Spanish Golden Visa Applicants Face Challenges as Deadline Nears Due to Property Purchase Delays & ID Rules

The interest for Spain’s Golden Visa Program from non-EU nationals remains high as the deadline to apply approaches.

After April 3, no property purchases nor other types of investments in exchange for obtaining residency can be done through this program, as it will be officially terminated, Schengen.News reports.

While the interest to apply for Spain’s Residency-by-Investment scheme remains high, some applicants are facing difficulties when planning to obtain a golden visa due to delays in property purchases and the requirement to obtain an ID number to do business in Spain and open a bank account, according to a report from the Telegraph.

Increase in Interest Since Program’s Closure Announcement
A partner at Next Abogados, the Madrid legal firm Francisco Martínez, told the Telegraph that he has a client who is not going to make it.

Martínez said that the firm has seen considerably more interest in this scheme in recent months after its closure was announced. 

The Congress of Deputies in Spain passed the proposal to abolish the Golden Visa Program with 177 votes in favor and 170 against.

On January 3, 2025, the termination of the scheme was officially published in Spain’s Official State Gazette (BOE). The law stressed that the decision would become effective three months after being published in the Official State Gazette. 

Plans to terminate the scheme were unfolded in April 2024, when the President of the Government, Pedro Sánchez, said his country would take all the needed measures to ensure that housing is a right, not a mere speculative business. 

Significant Increase in US Nationals Applying for Spain’s Golden Visa Program 
According to a report from El Debate, a 200 per cent surge was noted in the number of applications for Spain’s Golden Visa Program in Madrid alone from US nationals in the past few months. 

The same source revealed that last year alone, a total of 74.8 per cent of foreign investments made in Spain stayed in the Madrid region, with nationals of the US accounting for a significant number of these investments, particularly those obtaining dual Spanish-American nationality. 

The figures from the Spanish government revealed that from January until October 2024, nearly 780 golden visas were issued to foreign nationals by Spanish authorities.

Source: https://schengen.news/spanish-golden-visa-applicants-face-challenges-as-deadline-nears-due-to-property-purchase-delays-id-rules/