Cancellation of an investor's residence permit in Spain when purchasing real estate

The leader of the Spanish Socialist Workers' Party, Prime Minister Pedro Sánchez, has proposed eliminating the investor visa program (Golden Visas) for real estate investments.

This issue has been discussed within the government several times over the past year. Not only was the abolition of investor visas considered, but also a possible tightening of the conditions for obtaining them, since the threshold of 500,000 euros is no longer considered high in large cities in Spain, where housing for that amount is no longer considered a luxury.

The amendment of the LEY 14/2013 law, which was recently announced by the Prime Minister, is a long and complex procedure involving many stages, at each of which the initiative may undergo significant changes or even be rejected.

• Initiative and preparation. The process of change begins with the development and presentation of the project by the government to the Council of Ministers, where it may encounter the first obstacles.
• Congress of Deputies. After approval by the Council of Ministers, the project is sent to the Congress of Deputies, where discussions and evaluation take place. Amendments and suggestions are made here, which takes time and discussion, and the project may undergo significant changes at any of these stages.
• Senate. This is a key stage, especially considering that the absolute majority in the Senate is held by the opposition parties, in particular the People's Party (PP), which initially initiated the adoption of this law (LEY 14/2013). In the Senate, the bill can be re-criticized, modified, or even rejected.
• Final approval and approval. After overcoming all obstacles, the project is sent for approval by the king and subsequent publication, which is the final stage of its becoming law.

At each stage, careful discussions, revisions and compromises are required, which makes the entire process time-consuming and labor-intensive. The fact that the initiative comes from Prime Minister Pedro Sánchez and is backed by the Socialist Party, subject to opposition in the Senate, only highlights the potential difficulties and long road ahead to change the existing law.

Our lawyers and independent experts estimate that this may take from 4 to 7 months. It is important to note that if you have already applied for an entry and then the law is repealed, you are still entitled to receive a full investor residence permit.