The President of the Government of Spain, Pedro Sánchez, announced on April 8 the end of the residence visa for real estate investors, popularly known as the “ Golden Visaâ€Â . This announcement was ratified on April 9 by the Council of Ministers, as confirmed in a press conference by Mrs. Isabel RodrÃguez, Minister of Housing and Urban Agenda of the Government of Spain.
The granting of residency to real estate investors was incorporated in Spain in 2013 through Law 14/2013, supporting entrepreneurs and their internationalization. Golden Visas for real estate investment allow foreigners not resident in the European Union who make a minimum investment worth €500,000 in a property in Spain to obtain residency.
These investments have reached a total of 4.8 billion euros in real estate transactions in the last 5 years and have granted more than 3,060 visas. Since the creation of this measure, the Spanish government has allowed numerous foreigners to work and live legally in Spain for a minimum of two years. Furthermore, once the visa was acquired, freedom of movement through the Schengen territory was also granted , as well as not forcing the applicant to spend long stays in the country nor to be a tax resident there.
However, the Spanish government is rushing to end these types of investment visas with the supposed objective of guaranteeing that housing is a right and not a mere object of business speculation. As of the date of this note, the Government has not announced whether the Golden Visas for investments other than real estate will undergo any modification; However, everything seems to indicate that the option of accessing a residence visa through the rest of the options contemplated in article 63 of Law 14/2014 will remain in force. Additionally, the Government has not announced specific regulations for the Golden Visas for real estate investment that are already in force, as well as their future renewals. This note will be updated once the Government presents the corresponding reform proposal to Congress.
Pere Pons                                                               Â
 Alejandro Alfonso
