As I am sure you are aware the Spanish Golden Visa is shortly to be withdrawn. We are now reaching a point where we have a far clearer understanding for exactly how long we have left, and for those who want to get their foot in the door, its not long!
As of today, Partido Popular (“PP”) in its capacity as the majority party in the Senate, vetoed the Organic Law Project that had been approved by Congress last November 14th. The Organic Law Project contains an amendment introduced by PSOE modifying Law 14/2013 of September 27 (the law that established the Spain “golden visa”) to eliminate all routes to Spain’s residency by investment program and blocking new applications and entrants.
What happens now:
* Given Spain’s bicameral legislature, a block from Senate means that the full text is returned to Congress, who may proceed with approving the law albeit with an absolute majority.
* If absolute majority is not reached, the law may be revisited and approved by Congress after 2 months, but this time with a simple majority.
What to expect:
* Given the current composition of Congress, it is expected that they will approve the Organic Law Project and all its amendments no later than mid December 2024, and be shortly published in the Boletín Oficial del Estado. Any new laws or modifications to existing laws (e.g. the “golden visa”) will take into effect 3 months after this date. Following on the expected timeline above, this would be mid March 2025.
Importantly, those that are currently in the program and those that are able to qualify before the projected deadline will be able to renew indefinitely, assuming they continue to meet the requirements.
If anyone is still waiting before pushing the button to proceed, the advice is to get things started now.......before it is too late!
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