Spanish Senate Vetoes Bill That Would Abolish Golden Visa Program

The Spanish Senate vetoed the Bill that would put an end to the Golden Visa Program on December 2.

The recent veto brings new obstacles to the Spanish government’s plans to abolish the program that offers residency to non-EU nationals in exchange for financial investments, Schengen.News reports. 

The Judicial Efficiency Bill has been batted back to Congress after the Popular Party (PP), holding a majority in the Senate, pushed through the veto. 

Tightened Efforts to Terminate Golden Visa Program 
In April this year, Spain unfolded plans to scrap its Residency by Investment scheme, with the President of the Government, Pedro Sanchez, stressing that the country would take all the needed measures to make sure that housing is a right and not a mere speculative business.

On November 14, the Congress of Deputies in Spain approved the bill to abolish this scheme. The decision came after the changes passed under the Law of Efficiency of Justice and approved in the Plenary Session of Congress. 

Yet the bill was set to be submitted to the Senate for amendments and then addressed to Congress for final approval before being officially abolished from the program.

The Law will now return to Congress and then be published in an Official State Bulletin, if passed, before becoming effective. This was planned to happen in January 2025; however, after the Senate’s veto of the bill, the future of the bill is still unclear, according to reports from the Local. 

Over 500 Golden Visas Issued Since Announcement for Abolishment of the Program 
Authorities in Spain announced that since the announcement of the abolishment of the Golden Visa Program in April 2024, a total of 573 golden visas have been issued through the real estate investment option, which is the most sought-after option of this program. 

For a period from January until October 2024, they were granted a total of 780 golden visas, with an average investment of €657,204 per applicant. 

Based on a document that the Europea Press agency had access to, the Spanish government of Spain mentioned the top nationalities that benefited the most from this program, among them those from Saudi Arabia, Qatar, the United Kingdom, Ukraine and Serbia.

Source: https://schengen.news/spanish-senate-vetoes-bill-that-would-abolish-golden-visa-program/