Current Status of the Golden Visa Repeal: Update as of October, 2024

Over the past months, there has been significant uncertainty surrounding the repeal of the Golden Visa in Spain, causing concern among both investors and professionals in the sector. Since 2013, this visa has allowed residency for those who invest more than €500,000 in real estate or other areas, but it is now in the process of being repealed through an amendment introduced in the Organic Law on Measures for the Efficiency of the Public Justice Service.

Previously, two failed attempts to repeal the Golden Visa took place, first in the Land Law and then through an initiative by Sumar. However, in July 2024, the amendment submission period closed, and the current project aims to eliminate all forms of Golden Visa, including those linked to real estate and business investments.

The bill is currently in the Justice Commission phase for review. Once this phase is completed, it will be debated in a full session of the Congress and then sent to the Senate, which will have an urgent 20-day period to approve, amend, or veto it. If the Senate vetoes the law, the Congress may still approve it without the Senate’s backing.

Protection of investors' family Members and legal uncertainty
 

At RSM, we have conveyed concerns to the Justice Commission about certain aspects of the amendment. Specifically, the status of family members (spouses, children, and dependent ascendants) could be left unprotected. Although they may be covered by other sections of Law 14/2013, it would be ideal for the amendment to explicitly include them for greater clarity. Additionally, the lack of clarity regarding timelines creates legal uncertainty for those investors who have already purchased properties but are still awaiting visa finalization. A clear effective date or a clause allowing those who have already invested to continue benefiting from the current framework would be advisable.

It is also important to correct misinformation circulating in some publications, claiming that the Golden Visa would remain valid until October 21, 2024. This is inaccurate; the repeal is still under legislative process, with the amendment submission period closing in July 2024, and the Golden Visa remains valid until the bill is fully approved by the Congress, the Senate, and published in the BOE.

If you have any concerns or require personalized advice on how this change may affect you, please feel free to reach out to us.

Autor: Juan Carlos Lois, socio de Movilidad Internacional en RSM