On 24 July 2024, the PSOE presented an amendment in Congress with the aim of eliminating all forms of residence by investment, commonly known as the ‘Golden Visa’. This proposal seeks to amend the Organic Law Project. Although it is not directly related to Law 14/2013 of 27 September, which established this visa modality, it seems that the intention is to use an existing bill to indirectly impact the ‘Golden Visa’.
 

Current Status of the Process:

  • Amendment Phase: The proposal has entered the amendment phase of the article, which will be open until 4 September. After this period, the legislative process is expected to begin in early September. The standard legislative procedure is complex and usually involves several rounds of review, objections and amendments.

     

  • Proposal: The exact text of the proposed amendment has not yet been made public, although it is known that the amendment aims to repeal articles 63, 64, 65, 66 and 67, thus preventing the issuance of new visas in the future, including those related to investments in real estate, shares, funds and public debt. Despite this, existing visas/residence authorisations will remain valid and can be renewed as usual.

 

Recommendations for Golden Visa Applicants


As of today, 24 July 2024, the Golden Visa programme remains unchanged. However, given the possibility of changes in the near future, we strongly encourage all interested parties to finalise and secure their investor residency as soon as possible while the current law is in effect.

This time of uncertainty highlights the importance of staying informed and acting early to take advantage of current opportunities under the current legislation. At RSM Spain, we are available to advise and assist you throughout the entire process of obtaining your Golden Visa.


For further information and personalised assistance, please do not hesitate to contact our team at International Mobilty . Estamos aquí para apoyarles en cada paso del camino.
 

Author: Juan Carlos Lois, International Mobility Partner at RSM