Chase Buchanan, a global financial advisory and wealth management provider, has recommended prospective expatriates intending to use the Spanish golden visa scheme assess their plans as soon as possible following decisive reforms announced by the Spanish government.
Almost 15,000 residence-by-investment permits have been granted since the scheme was launched in 2013. Its closure was confirmed in January 2025, with a three-month period for those intending to submit an eligible application to do so.
The Closure of the Spanish Residence by Investment Programme
In a move echoed by other European destinations experiencing housing shortages and rapidly rising real estate prices, the Spanish Council of Ministers voted last year to abolish visa programmes linked to property investments. This outcome followed sustained increases in the number of golden visa applicants over recent years.
Initial announcements indicated that the government may have opted to revise the programme to remove the property acquisition route, but the final decision was made to close the scheme altogether.
While current residents are unaffected, and pending applications will be processed against the rules in place at the time of submission, new prospective residents will not be considered from the official scheme closure date of 3rd April 2025.
Previously, applicants could qualify for the visa by purchasing real estate worth at least €500,000 or by investing in funds, shares, or government bonds worth up to €2 million, depending on the selected investment.
The visa was widely seen as a straightforward route to residency and onward citizenship after ten years, particularly for expatriates who would have already planned a property acquisition of a qualifying value as part of their relocation.
Options for Expatriates Relocating to Spain Following the Closure of the Golden Visa Scheme
Lee Eldridge, Group CEO and Head of Investment Advisory at Chase Buchanan, comments, ‘We had anticipated reforms to the Spanish residency by investment visa since the announcements made last year but recognise that for expatriates planning to apply for the golden visa, this news will be unwelcome.
With a short window of opportunity remaining for those intending to apply, investors who have already begun the property purchase process and made financial commitments may need to proceed quickly.
However, it is also important to note that several alternative visa routes remain fully available to eligible expatriates, and rushing an important financial decision to submit a golden visa application may be unwise or unnecessarily risky.’
Applicants hoping to secure a visa before the scheme closes may need to consider the processing timeframe. This can extend up to four months, depending on factors such as the consulate managing the application and the duration of the property purchase process.
The Spanish authorities have clarified that the decision to end the golden visa does not affect any other active visa schemes or programmes. Existing residents who relocated through the visa will be permitted to renew their residency according to the laws in place when their original application was approved.
Advice for Expats Experiencing Disrupted Relocation Plans
Lee adds that 'Golden visas have been subject to ongoing controversy, with other reforms made to similar schemes in locations like Portugal and Greece. This has been partly due to unease from the European Parliament owing to the possibility of such programmes being used for money laundering purposes, but also because of widespread housing shortages in popular destinations.
While the scheme remains open and is a legitimate and official route to Spanish residency, our recommendations will always depend on your current relocation stage. For some, another visa may present a more advantageous way to secure residency without substantial time pressures impacting their decision-making.
Many clients who are disappointed at the end of the Spanish golden visa may, for instance, be able to apply through the non-lucrative residency visa or be eligible for an entrepreneur visa. Our general guidance would be to avoid any rushed judgment calls or making an urgent real estate purchase, particularly if there is any doubt or uncertainty about whether a last-minute golden visa application would be successful.’
Further information about the end of the golden visa in Spain, alternative visa options, and advice about financial planning aspects of an international move is available by contacting Chase Buchanan Wealth Management directly.
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About Chase Buchanan Private Wealth Management
Chase Buchanan is a highly regulated wealth management company that specialises in providing global finance solutions for those with a global lifestyle. We are global financial advisers, supporting expatriates around the world from our regulated European headquarters, and local offices across Belgium, Canada, Canary Islands, Cyprus, France, Malta, Portugal, Spain, UK and the USA.
Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15.
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