Spain 's gold visa shutdown legal proposal was rejected by the Senate

• 12 Sep 2024

On December 3,2024 local time, the Spanish Senate rejected a legal proposal including the ' Cancellation of Investment Immigration Act '. The bill will return to Congress to enter the amendment discussion process. As the main opposition in the Senate, the People 's Party firmly expressed its position that the abolition of the gold visa program would have a significant negative impact on the investment climate in Spain. Since the implementation of the policy, it has become an important channel to attract overseas capital into the Spanish real estate market, corporate equity and infrastructure construction, and has played an indispensable role in promoting economic development.

This decision means that Spain 's investment immigration policy will remain unchanged in the short term, including the investment threshold of 500,000 euros, the approval process and the benefits enjoyed. This is undoubtedly a rare window of opportunity for those who want to carry out personal identity planning through this way.

Although this rejection has won valuable time buffers for many investors, the future policy direction is still full of variables. According to the legislative process, it is still possible for Congress to override the veto decision and pass the relevant bill directly. Therefore, the survival of the investment immigration policy is not safe. So we still pay close attention to it, the sooner the application can avoid the potential uncertainty.

On November 14, the Chamber of Deputies of the Spanish Parliament approved a " judicial efficiency bill " that includes a provision to cancel the " golden visa " and referred it to the Senate for consideration, which is expected to enter into force in 2025. If the bill passes, there will no longer be a way to obtain a Spanish residence permit, such as by investing 500,000 euros in property purchases.