Expats looking to move to Spain will no longer be able to take advantage of the scheme that allowed them to move more easily if they invested in property.
The Golden Visa programme will end on April 3, and a travel expert has shared a warning as the deadline closes in.
What is the Golden Visa?
With this, expats who invested in property were able to bypass other measures to gain residency, marketing director at William Russell, William Cooper, explained.
He said: “The program enabled British investors who invested €500,000 (around £420,000) or more in Spanish property and their families to obtain residency with minimal stay requirements.
Spain’s Golden Visa scheme will end within weeks
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“Without it, many who moved to Spain under this scheme may consider selling their properties, which could lead to a slowdown in property sales, especially to UK buyers in popular expat hotspots.
“Now, potential investors may look to non-EU countries with more flexible visa options, such as Canada and Australia.”
The change will impact those looking to move to Spain, but it could also drive up prices on holiday homes for tourists, the expert explained.
He said: “Scrapping Spain’s Golden Visa program could significantly impact short-term holidays, the tourism industry, and British expats who have already moved there as part of the Golden Visa scheme.
“Fewer holiday homes available for rent limit accommodation options for tourists, and if current property owners sell off their homes, it could drive up prices for the rentals that remain.
“This could also affect those on Spain’s popular Digital Nomad Visa, which allows remote workers earning €2,000 to €3,000 (£1,704 to £2,556) per month to live in Spain for up to five years.
“Fewer affordable housing options in key cities and tourist hotspots could make it harder for digital nomads to settle in Spain.”
Spain is one of the most popular holiday destinations, particularly for Britons, but William suggested things could change when the update come into effect.
Spain is one of the most popular countries for tourists
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He continued: “Even though tourism reached record highs in July 2024, a drop in foreign investment – especially in the real estate sector – could trigger far-reaching effects.
“This includes implications for British retirees who play a key role in contributing to local economies through steady, long-term spending.”
Britons hoping to take advantage of the scheme for the final time have less than two weeks to do so, as it will end on April 3, 2025.
