Spain to End Golden Visa Program for Moroccan Investors in April 2025
Spain will end its Golden Visa program on April 3, 2025, mainly affecting Moroccan investors who used it for residency through real estate investments. This decision aims to address the housing crisis and reduce speculative buying, shifting focus toward affordable housing for locals. Reactions are mixed, highlighting concerns about economic impact and investment flows.
hassan benyoub 
Madrid, March 30, 2025 – Spain has confirmed plans to terminate its Golden Visa program effective April 3, 2025, a move that will impact Moroccan investors who have long utilized the scheme to secure residency through substantial real estate purchases. The decision reflects the Spanish government’s push to tackle a deepening housing crisis and curb speculative property investments in major cities.
What Was the Golden Visa Program?
Launched in 2013, Spain’s Golden Visa initiative aimed to lure foreign capital by offering residency to non-EU investors. The key requirement? A minimum investment of €500,000 in Spanish real estate. The program proved popular among wealthy foreigners, including a significant number of Moroccans, who seized the opportunity to gain a foothold in Spain and access its economic and social benefits.
- Key Features:
- Residency granted for investments of €500,000+ in property
- Open to non-EU nationals
- Attracted investors from Morocco, China, Russia, and beyond
Over the years, the program funneled billions into Spain’s property market, but not without controversy.
Why Is Spain Scrapping the Program?
The abolition stems from mounting pressure to address domestic challenges, particularly in urban hotspots like Madrid and Barcelona. Here’s a breakdown of the driving factors:
- Housing Crisis: Soaring property prices in major cities have made housing unaffordable for many Spaniards, with critics blaming the Golden Visa for inflating costs and reducing available stock.
- Anti-Speculation Measures: The government seeks to rein in speculative buying, prioritizing affordable housing for locals over foreign investment gains.
Spanish officials argue that ending the program will stabilize the market and redirect focus toward citizens’ needs.
Impact on Investors and the Market
The decision is poised to reshape Spain’s real estate landscape and its appeal to international buyers, especially from Morocco:
- Investment Flow: Countries reliant on the Golden Visa, including Morocco, may redirect funds elsewhere, potentially slowing foreign capital inflows.
- Market Shifts: Property prices in luxury segments could soften as demand from wealthy investors wanes.
Moroccan investors, who viewed Spain as a gateway to Europe, now face a closing window, with the cutoff just days away on April 3, 2025.
Mixed Reactions to the Change
The announcement has sparked a range of responses:
- Supporters: Housing advocates hail the move as a vital step to ease the affordability crunch, arguing it prioritizes residents over speculators.
- Critics: Business leaders and real estate stakeholders warn of economic fallout, claiming the loss of foreign investment could dent Spain’s post-pandemic recovery and global competitiveness.
Public opinion remains divided as the deadline looms, with debates intensifying over balancing economic growth and social equity.
What’s Next for Spain and Morocco?
With the Golden Visa’s end date fast approaching, Moroccan investors have until April 2, 2025, to finalize qualifying purchases. Beyond that, Spain’s real estate market braces for a new chapter—one focused less on foreign wealth and more on domestic stability. How this shift will play out remains a key question for 2025.
