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Spain’s Congress on Thursday November 14th gave its approval to the abolishment of the golden visa residency scheme for wealthy third-country nationals.
This comes seven months after Prime Minister Pedro Sánchez initially announced his intention to scrap a scheme that’s been criticised for a number of reasons, from inflating property prices in Spain to giving EU residency to foreign criminals.
Although congressional approval is a very important step for a bill the ruling Socialists have tried and failed on several occasions to get passed, it’s still not the final nail in the coffin for the golden visa.
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Once the Spanish Congress of Deputies give a law the thumbs up, it then has to go to the Senate, which analyses the legislation and makes amendments if necessary, before it then gets sent back to el Congreso again for final approval. If this happens, the legislation is published in the Official State Bulletin (BOE) and only then does the law come into force.
READ ALSO: What the end of all of Spain’s golden visas means for foreigners
So what does that mean for people who still want to apply for Spain’s golden visa by either buying a property/ies worth €500,000, investing €1 million in shares in Spanish companies, or €2 million in government bonds, or transferring €1 million to a Spanish bank account? Is it now too late to obtain this easier option to Spanish residency, or could they still apply?
The legal text specifies that “those investors or relatives of investors who, prior to the date of entry into force of this transitional provision, had submitted the corresponding request, may receive the corresponding visa or authorisation in accordance with the regulations in force on the date of submission of the application.”
Therefore, until the law actually comes into force after its publication in the BOE, these types of golden visas can continue to be requested and granted.
Generally speaking, Spanish authorities have a deadline of 20 days from the submittal date in which to process the application.
It’s also worth factoring in the time it takes to actually find and buy a property, an easier process with the help of professionals.
And how long before the golden visa cancellation bill makes its way to the Senate, back to the Congress and finally enters into force?
January 2025 had previously been suggested as the most like end date of el visado de oro. Submitting the paperwork before then may not be impossible but it certainly will be challenging.