On November 14, 2024, the Spanish Parliament approved amendments to the Judicial Efficiency Law, paving the way for the termination of the Golden Visa program, one of Europe’s most popular residency-by-investment schemes. The bill has now been passed to the Senate, which is controlled by the Partido Popular (PP) and opposes the program’s termination.

What Happens Next?

The Spanish Senate has the authority to:

• Propose amendments or delay implementation for up to two months.
• However, the Senate cannot entirely block the law from coming into effect.

Once the bill is finalized by the Parliament and published in the Official State Gazette (BOE), the law will officially take effect, marking the end of Spain’s Golden Visa program.

Last Opportunity for Investors!

Under current regulations, investors who submit their applications before the law takes effect will still be eligible for the program’s benefits. This is a crucial “final sprint” for investors to complete their applications and secure their place before the door closes.

Why Is the Golden Visa Program Being Terminated?

Spanish Prime Minister Pedro Sánchez announced plans to end the Golden Visa program in April 2024. The primary reasons include:

• Rising property prices: Leading to a housing crisis for local residents.
• Risk of misuse: Concerns that the program could be exploited by international criminal elements.

Key Points to Note

• The Socialist Party (PSOE) aims to finalize the program’s termination by January 2025.
• However, alternative investment options beyond real estate (such as financial funds or research and development) remain unclear in the proposed bill.

Important Timeline

• November 14, 2024: Parliament passes the bill.
• 2025: Law is expected to come into full effect, ending the Golden Visa program.
• Before publication in the BOE: Investors can still apply and receive benefits under the current program.

Why Act Now?

Spain’s Golden Visa offers outstanding benefits:

• Freedom of movement: Visa-free travel across the Schengen Zone (26 countries).
• Residency opportunities: Extends to the whole family, including children under 21 and dependent parents.
• Profitable investments: Spain’s real estate market continues to thrive, with an average growth of 5–7% annually in key areas like Madrid, Barcelona, and Valencia.

Take Action Today

If you’re considering Spain’s Golden Visa program, now is the critical time to act on your plans.

Portico and Bridge – Your Trusted Partner

• Experienced experts: Support from consultation to application completion.
• Efficient and accurate processes: Helping investors save time and maximize benefits.
• Comprehensive legal assistance: Ensuring compliance with all regulations.

Contact us today to seize this golden opportunity!

Don’t hesitate! Time waits for no one – act now to secure your investment and residency benefits!