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Spain’s Golden Visa Program, a gateway for foreigners to gain residency in exchange for significant investments, is soon going to be discontinued. The Spanish government has announced that the program will officially end on April 3, 2025, leaving non-European Union nationals with a limited window to take advantage of the scheme, if they wish to.
The Golden Visa Program was introduced as a residence-by-investment initiative. Ever since its introduction, it has been a popular option for wealthy individuals looking to access Spain’s lifestyle, economic opportunities. This also gives Golden Visa holders Schengen Area’s visa-free travel benefits.
Even though this Golden Visa Program was a tremendous success, the Spanish Congress of Deputies in December 2024, decided to terminate the program. This was confirmed with the publication of Organic Law 1/2025 in Spain’s Official State Gazette on January 3, 2025. According to the announcement, foreigners seeking to apply under the scheme have until April 3, 2025, to submit their applications.
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Under the Golden Visa scheme, applicants can qualify for residency by making one of several investments. The most popular route has been purchasing Spanish property worth €500,000 or more. Alternatively, investors can deposit at least €1 million into Spanish financial institutions or invest in shares of listed companies. Those interested in government bonds must make a minimum investment of €2 million.
If reports are to go by, residency can be granted within a month. This will enable individuals and their immediate family members to relocate to Spain quickly. Only after five years of continuous residency, participants will be eligible to apply for permanent residency. And after 10 years, and if they meet the general immigration criteria, they can seek Spanish citizenship upon completion of ten years of residency in Spain.
Also read: H-1B visa renewal and costs: How much will it cost in 2025, and how long will renewal take?
As per reports, in the first ten months of 2024 alone, 780 Golden Visas were issued, with an average investment of €657,204 per applicant. For many applicants, the Golden Visa represents more than just a residency permit. It is also a way to embrace Spain’s vibrant culture, favourable climate, and high-quality lifestyle. The April 3, 2025, deadline is fast approaching, so potential investors are advised to act quickly.
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