The End of Spain's Golden Visa Announced

It has been announced that Spain's Golden Visa programme is to be ended, at least the part about it being obtainable by buying property worth over 500k. More details will follow but it's something we have been warning about for some time now and telling people to get their skates on if they wanted it.

Here at Valencia Property we have been the number one agency for helping people to get the Golden Visa in Valencia. We will be looking at the announcement tomorrow with interest and looking at the fine details about whether there is still a way to do this.

For those of you currently going through the process of obtaining the Golden Visa it shouldn't affect you as legislation will not be retrospective we assume and all current Golden Visa holders will maintain their rights in the same way that British residents in Spain before Brexit maintained theirs.

You can read more about the change here (Use a translator if you don't read Spanish) but more will come out in the next few days so keep your eye on the blog and we will update this post as soon as details are clear.

UPDATE 9th April

So this is a partial update after the actual announcement today. It looks like it will not be a new law as that would take longer in a crowded parliamentary programme but it will be tacked onto a law already going through the Parliament thus speeding up the end of the Spanish Golden Visa. Currently it looks like the new law will come in before the summer as things take 2 months to go through Parliament from this point. However the Government doesn't necessarily have the support of all parties on this and changing the already agreed law may mean it has difficulties in getting it passed. We will see.

Secondly the minister when announcing this was at pains to make sure that this would benefit certain areas where the housing market has tensions (It won't but that's a long story coming next week) This may suggest it won't be a blanket ban similar to what happened in Portugal. Again we will see.

Equally there has been no suggestion that the other methods of getting the Golden Visa are going to be eliminated meaning you can still invest 2 million in public debt (Not recommended), invest 1 million euros in Spanish shares or deposit 1 million euros into a Spanish bank effectively doubling the investment.

My Interview on Sky News

There has been a lot of rubbish talked about the end of the Spanish Golden Visa especially by the Mail whose exaggeration saying that this affects hundreds of thousands of Brits is off the scale of hyperbole. So I was interviewed by Sky News today about the real effects of this measure and why the Spanish government has taken this decision. (Video recorded by my son shakily and then a late appearance by me)

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