Lately, news about Spain potentially canceling its Golden Visa has been spreading like wildfire, sparking discussions on social media and in various group chats, leaving everyone feeling a bit anxious. I have friends who were planning to buy a property this year to secure residency, and now they’re in a difficult position. As someone who has lived in Spain for several years with a Spanish Golden Visa and has been closely following property and residency policies, I want to share my perspective from an ordinary resident’s point of view.
The Past and Present of the Golden Visa
This policy was actually introduced back in 2013, after the economic crisis. At the time, the Spanish government launched this “residency for investment” program to attract foreign capital and revitalize the real estate market. Simply put, by investing €500,000 in property, an entire family could obtain Spanish residency. Over the years, it has certainly attracted many investors, especially from Asia and Russia. Now, however, the tide seems to be turning. The government believes the policy has driven up housing prices in major cities like Madrid and Barcelona, making it increasingly difficult for locals to afford a home, which is why they are considering its termination.
Is There Still Time to Buy and Apply for Residency?
This is the most pressing question for everyone. Based on the information released so far, the policy won’t be abruptly terminated but will have a transition period. This means the legislative process—from submitting the bill to parliamentary debate, voting, and final enactment—will take several months. So, if you’ve already found a property or are in the process of purchasing one, you should hurry to complete the remaining steps. You will likely still be able to get in before the deadline. However, if you’re just starting to consider it now, the timeline is very tight and the risk is higher. After all, the entire process—from viewing properties, negotiating prices, preparing documents, to final closing—can easily take two to three months, and that’s considered fast.
Putting the Golden Visa aside, is buying property in Spain a good choice in itself? I think it depends on your personal needs. If you plan to live, study, or work in Spain long-term, owning your own home certainly offers more peace of mind than renting continuously and allows you to benefit from potential property appreciation. Spain’s real estate market is generally healthy, especially in prime locations. However, if it’s purely for investment, you need to carefully research specific factors like the area and rental yield, rather than blindly following the trend. Here is a brief overview of the property characteristics in several major cities:
| City | Pros | Cons |
|---|
| Madrid | Capital, economic hub, high rental demand | High property prices, few available properties in the city center |
| Barcelona | Tourist city, highly international, great climate | High property prices, tourism policies affect short-term rentals |
| Valencia | Lower cost of living, coastal city, very livable | Fewer job opportunities |
| Málaga | Costa del Sol, popular with European retirees | Highly seasonal, rental market is slower in winter |
The policy change has indeed disrupted many people’s plans. My personal take is: plan for residency early, but invest in property cautiously. Don’t make a hasty decision out of anxiety about catching the ‘last train.’ For those already living here, there’s no need to worry too much; after all, our livelihood and stability depend on our work and life itself, not just an investment visa. For those still considering their options, it might be worthwhile to explore other types of residency, such as the non-lucrative visa. I hope everyone can make the best choice for their own situation!
