In a landmark decision that has captured global attention, Spain has officially terminated its long-standing Golden Visa programme, a move that signals a significant policy shift in European residency planning. For over a decade, the programme enabled non-EU nationals to secure Spanish residency by making substantial investments in real estate. However, effective April 2025, this pathway is no longer open to new applicants.

A Change Driven by Domestic Priorities

The Spanish government cited concerns over property affordability and speculative investment practices as key reasons for discontinuing the scheme. Policymakers noted that high demand from international investors contributed to rising housing prices, particularly in urban and coastal areas, making it increasingly difficult for local citizens to access affordable accommodation.

This decision is not isolated; it reflects a broader European trend where nations are reassessing the balance between attracting foreign capital and ensuring economic benefits are equitably distributed. Spain’s move follows similar regulatory tightening in other EU member states, albeit with varying degrees of restriction.

Implications for Existing Visa Holders

Importantly, individuals who already hold a Golden Visa under the programme will not be affected by the change. Their residency rights remain protected, including the ability to renew permits and progress toward permanent residency or Spanish citizenship, subject to meeting the applicable criteria.

Nevertheless, for those who were planning to apply under this route, alternative solutions must now be considered. Other European nations continue to offer competitive residency-by-investment options, each with its own legal framework, investment threshold, and residency conditions.

What Comes Next?

With Spain now off the table, prospective investors may look toward countries such as Greece, Cyprus, Malta, and Portugal, where structured residency programmes remain available — though often under evolving terms. Coates Global’s legal specialists are closely monitoring these developments to offer tailored advice and secure the best outcomes for clients seeking EU access through investment.

Spain’s policy shift underlines the importance of agility in international immigration planning. Regulatory landscapes can change swiftly, and those considering second residency or citizenship must act decisively, backed by expert legal counsel.

At Coates Global, the focus remains on guiding high-net-worth individuals and families through a world of opportunity — with discretion, precision, and unmatched legal expertise.