What Will Happen with Ongoing Applications?

Starting on April 3, 2025, the Spanish Government is expected to eliminate the well-known "Golden Visa," a residence permit that could previously be obtained through significant investment, particularly in real estate. This legislative decision raises numerous questions among foreign nationals currently undergoing the application process or planning to apply in the coming weeks. At Visal Immigration Lawyers, as experts in immigration law, we analyze in depth the implications of this regulatory transition and the available options for those who have already initiated the procedure.

Two-Phase Process: Investor Visa and Residence Authorization

To fully understand the current situation, it's important to recall that the investment-based residence process in Spain involves two distinct phases. The first step is applying for an investor residence visa, which must be submitted to the Spanish Consulate in the applicant’s country of residence. Once this visa is granted, the investor may enter Spain and apply for the residence authorization as an investor, which is processed through the Large Companies and Strategic Groups Unit (UGE) via the Ministry of Inclusion's electronic platform.

It is essential to note that the investor visa is valid for one year and cannot be renewed. Therefore, the application for the residence authorization must be submitted during the validity of the visa, or at the latest, within 90 days of its expiration.

Current Situation for Those Already in Process

As of today, the regulation officially eliminating the Golden Visa has not yet been published, so the provisions of Law 14/2013 remain in force. Therefore, visa and residence authorization applications can still be submitted until the new law takes effect. However, we strongly recommend acting swiftly, especially for those who have already completed their investment and are preparing the documentation.

If the applicant is outside Spain, the visa application must be filed at the corresponding Spanish consulate. If the applicant is already in Spain legally (e.g., on a valid Schengen visa), they may apply directly for the residence authorization without needing to return to their country of origin.

Documentation Requirements: Maintaining the Investment and Family Ties

To obtain the residence authorization, the investor must prove that the qualifying investment is still in place. In the case of real estate purchases, a certificate from the Land Registry dated within the 90 days preceding the application is required. For investments in shares, equity holdings, public debt, or bank deposits, an updated financial certificate confirming the maintenance of the investment must be submitted.

All official foreign documents must be apostilled (under The Hague Apostille Convention) and translated by a sworn translator recognized by the Spanish Ministry of Foreign Affairs (MAEC).

If the investor is accompanied by family members, the family relationship must also be documented. For adult children or dependent parents, evidence of financial dependence or responsibility must be provided. It is not necessary to make a separate investment for each family member.

Submission Process and Deadlines

The residence authorization application must be submitted electronically using a digital signature, either by the applicant or their legal representative. All forms must be properly completed and signed. In the case of minors, the legal guardian must sign the application.

The maximum period for a decision on these applications is 20 business days, after which, if no resolution is issued, the application is considered approved by positive administrative silence.

Special Cases: Legal Entities and Business Projects

For investments made through legal entities, a favorable report from the Directorate General for Trade and Investment must be submitted, confirming that the company is not domiciled in a tax haven and that the applicant maintains effective control over it.

For investments in projects of general interest, the initial favorable report issued by the Directorate General must remain valid.

Practical Advice in Light of Legislative Changes

At Visal Immigration Lawyers, we strongly recommend that investors who are preparing their application—or who have already begun the process—expedite all procedures before the legislative reform takes effect. Although the final text of the law has not yet been released, it is likely that the requirements will become stricter or that this path to residence may disappear altogether for new applicants.

If you already hold an investor visa, remember that you may apply for the residence authorization from within or outside Spain, provided it is done within the legally established period.

Once the residence authorization has been granted, you and your family must personally apply for your Foreigner Identity Card (TIE) at the local immigration office or police station corresponding to your place of residence in Spain.

What Happens After the Golden Visa Is Eliminated?

We must wait for the final version of the legislation eliminating the Golden Visa to understand what alternatives will be available. There could be a restructuring of the current system, new residence pathways linked to entrepreneurship, or an overall tightening of the conditions for obtaining residence through investment.

In any case, those who have already obtained residence authorization should be able to maintain and renew it under the previous legal framework, provided they continue to meet the required conditions.

Consult Our Experts!

At Visal Immigration Lawyers, we specialize in assisting foreign investors who wish to live and work legally in Spain. If you have any questions about your case or need help submitting your application before the law changes, do not hesitate to call us at 618 702 253 or visit our website www.visalimmigration.com for more information.