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    GMS Flash Alert 2025-008

    Spain – Golden Visa Cancelled

    GMS Flash Alert 2025-008 | 9 January 2025

    Following our previous GMS Flash Alert on this matter from last November,1 we can now report that  legislation just enacted in Spain will eliminate the “Golden Visa.”  Organic Law 1/2025, published on 3 January 2025 -- specifically its twenty-first final provision -- terminated the granting of the Golden Visa.  This change will take effect three months after the law’s publication in the Official State Gazette (Boletín Oficial del Estado or “BOE”)2.

    The Golden Visa is a mechanism that has allowed nationals of non-European Union countries to obtain residency in Spain through a qualifying investment.  Specifically, it tied obtaining visas and residence permits to the acquisition of real estate in Spain with an investment of EUR 500,000 or more per applicant.

    The termination of the Golden Visa as a mechanism for obtaining residency in Spain will be effective from 3 April 2025.

    WHY THIS MATTERS

    This step closes a popular avenue for obtaining residency in Spain. 

    Potential investors who will not be able to meet the requirements before April will need to evaluate alternative routes to obtaining residency.

    Background

    This type of visa was introduced in 2013, following the example of other European Union countries.  It was made available in order to attract talent and investments after the 2008 international financial crisis.  However, it has faced substantial scrutiny from the European Union.  The impetus for this reform originates from the 2019 European Commission report3, which identified such programs as a "threat to the security of the EU" and recommended member states either eliminate or restrict them.

    In response, several countries, including the United Kingdom, Portugal, the Netherlands, Austria, and Ireland, have terminated or restricted such visas.  Italy, Greece, Malta, and Cyprus are currently the only EU countries still offering Golden Visas.

    KPMG INSIGHTS

    This change impacts not just new applications but also renewals and modifications.  It's essential to plan ahead, as immigration processes often come with tight deadlines that might clash with a company’s/individual’s anticipated timelines.

    For personalised assistance, reach out to your usual immigration adviser or a member of KPMG's Immigration team in Spain (refer to the Contacts section).

    KPMG is committed to staying on top of the latest developments and will endeavour to keep GMS Flash Alert readers updated.

    Footnotes:

    1  GMS Flash Alert 2024-224, 13 November 2024.

    2  Ley Orgánica 1/2025, de 2 de enero, de medidas en materia de eficiencia del Servicio Público de Justicia at: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2025-76.

    3  European Commission, "Investor Citizenship and Residence Schemes in the European Union" (23.1.2019).

    Contacts

    miguel-arias
    Miguel Arias

    Partner

    KPMG in Spain

    patricia-contreras-garcia
    Patricia Contreras Garcia

    Senior Manager, Immigration Lawyer

    KPMG in Spain

    More information

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    Disclaimer

    * Please note the KPMG International member firm in the United States does not provide immigration or labour law services. However, KPMG Law LLP in Canada can assist clients with U.S. immigration matters.

    The information contained in this newsletter was submitted by the KPMG International member firm in Spain.

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