Elimination of the Golden Visa in Spain. In a recent development, the Spanish government has taken the decisive step to eliminate all pathways to obtaining a Golden Visa. This decision will impact foreign investors who are considering residency in Spain through real estate purchases, business investments, or other qualifying criteria. There are still many visa options available for investing and working in Spain, offering the chance to benefit from the tax advantages of the Beckham Rule. Visit the Del Canto Chambers Private Clients page
The Golden Visa program in Spain allowed non-EU citizens to obtain residency permits by investing significant amounts in Spanish real estate, government bonds, or businesses. This program was intended to attract foreign investment and boost the economy, particularly in housing and private and public investment sectors. However, it has been phased out due to concerns about its impact on housing markets and potential for misuse.
The Golden Visa program in Spain offered several benefits to foreign investors, including expedited residency permits, the ability to live, work and study in Spain, and a pathway to Spanish citizenship after a certain residency period. Additionally, it provided access to the European Union’s free movement rights, allowing visa-free travel within the Schengen area. Tax benefits such as reduced tax rates on certain income and capital gains were also available to some investors, making it an attractive proposition for high-net-worth individuals.
Two transitional provisions
The amendment to Law 14/2013 repeals Articles 63 to 67 and introduces two transitional provisions. The first ensures that visa or authorisation applications submitted before the new regulations take effect will be processed under the rules in force at the time of submission. The second establishes that visas and authorisations for investors will remain valid until their expiration, and renewals will be handled according to the regulations applicable at the time of the application.
The new law will become effective between 20 and 90 days after its publication. While the exact timeline for the Golden Visa phase-out is not explicitly stated, it’s anticipated to be completed within a maximum of 5 months.
The Golden Visa program offers significant benefits. However, time is of the essence, as the program is set to expire soon. Please schedule a consultation with our expert team today to explore how you can leverage this unique opportunity.
Let us guide you through the Spanish Golden Visa Application process
Del Canto Chambers specialists are constantly up to date with new legislative changes and aware of any Spanish tax and legal implications. Contact our Spanish legal and tax specialists to find out the best tax planning and corporate structures in your circumstances.
