The Congress of Deputies has voted by an absolute majority to overturn the Senate’s veto of the Organic Law on Measures for the Efficiency of the Public Justice Service. The bill was approved with 177 votes in favor, 170 against, and no abstentions. As a result, the text initially approved by the Congress of Deputies on November 14th is now confirmed.
This Organic Law on Measures for the Efficiency of the Public Justice Service introduces, in its Twenty-First Final Provision, the repeal of Articles 63, 64, 65, and 66 of Law 14/2013 of September 27, on Support for Entrepreneurs and Their Internationalization. These articles pertain to the issuance of residency visas for investors, commonly known as Golden Visa.
The elimination of the Golden Visa program closes one of the most popular pathways for non-EU investors to obtain residency in Spain through significant investments, particularly in the real estate sector.
Below, we include an excerpt from the Twenty-First Final Provision:
Finally, it is important to note that this Twenty-First Final Provision will come into effect three months after its publication in the Official State Gazette (BOE). In an upcoming article, we will analyze what will happen during this transitional period with Golden Visa applications and explore the alternatives available for foreign investors seeking Spanish residency.
At ARC Legal, we are committed to keeping our clients informed about legal changes that could impact their investment and residency decisions. If you are considering applying for or renewing a Golden Visa, or if you need advice on the new options available, we are here to help you make informed decisions guided by the latest regulations.