The judgment of the Court of Justice of the EU (29 April 2025)—which invalidates citizenship-by-investment schemes—draws a decisive line under the idea that residency (let alone EU citizenship) can be purchased with bricks and mortar. Spain’s own golden-visa route closed on 3 April 2025 (Law 14/2013), blocking new applications from non-EU investors. The political signal is unequivocal: “passports for property” are over.

Between 2013 and 2024 Spain issued ~5 000 residence permits, focused on Barcelona, Madrid, Málaga and Alicante. In 2023 alone 3 273 permits averaged €657 000 per ticket—still < 0.1 % of all housing deals. Where it punches above its weight is the super-prime niche, driving up to 15 % of demand for turnkey luxury stock.

In the near term, expect a selective freeze: projects aimed at HNWI foreign buyers may slip, and ultra-prime prices in hotspots like Paseo de Gràcia or Marbella’s Golden Mile could soften 3–5 %. While the government framed the ban as an affordability measure, portals such as Idealista see only a “statistically marginal” macro impact. Crucially, lower interest rates + less foreign competition may let domestic institutions capture luxury, co-living and hospitality assets at better yields.

Across Iberia, diverted capital is eyeing Portugal, where the programme still grants residence (not citizenship) but since 2025 excludes direct housing purchases, funnelling investors toward funds and job-creating ventures. If Brussels pushes a full ban on “lax” residence visas, money will pivot to collective vehicles (REITs, private real-estate credit funds) or other EU jurisdictions. Local players must fortify KYC/AML and prove compliance with transparency & sustainability demands.

In short, the brick-based golden-visa era is ending. The macro effect is cosmetic, yet the shift is strategic for luxury and cross-border finance. Developers, family offices and lenders active in Iberia must re-tool sales plans, upgrade compliance frameworks and explore more sophisticated equity and debt formats. At CG Capital Europe we’re already guiding clients through this transition—diversifying investor bases, professionalising vehicles and anticipating the next regulatory wave will be key to capturing value in the new cycle.

• Compartir en: