US Nationals Rush to Secure Golden Visas in Madrid Ahead of Program Termination
The clock is ticking for US nationals looking to secure residency in Spain through the Golden Visa Program, as the country plans to end the popular residency-by-investment scheme on April 3, 2025. Since the announcement in December 2024, there has been a dramatic surge in applications—specifically a 200% increase in Madrid, as wealthy investors scramble to finalize their applications before the deadline.
Why the Surge?
The Golden Visa Program allows foreign nationals to gain residency in Spain by making substantial investments, such as purchasing real estate worth at least €500,000. This program has long been a favorite for individuals seeking dual citizenship, particularly from the United States, China, and Russia, as well as other wealthy nations. But now, with the program set to be terminated due to Spain's housing crisis, the pressure is on to secure one of the last available Golden Visas.
According to Ángel Sánchez, partner and lawyer at Golden Partners, the increase in applications is due to the growing urgency among investors. “Since last Christmas, we’ve seen a significant rise in the number of American investors in Madrid looking for properties that meet the €500,000 requirement to apply for their Golden Visa before the program ends,” Sánchez explained in an interview with El Debate.
Madrid at the Center of Investment
The surge in Golden Visa applications has been particularly pronounced in Madrid, which has become the epicenter of foreign investment in Spain. In 2024, the Madrid region accounted for 74.8% of all foreign investments in the country. For many investors, Madrid represents not just a gateway to Spain but an attractive location for long-term financial growth and access to the broader European Union market.
Sánchez further emphasized that the US has become one of the largest sources of these foreign investments. Many American nationals are not just seeking residency—they’re looking to secure dual citizenship, giving them access to both the United States and Spain.
A Surge of Applications
Golden Partners, a firm that specializes in advising foreign nationals seeking to invest in Spain, reported a significant uptick in Golden Visa applications starting in early January 2025. The announcement of the program’s imminent end in the Spanish Official State Gazette triggered a flurry of activity. In fact, the firm noted that applications tripled in June 2024 and exploded again in January 2025, as many investors rushed to meet the deadline.
While the total number of Golden Visas issued from January to October 2024 (around 780) was lower than in previous years, the figures are still substantial. In 2023, Spain issued 3,200 Golden Visas, and in the years prior, the program had been a vital avenue for foreign nationals to obtain residency. While the number of applicants has dropped slightly in 2024 compared to 2023, the renewed urgency as the termination date nears has led to an influx of applications.
Other Nationalities Benefit Too
While US nationals make up a significant portion of applicants, they’re not the only ones taking advantage of the program. In fact, nationals from China, Russia, the United Kingdom, and other countries such as Iran, Ukraine, Venezuela, and Mexico also account for a large number of Golden Visa recipients. These foreign investors are increasingly drawn to the advantages of holding dual citizenship and gaining residency in one of Europe’s most desirable countries.
What’s Next?
As Spain approaches the April 2025 deadline, the Golden Visa Program is set to close its doors, leaving many foreign investors racing to complete their applications in the remaining months. Experts predict that the demand for real estate, particularly in Madrid, will continue to climb as investors look to capitalize on the opportunity while it lasts.
For those who have been eyeing Spain as a potential destination for investment and residency, now is the time to act. With the program's termination only months away, the window of opportunity is closing fast, and many investors are looking to secure their place in Spain before the deadline hits.
Stay tuned as we continue to track the developments surrounding the Golden Visa Program and its impact on Spain’s housing market.
Source: Schengen.News, El Debate
