On January 3, 2025, the Official State Gazette (BOE) published Organic Law 1/2025, approved on January 2, regarding measures for the efficiency of the Public Justice Service. This law, which will take effect on April 3, 2025, introduces significant changes to the legislation governing investor residence visas.

Organic Law 1/2025 repeals Articles 63 to 67 of Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, which regulated the residence visa known as the Golden Visa.

With this new law, Articles 63 to 67 of Law 14/2013 will be repealed, meaning that the option to apply for residence visas through significant investments in Spain will no longer be available.

Why has its elimination been approved?

1. To improve local housing access: The mass purchase of properties by foreign investors has driven up prices and caused gentrification in certain areas.
2. Limited economic impact: The investments tied to this visa have not had a significant positive effect on Spain’s economy, prompting the elimination of all investor visas.
3. EU restrictions: Following the invasion of Ukraine, the EU has begun to limit investment-based visas due to concerns about money laundering and a lack of transparency, particularly regarding the origin of funds.

What is the Golden Visa?

The Golden Visa is a Spanish residence permit granted through significant investments, provided certain conditions are met:

• Financial investments: A minimum investment of €2 million in Spanish government bonds or €1 million in shares of Spanish companies, investment funds, venture capital funds, or bank deposits in Spanish financial institutions.
• Real estate investments: The purchase of real estate in Spain valued at €500,000 or more.
• Business projects: Investment in projects of general interest carried out in Spain.

Starting April 3, 2025, these options will no longer be valid under the new law.

Transitional arrangements

The law includes transitional measures to ensure acquired rights and ongoing applications are respected:

• Applications submitted before April 3, 2025: Investors or their family members who apply for a visa before this date may continue processing their application under the legislation in force at the time of submission.
• Previously granted visas: Permits issued before the new law takes effect will remain valid for the duration for which they were initially granted.
• Renewals: Renewal applications for visas will be processed according to the legal provisions applicable on the date the initial authorization was granted.

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