On November 14, the Congress of Deputies approved the Bill (Proyecto de Ley Orgánica) on measures for the efficiency of the Public Justice Service and collective actions for the protection and defense of consumer rights and interests. This includes the amendment of Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, as well as the elimination of the residence visa and permit for investors, commonly known as the Golden Visa.
This amendment has been introduced through an Additional Final Provision Sixteen bis in the Bill on measures for the efficiency of the Public Justice Service and collective actions for the protection and defense of consumer rights and interests. The bill now progresses to the Senate for further deliberation. The elimination of the Golden Visa marks the end of one of the most popular pathways for non-EU investors to obtain residency in Spain in exchange for significant investments, particularly in real estate.
Below, you will find the excerpt (pages 267 and 268) of the bill that includes the elimination of the Golden Visa in Spain, as published in the Official Gazette of the Congress of Deputies:
Next steps in the legislative process for the final approval of the Bill to eliminate the Golden Visa in Spain
Following the approval of the bill in the Congress of Deputies, the project has been referred to the Senate, where it will be assigned to the relevant committee for review. In the Senate, the bill may:
- Be ratified and definitively approved.
- Undergo new amendments, which will be reviewed by the Congress. The Congress can approve or reject these amendments by a simple majority.
- Be vetoed by the Senate. If this happens, the Congress can overturn the veto with an absolute majority. If it fails to do so, a second vote will be held after two months, where a simple majority will suffice.
Once the Senate approves the project, the law will be sanctioned and promulgated by the King and finally published in the Official State Gazette (BOE) for its entry into force.
Scenarios for Golden Visa applicants in Spain
The impact of this amendment to Law 14/2013 on visa applications, renewals, and ongoing procedures will depend on the timing of each process. Below, we outline the different scenarios:
- Applications submitted before the new Law is passed
Visa applications submitted before the new Law comes into force will be resolved according to the regulations in effect at the time of submission. This means that if an application was filed before the amendment, the applicant can continue the process under the terms of Law 14/2013, which still recognizes the possibility of obtaining the Golden Visa if all requirements are met.
- Renewals of the Golden Visa
Renewals for previously granted residence permits will be processed according to the regulations in effect at the time of the initial approval. This ensures that current Golden Visa holders retain their rights under the previous regulations.
What does the elimination of the Golden Visa in Spain mean?
With this amendment, Spain is ending one of the most attractive residency mechanisms for international investors. This could significantly impact the flow of foreign capital, particularly in the real estate sector. Investors seeking residency in Spain will need to explore alternative pathways, such as the non-lucrative visa, entrepreneur visa, or the nomad visa.
At ARC Legal, we are dedicated to keeping our clients informed about legal changes that may affect their investment and residency decisions. Whether you are considering applying for or renewing a Golden Visa, or need guidance on the new options available, we are here to help you make informed decisions in line with the latest regulations.