Spain’s scheme attracting British expats is coming to an end in a matter of weeks, and experts warn the knock on effect could be costly to tourists. The Golden Visa program will be scrapped on April 3, which allows non-EU residents to obtain residency more easily through property investment.
Expats were able to buy properties in Spain, bypassing other measures to gain a visa. Marketing director at William Russell, William Cooper, explained how people who moved to the country under the scheme may now sell their properties, driving up tourist accommodation costs due to fewer options being available. “Many who moved to Spain under this scheme may consider selling their properties, which could lead to a slowdown in property sales, especially to UK buyers in popular expat hotspots,” he told GB News.
“Now, potential investors may look to non-EU countries with more flexible visa options, such as Canada and Australia.”
The director explains how the change will impact those looking to move to Spain, as well as driving up the prices of holiday homes for tourists.
Mr Cooper said that the scrapping of Spain’s Golden Visa program could “significantly impact short-term holidays, the tourism industry, and British expats who have already moved there” as part of the program. This would be due to fewer holiday homes being available to rent, limiting accommodation options for tourists.
“It could drive up prices for the rentals that remain,” the expert says.
He adds that the change could also impact those on Spain’s popular Digital Nomad Visa. This allows remote workers earning €2,000 to €3,000 (£1,704 to £2,556) per month to live in Spain for up to five years.
“Fewer affordable housing options in key cities and tourist hotspots could make it harder for digital nomads to settle in Spain.”
The expert continued to explain how, despite tourism in Spain reaching record highs in July 2024, a fall in foreign investment could cause “far-reaching effects”.
“This includes implications for British retirees who play a key role in contributing to local economies through steady, long-term spending,” he concludes.