573 golden visas granted since its withdrawal was announced

The government has granted 573 "golden visas" since April, when the President of the Executive, Pedro Sánchez, announced the end of these residency permits. Originally approved by Mariano Rajoy's government, the visas allow foreign investors to obtain residency by investing more than €500,000 in a property in Spain.

However, this objective, which has been a focus for the government since the last legislative session, has not yet been formalised in the Official State Gazette (BOE). The legal reform to abolish these visas is part of a Justice law passed through Congress but is still awaiting approval in the Senate.

The Law on the Efficiency of the Public Service of Justice includes a transitional provision to phase out these visas while safeguarding the rights of investors or their family members who applied before the law's entry into force.

In response to a series of parliamentary questions from EH Bildu member of parliament Jon Iñarritu, the Executive has disclosed that between January and October, 780 visas were granted, with an average investment of €657,204.

The most common nationalities

In this document, accessed by the Europa Press agency, the government outlines the nationalities granted a golden visa this year. Notably, unlike previous years, no Russians have been granted visas, despite their historically high representation.

Specifically, visas have been issued to individuals from Persian Gulf nations such as Saudi Arabia, Kuwait and Qatar; European countries including the United Kingdom, Ukraine, Serbia and Turkey; Latin American states such as Venezuela, Argentina, Chile, Uruguay, Brazil, Colombia, the Dominican Republic, Honduras, Mexico and Peru; and the Caribbean tax haven of Saint Kitts and Nevis.

Golden visas have also been granted to citizens of China, Arab countries such as Algeria, Mauritania, Tunisia, Egypt, Syria, Iran, Jordan and Lebanon, as well as Israel, the United States, Canada, Australia, New Zealand, India, Pakistan, Indonesia, Cambodia, Vietnam, the Philippines, Singapore, Equatorial Guinea, South Africa, Armenia, Kazakhstan and Uzbekistan.

11,000 golden visas since 2016

According to the Ministry of Housing and Urban Agenda (MIVAU), around 11,000 such visas have been issued since 2016. Experts, however, believe that their elimination will have a limited impact on Spain's residential property market.

These visas were not exclusively granted to investors purchasing properties worth more than €500,000. Under Article 63, which is set to be repealed, eligibility also extended to those investing over €2 million in Spanish public debt securities or more than €1 million in shares or equity interests in Spanish companies engaged in real business activities.