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Entry into force of the cancellation of GOLDEN VISA for real estate investments.

Entry into force of the cancellation of GOLDEN VISA for real estate investments.

10/04/2024

Dear readers, we would like to draw your attention to the fact that this process is long and complex, combining many stages, at each of which this “proposal” can be changed or even rejected. Below we try to detail a little about how the process works.

  1. Presentation and preparation of the proposal, the change begins with the preparation and presentation of the project by the Government to the Council of Ministers, where it is submitted for consideration and, consequently, where the draft proposal may already encounter the first obstacles.
  2. After approval by the Council of Ministers, the project is sent to the Congress of Deputies, where it is discussed and criticized. At this stage, amendments and possible new proposals are made, which requires time and negotiations. At this stage, the project can be completely modified.
  3. Then comes the Senate. This is the most critical stage, we would like to draw your attention to the fact that the majority of members of the Senate are occupied by the opponents of the socialists - the Popular Party (PP), which initially initiated the approval of this law ( LAW 14/2013). In the Senate the project will be reconsidered and at this stage changes can be made or its rejection accepted.
  4. Final approval, if the project overcomes all obstacles, is sent to the king for subsequent publication in the State Official Gazette, where the original proposal is converted into law.

We want to draw your attention to the fact that each of the stages listed above requires detailed discussions, adjustments and compromises, which makes the process more complex and time-consuming. Judging from our practice, we understand that this process can take 2 to 4 months or even longer. It is important to note that if you managed to submit documents for consideration and the law was later repealed, you still have the right to receive an investor residence permit.

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