Spain has issued approximately 780 Golden Visas between January and October 2024, according to the latest government data. The figures show an increase in monthly issuance rates over the year but remain significantly below the 2023 total of approximately 3,200 visas.
In the first quarter of the year, from January to March, an average of 69 Golden Visas were issued per month, but this number rose to 95 per month between April and October. However, the total for the year is a sharp decline compared to the peak in 2023, reflecting changing policies and perhaps growing scrutiny of the program.
Since its inception in 2013, Spain's Golden Visa Program has granted over 15,300 residency permits to non-EU nationals, allowing them to reside in the country in exchange for financial investments. Despite the recent drop, the program remains a popular choice for wealthy investors from around the world.
Top Nationalities Benefiting from Golden Visas
The Golden Visa Program has been particularly attractive to people from China, Russia, and the United Kingdom, with significant interest also shown by citizens from the United States, Iran, Ukraine, Venezuela, and Mexico.
These people predominantly opted for the real estate investment route, which required purchasing property worth at least €500,000.
Real Estate Investment Route Faces Abolishment
The real estate option, a key driver of the program’s popularity, has come under fire for contributing to Spain’s housing crisis. Critics argue that it inflates property prices, making housing less accessible for residents.
In response to these concerns, Spain has moved to phase out the real estate investment option. In April, Prime Minister Pedro Sánchez announced plans to eliminate this pathway from the Golden Visa scheme.
The Congress of Deputies has since approved legislation to officially end the real estate route, signalling a significant shift in Spain’s residency-by-investment landscape.
Economic and Policy Implications
While the Golden Visa Program has contributed to Spain's economy by attracting foreign investment, the removal of the real estate option aligns with broader efforts to address the housing crisis and prioritise affordability for residents.
The move could also reshape the profile of Golden Visa applicants, steering them toward alternative investment options, such as business ventures or government bonds.
The Future of Golden Visas in Spain
As Spain transitions away from real estate investments under the Golden Visa scheme, the program’s future impact on the economy and housing market remains to be seen.
With the 2024 issuance numbers already reflecting a downward trend, policymakers and stakeholders are closely monitoring how these changes will influence foreign investment and local housing dynamics.
