Spain announces January 2025 deadline in major blow for UK tourists

Spain is pushing ahead with plans to axe its 'golden visa' programme in a major blow for UK tourists. The country's prime minister Pedro Sanchez made the announcement back in April, but the new legislation was hit with delays due to fierce opposition.

Currently, non-EU nationals investing €500,000 (around £414,000) in Spanish property can live and work there for three years. However, critics of the scheme argue that it drives up property prices, making housing less affordable for locals.

Spain's government recently included a bid to cancel the visa in a broader efficiency law, which passed on October 30. If it's approved at the next level, the change would be brought in from January 2025 and will affect UK tourists looking to move to and work in Spain.

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Existing golden visa holders and those who apply before the law comes into force would retain their residency rights, Spanish press reports. For now, at least, Brits can still gain residency in Spain using the investment route.

There has been huge backlash to the plans, with critics arguing that it won't significantly improve Spain's housing market. On the other hand, supporters say residents in major cities like Barcelona, Madrid, Malaga, Alicante, Valencia and Majorca are finding it incredibly difficult to find decent, affordable housing.

A total of 6,200 visas were issued up until 2023 for investment in property, according to the organisation Transparency International.