quite drawn out, as the bill will be examined in detail and significant amendments may be proposed.
3. Review in the Senate: Here is where the reforms could face their biggest obstacle. The People’s Party (PP), which has a majority in the Senate and originally passed Law 14/2013, could try to block or modify the bill. The Senate has the power to reject the bill, revise it or request additional changes.
4. Final approval: If the bill manages to get this far, it will be sent for royal assent and subsequent publication. This is the last stage for the bill to become law, but the journey to this point can be unpredictable.

It is important to bear in mind that these reforms could take between 4 and 7 months. Even if you are able to book an appointment to present your documentation before the law is repealed, the process could still be affected. While Prime Minister Sánchez’s initiative has the backing of the Socialist Party, the road towards changing the current legislation will be full of negotiations and uncertainty. In conclusion, the repeal of the “Golden Visa” law represents a significant change in the government’s stance towards residency in exchange for investment in Spain. While there is still a long way to go, these reforms could completely change the outlook for foreign investors and the way that the country manages its residency policy. Keep a close eye on the news and any updates to find out about the latest developments.