Spain has officially closed its Golden Visa program after more than a decade. The decision cuts off a popular residency path for wealthy investors from the UK, US, China, and other non-EU countries.
The program, launched in 2013, allowed foreigners to gain Spanish residency by investing at least €500,000 in real estate. It was designed to attract foreign capital after the 2008 financial crisis. But critics argued it drove up housing prices and benefited the wealthy while ordinary Spaniards struggled with affordability.
Prime Minister Pedro Sánchez announced the move last month, calling it a step to ensure “housing is a right, not a speculative business.” The government has now finalized the shutdown, leaving thousands of investors seeking residency alternatives.
The change affects major investor groups, including British, American, and Chinese nationals—who were among the top applicants. Existing visas will remain valid, but no new applications will be processed.
Other EU countries, like Portugal and Greece, still run similar programs, though some are tightening rules. Spain’s decision reflects growing scrutiny of “golden visas” across Europe, where critics say they inflate housing markets and raise security concerns.
For now, Spain’s doors have closed to this fast-track residency route—marking the end of an era for foreign investors.
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