Spain´s congress has approved amendments to the Law for the Efficiency of Justice (14/11/24), bringing the country´s Golden Visa plan to an end. This legislation is now being reviewed but although amendments and delays can be implemented, nothing can be done to stop the progress of or block the bill.
PM, Pedro Sanchez formally announced the end of the Golden Visa in April 2024, and now it is widely expected to end as early as 31st January 2025, with the push of the Spanish Socialist Worker´s Part (PSOE).
Getting the right to live and work in a foreign country can be a tedious process, unless you have a super healthy bank balance.
In the past here in Spain, Golden Visas offered this opportunity for those with 500,000 euros or more to invest, regardless of whether they lived permanently in the country.
With the advent of Brexit and the more recent political divisions with the re-election of Donald Trump, it is perhaps interesting that Golden Visas are gradually being phased out in Europe, just as uber wealthy Americans are looking for a new home in the sun.
Portugal removed its Golden Visa in October 2023, and the Netherlands shortly followed suit in January 2024.
However, Hungary, who has been part of the Schengen Area since 2007, has bucked the trend by reintroducing its Golden Visa “Guest Investor Program” (GIP)scheme, so why is the rest of the EU against Golden Visas and passports?
The answer is that in recent years, the EU has clearly stated that schemes of this kind are a risk to security, transparency and the values that underpin the European Union project
Malta is in the EU and retains its Golden Visa with a minimum investment of 690,000 euros which offers citizenship for 12-36 months.
Socialist PM Pedro Sánchez has declared the reform was part of his minority coalition government’s push to make housing “a right, not a speculative business”.