As the deadline to apply for Spain’s Golden Visa Program approaches, non – EU nationals are still very interested in it. After April 3, no one will be able to buy property or make other investments to get residency through this program because it will be officially ended, as reported by Schengen News.
The Telegraph reported that while the interest in applying for Spain’s Residency – by – Investment scheme is high, some applicants are having problems. They face delays in property purchases. Also, they need to get an ID number to do business in Spain and open a bank account.
Increased Interest Since Program Closure Announcement
Francisco Martínez, a partner at the Madrid legal firm Next Abogados, told the Telegraph that he has a client who won’t be able to apply in time. Martínez said that since the program’s closure was announced, the firm has seen a lot more interest in it in recent months.
The Congress of Deputies in Spain voted on the proposal to end the Golden Visa Program. 177 voted in favor and 170 voted against. On January 3, 2025, the termination of the scheme was officially published in Spain’s Official State Gazette (BOE). The law said that the decision would take effect three months after being published in the BOE. The plan to end the scheme started in April 2024. That’s when the President of the Government, Pedro Sánchez, said the country would do everything needed to make sure housing is a right, not just a speculative business.
Big Increase in US Nationals Applying for Spain’s Golden Visa Program
El Debate reported that in the past few months, there has been a 200% increase in the number of applications for Spain’s Golden Visa Program in Madrid from US nationals. The same report said that last year, 74.8% of foreign investments in Spain were in the Madrid region. US nationals made up a large part of these investments, especially those getting dual Spanish – American nationality. Figures from the Spanish government show that from January to October 2024, Spanish authorities gave out nearly 780 golden visas to foreign nationals.
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