From April 3, 2025, Spain officially abolished the “golden visa” program, which allowed foreigners to obtain a residence permit in exchange for a real estate investment of at least 500,000 euros, the Spanish Housing and Urban Development Service reported.
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“Thus, the benefits provided in the residential real estate sector, as well as for other types of investments, are cancelled, and the issuance of residence visas for investors in Spain is terminated,” the statement said.
Spain's Housing and Urban Development Minister Isabel Rodriguez said the abolition of the programme should have a positive impact on the property market by reducing pressure on prices and increasing access to housing for Spaniards.
Spain thus joined a group of European countries, such as Ireland and Portugal, that have already abolished their golden visa programmes after the European Commission issued recommendations to that effect.
In 2022, the European Union called on member states to abolish citizenship-for-investment schemes, citing security and money laundering risks.
The call comes in response to concerns about the potential abuse of such programmes, which could allow criminals and corrupt individuals to gain access to European citizenship and bypass security checks.
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