After months of speculation, it is confirmed. Spain’s Golden Visa program will end on April 3, 2025.

We decided to apply for the Golden Visa in January 2024 because we had come to the end of the renewal options for the Non-lucrative visa that we had since 2017.

What is the Golden Visa?

Introduced in 2013, the Spanish Golden Visa is essentially a residency-by-investment program. It was designed to encourage foreign investment in Spain, particularly in the real estate market, following the 2008 financial crisis. In exchange for investing in the country, applicants were granted a residency permit, along with a number of other benefits.

It allows non-EU citizens and their families to obtain a residence permit in Spain by making a significant financial investment in the country, a minimum of 500,000€ for real estate or 2 million € in Bonds, 1 milllion in Spanish company shares or other business investments. Once granted, the visa allows for residency in Spain, with the added bonus of visa-free travel within the Schengen Area, which includes most of the European Union countries. Unlike the Non-lucrative visa which requires you to be in Spain over 180 days a year, the Golden Visa only requires you to be in Spain 1 day/year. You therefore do not need to be an actual resident at all. It also allows you to work in the country if you choose to.

As you know, we have been coming to Spain since 2017 for 6 months a year. A non-EU resident, can only be in Spain 3 months at a time and must exit the Schengen area for 3 months to be able to come back for another 3 months that year unless you have a residency visa.  Prior to 2025, my husband Terry and I, had the Non-lucrative Visa which permits you to be in Spain for more than 3 months at a time. You can read more about it here.

The main draw back of the non-lucrative visa is that it is a temporary permit designed to eventually qualify you for the long-term visa. To apply for the long-term visa, you must have lived in Spain for a minimum of 10 months a year for 5 years. We had only been coming to Spain for 180 days a year. We obtained an extension but we did not have enough days to qualify for the long-term visa when we were finally ready to make the move. 

We had to jump through many hoops to get the Golden Visa and while we are in the process of making the application, the Spanish government announced in March last year, significant changes to the program. The main focus was to eliminate the real estate investment option. This change is driven by concerns over the housing market, particularly in cities like Barcelona, Madrid, and the Balearic Islands, where rising property prices have made it difficult for locals to afford housing. 

It took 9 months for us to prepare, present and finally obtain the precious visa. It felt like the amazing race as we did not know when the visa would actually be cancelled. It has recently been announced that the changes will be effective April 3, 2025. 

We have indeed much to celebrate as we now have the Golden Visa for life as long as we keep our home investment or an equivalent, can demonstrate sufficient income and have private health insurance. It is truly a blessing for us to have this visa with all the flexibility it brings.

Here are all the benefits of the Spanish Golden Visa

1. **Residency in Spain**: The Golden Visa grants the holder and their immediate family members (spouse and dependent children) the right to live and work in Spain. 

2. **Visa-Free Travel within Schengen Area**: Once you have the visa, you can travel freely across the 27 countries that make up the Schengen Area. 

3. **Path to Permanent Residency and Citizenship**: After five years of holding the Golden Visa, you can apply for permanent residency. After ten years, you may be eligible to apply for Spanish citizenship, provided you meet certain conditions, including language proficiency and time spent in Spain.

4. **No Minimum Stay Requirement**: Unlike many other visa schemes, Spain’s Golden Visa doesn’t require you to stay in the country for extended periods. You are only required to visit Spain once a year to maintain your residency permit.

5. **Access to High-Quality Healthcare and Education**: Spanish residents enjoy access to one of the best healthcare systems in the world and a range of excellent public and private educational institutions.

Soon I will update you on the remaining available visas: the Non-lucrative visa and the Digital Nomad visa.