The Spanish prime minister Pedro Sanchez has announced Spain will withdraw the Golden Visa scheme that has granted residency for individuals and families investing a minimum of €500,000 into Spanish real estate. The visa allowed residency for three years, with the possibility to extend.

The rationale behind the decision is that the scheme has distorted property prices, particularly in cities, and this has created affordability issues in the local markets. The scheme commenced in 2013 and it is estimated some 5,000 visas have been issued, with Chinese nationals topping the list of nationalities that successfully applied.

Post Brexit British expats could utilise the Golden Visa scheme to get round the maximum 90 days stay in 180 days, particularly if they wanted to live in Spain permanently, however it is unclear just how many Brits successfully applied.

The decision to withdraw the scheme has been reported in the press as ‘a major blow for British nationals looking to reside in Spain’, although we would tend to disagree with this.

It is still possible to get a residency permit if you purchase a home in Spain. You must meet certain requirements such as proof of income and health insurance, but this is pretty standard in most countries where foreigners buy holiday homes or homes for retirement etc.

It is estimated that Britons resident in Spain topped 284,000 in 2023. We expect a further steady flow of Britons relocating permanently to Spain going forward.

Spain also has an attractive “Digital Nomad” scheme – click here for details.

For help and information regarding Spanish residency enquire here?