The Congress of Deputies has approved the bill that brings an end to the so-called "golden visas" – visas introduced during the Mariano Rajoy administration for non-EU residents who invest more than €500,000 in property.
The Law for the Efficiency of Justice was approved in the Plenary Session of Congress and is now set to be reviewed by the Senate. After seven months of deliberation, the Government has found the legislative solution to proceed with the abolition of these visas, following the announcement made by President Pedro Sánchez in April of their eventual termination.
Specifically, the change has been introduced through an amendment added behind closed doors to the bill on measures for the efficiency of the public justice service. This bill was approved in a report without the participation of the PP deputies, who had suspended their activity due to the tragedy caused by the flash floods.
The committee's report included an addition to the project sent by the Ministry of Justice, which proposes removing content from Articles 63, 64, 65, 66 and 67 of Law 14/2013 on support for entrepreneurs. These are the very articles that set the conditions for applying for the "golden visa".
However, a transitional provision was introduced to maintain the visa requirement for investors or their family members who had already applied for it before the law came into force.
According to the Ministry of Housing and Urban Agenda (MIVAU), around 11,000 such visas have been issued since 2016. Experts believe that the elimination of these visas will have a limited impact on the residential market in Spain.
It’s important to note that these visas were not only granted to investors who purchased properties worth more than €500,000 but also, according to Article 63 (which will be repealed), to those who invested more than €2 million in Spanish public debt securities or more than €1 million in shares or equity interests in Spanish companies with real business activity.
The visa was also available to investors who invested more than €1 million in investment funds established in Spain or bank deposits within Spanish financial institutions. Another way to qualify for the visa was to establish a business project developed in Spain, provided it was considered and accredited as being of general interest.
As for the remaining articles, the legislation concerning the proof of investment (Article 64), the effects of the residence visa (Article 65), the residence permit for investors (Article 66) and the duration of the residence permit (Article 67) will no longer have any content.
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