Spain’s Senate has temporarily blocked the Golden Visa ban, delaying its implementation.
The bill, which initially seemed set to end the program by January 2025, has encountered opposition in the Senate, controlled by the center-right Partido Popular (PP). Although the Senate vetoed the bill on December 2, Congress can override the veto and push the ban through.
Since the announcement of the potential ban in April 2024, Golden Visa applications have surged. By the end of October, 780 visas were granted, with the rate of approvals increasing from 69 per month in early 2024 to 95 per month from April onward. The highest number of Golden Visas have been granted to Chinese nationals, followed by Russians and UK citizens.
The Golden Visa program, which allows non-residents to obtain citizenship through investments, has sparked controversy due to its role in driving up property prices in Spain, exacerbating the country’s housing crisis. Critics argue it limits access to housing for locals. Despite this, the program has generated significant investment, particularly from US investors.
As other European countries, including Ireland, Portugal, and the Netherlands, have abolished their Golden Visa schemes, Spain’s future plans for the program remain uncertain.
