The Spanish government has announced plans to end the Golden Visa program in 2025. This decision may impact many potential investors and property buyers in Marbella.
What is the Golden Visa?
The Golden Visa is a residency-by-investment program that has allowed non-EU citizens to live and work in Spain if they invest in the country. Most people qualify by purchasing property worth €500,000 or more. It has been especially popular in areas like Marbella, known for its luxury lifestyle and high-end real estate market.
Reasons for Ending the Program
The decision to end the program stems from efforts to reduce property speculation and make housing more accessible to locals. Critics argue that the program has contributed to rising property prices, making it harder for residents to find affordable homes. By removing the Golden Visa, the government hopes to create a more balanced housing market.
Impact on Marbella’s Property Market
Marbella has long been a favorite destination for foreign investors, especially those seeking Golden Visas. The city’s appeal lies in its warm climate, beautiful beaches, and vibrant culture. Luxury amenities such as golf courses, fine dining, and exclusive resorts also play a significant role. Even without the Golden Visa, Marbella is expected to retain its attractiveness to international buyers due to these unique features.
Alternative Visa Options for Non-EU Citizens
For non-EU citizens, the end of the Golden Visa does not mean an end to property investments in Spain. While it will no longer offer automatic residency, there are other visa options available:
- Non-Lucrative Visa: Allows individuals to live in Spain if they can prove sufficient financial means.
- Work Visa: Suitable for those with job offers in the country.
- Entrepreneur Visa: Designed for individuals planning to start a business in Spain.
Timeline and Next Steps
The program is set to conclude by the end of April 2025. Current holders of the Golden Visa will retain their residency rights, but new applications will not be accepted after the deadline. This gives prospective investors a limited window to act. Those considering applying should consult with legal and financial advisors to ensure they meet the requirements and submit their applications in time.
Marbella’s Future Appeal
The end of the Golden Visa marks a significant change in Spain’s approach to foreign investments in real estate. However, Marbella’s charm and enduring appeal as a lifestyle destination will likely continue to attract buyers from around the world. The city’s unique combination of luxury, natural beauty, and cultural richness ensures its status as a top choice for property investments, even as the rules change.