Proposed Changes To The Golden VISA Program For Gaining Residency In Spain

The Spanish government is planning to abolish its Golden Visa program in 2024. This program, which was introduced in 2013, allowed non-EU investors to gain residency in Spain by making a significant financial investment, typically a minimum of €500,000 in real estate. The primary reason for scrapping the program is to address concerns about housing affordability and the impact on local housing markets, especially in major cities like Barcelona, Madrid, and Valencia.

The Golden Visa has seen a substantial increase in applications in recent years, with 3,273 visas granted in 2023 alone, compared to fewer than 1,000 annually in earlier years. This surge in applications has heightened the pressure to discontinue the scheme.

For current applicants and those considering applying, the proposal to abolish the Golden Visa still needs to be ratified, and this process may take between 6 to 12 months. During this period, it is still possible to apply for the visa, and those who already have it may be able to retain their residency status.

Alternatives to the Golden Visa include the Digital Nomad Visa and the Non-Lucrative Visa. The Digital Nomad Visa allows remote workers to live in Spain, while the Non-Lucrative Visa is aimed at retirees and requires proof of financial self-sufficiency without the need to work.

In conclusion, while the Golden Visa program is being phased out, Spain still offers other residency options for non-EU citizens seeking to live in the country.

Villasol Real Estate - Your Premier Estate Agent in Nerja

Villasol Real Estate – Your Premier Estate Agent in Nerja

Established for more than twenty years, Villasol is your local, experienced and friendly estate agent specializing in property sales in Nerja, Torrox, Frigiliana, Algarrobo, La Herradura, Torre del Mar, Rincon de la Victoria, Baviera golf and Almunecar and surrounding areas in addition to our long term rentals service.

You will find our experienced team, responsive, informative, and attentive at every stage of the purchase, starting with the viewing stage, we look forward to showing you apartments, villas, Cortijos and Town houses, situated along the Eastern Costa del Sol. The legal process and considerations for purchasing a residential property in the Nerja area of Andalucia, Spain, involve several steps and requirements. It's essential to understand the process to ensure a smooth and legally sound transaction. Please note that property laws and regulations can change over time, so it's crucial to consult with a qualified legal professional or an experienced real estate agent such as Villasol Real Estate for the most up-to-date information for Andalucia.

If you are thinking of relocating to Spain, the vibrant yet still traditional coastal town of Nerja, is a perfect choice. The wonderful beaches and promenade of Torrox Costa and Burriana are a delight, the picturesque cobbled streets of Frigiliana are full of character and charm.

If you have any questions or require further inform please do not hesitate to contact us by telephone on +34 952527201 or via Whatsapp on +34 686009408 or use our Contact Form.

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