Opportunities and alternatives for investing in the Costa Blanca in view of the imminent elimination of the Golden Visa.
On 14 November 2024, the Plenary of the Spanish Congress of Deputies approved the elimination of the “Golden Visa” in Spain. A decision which, although it still has to be ratified by the Senate, is expected to be final within an estimated period of between 3 and 5 months.
The elimination of the Golden Visa will mark the end of a new era for many investors seeking to invest and reside in Spain, however, there are still options for them.
Here we explain how you can take advantage of the last opportunity to invest in the Costa Blanca through the Golden Visa, what will happen to the applications in process when this visa is completely eliminated and what other alternatives are available to foreigners wishing to invest and reside in Spain.
Farewell to the Golden Visa
Although the proposal has yet to be approved by the Senate, it is already a reality that the Golden Visa’s days are numbered in Spain. Taking into account the time needed to materialise a real estate investment and the possible deadlines for the elimination of the visa to come into force, the countdown has already begun for those who wish to obtain investor residency in Spain.
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What is the Golden Visa?
The Golden Visa is a residency programme in Spain for foreign investors acquiring property or making significant investments in the country. Through this visa, applicants and their families can obtain legal residence in Spain without the need to live permanently in the country.
The programme is an excellent alternative for those looking to invest on the Costa Blanca with the possibility of residing in Europe.
What will happen to ongoing Golden Visa visas?
The new regulations will include transitional provisions that will protect acquired rights, which means that those Golden Visa applications that are already in process will be able to continue under the regulations in force at the time of application.
Golden Visa Applications in Process
Applications filed prior to the entry into force of the new law will be allowed to continue. For those who have already invested in property in Spain, it is essential that the investment is duly registered with the Land Registry before the new legislation comes into force.
The process of buying and selling and registering property can take up to two months, so it is essential that the visa or residency process is started before the new regulations come into force, not just the investment process.
Renewal of existing Golden Visa Visas
Visas and residence authorisations that have already been issued will remain valid until their expiry date. However, renewals of these visas must be handled in accordance with the regulations in force at the time of the original issuance. If a problem occurs or a renewal is refused, there will be no possibility to reapply for an investor visa or residence.
What options remain after the Golden Visa?
Although the Golden Visa will disappear, there are other alternatives that can offer solutions for those looking to live and invest on the Costa Blanca. Here are some viable options:
Entrepreneurship Visa
The Entrepreneurship Visa is aimed at innovators with business projects in Spain. It is an excellent option for those who wish to develop a business and contribute to innovation in the country. The Entrepreneurship Visa allows entrepreneurs to establish and manage their business in Spain more easily.
Non-Profit Visa
For those who wish to live in Spain without the need to work, the non-profit visa is an attractive option. This is the ideal option for retirees, passive income earners or those looking to take a sabbatical break. This type of visa offers an easier way to live in Spain without the obligation to work, which makes it a very interesting option for many people.
Residence Permit for Digital Nomads
This permit allows remote workers, freelancers and digital entrepreneurs to live in Spain while continuing to work for companies or clients outside the country. The Digital Nomad Residence Permit is an ideal option for those who have a job that they can do online, offering the possibility of residing in a pleasant and stimulating environment without having to abandon their professional career.
It should be noted that, until the elimination of the Golden Visa is ratified by the Senate, it is not clear whether its elimination will only affect those who invest in Spain through real estate or whether it will also affect other types of investment such as government bonds, shares or business projects.
Invest in the Costa Blanca, now!
The elimination of the Golden Visa marks the closing of a chapter for those who had considered real estate investment on the Costa Blanca as a way to obtain residency in Spain. If you have ever thought of taking advantage of this opportunity, this is your last chance before the deadline.
The Costa Blanca is one of the most sought after destinations for luxury property seekers in Spain. With a privileged location, enviable climate and high quality infrastructure, the Costa Blanca is the perfect place to make your property investment a smart and profitable decision.
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At Hispania Homes, we offer you full support throughout the entire process of buying your luxury home, ensuring that you meet all the requirements to start your Golden Visa application before the new regulations come into force. Our expert team is here to guide you and help you make the best decision for your property investment.
