Exhibit 5.1



December 8, 2020


Gaucho Group Holdings, Inc.

8 Union Square South, Suite 2A

New York, NY 10003


Ladies and Gentlemen:


We have acted as special counsel to Gaucho Group Holdings, Inc., a Delaware corporation (the “Company”), in connection with the filing by the Company of a Registration Statement on Form S-1 (No. 333-233586) (the “Registration Statement”) with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”).


The Registration Statement relates to the issuance and sale by the Company of: (i) up to 1,533,333 Company units (the “Units”), with each unit consisting of one share of Company common stock, par value $0.01 per share (the “Common Stock”) and one common stock purchase warrant (the “Warrants”) to purchase one share of Common Stock (the “Warrant Shares”), which includes 200,000 Units subject to the underwriters’ over-allotment option; and (ii) the underwriters warrant (“UW Warrant”) to purchase up to 92,000 shares of Common Stock (the “UW Warrant Shares”); in each case as further described in the Registration Statement.


In connection with this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the Registration Statement and the exhibits thereto and such documents, corporate records and other instruments as we have deemed necessary or appropriate for the purpose of this opinion, including, without limitation: (i) the Amended and Restated Certificate of Incorporation of the Company (as amended to date) and the Amended and Restated Bylaws of the Company, each as currently in effect; (ii) the form of the Company’s Amended and Restated Certificate of Incorporation, filed as Exhibit 3.5 to the Registration Statement to be in effect as of the closing of the offering contemplated by the Registration Statement; (iii) certain resolutions adopted by the board of directors of the Company; (iv) the form of underwriting agreement to be executed by the Company and Kingswood Capital Markets, which has been filed as Exhibit 1.1 to the Registration Statement (the “Underwriting Agreement”); (v) the form of Warrant; and (vi) the form of UW Warrant.


As to questions of fact material to this opinion, we have relied on certificates or comparable documents of public officials and of officers and representatives of the Company. In rendering the opinion expressed below, we have assumed without verification the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of such copies.


Our opinion is expressed only with respect to the General Corporation Law of the State of Delaware. We express no opinion to the extent that any other laws are applicable to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law, rule or regulation.


Tel 303 796 2626

6400 S. Fiddler’s Green Circle, Suite 1000

Greenwood Village, CO 80111






Gaucho Group Holdings, Inc.

December 8, 2020

Page 2


On the basis of the foregoing, and in reliance thereon, we are of the opinion that: (i) the Common Stock issued as a part of the Units, when sold and issued against payment therefor as described in the Registration Statement, will be validly issued, fully paid and non-assessable; (ii) the Warrants issued as a part of the Units have been authorized by the Company, and when issued by the Company, the Warrants will be a legally valid and binding obligation of the Company; (ii) the UW Warrant has been duly authorized by the Company and, when issued by the Company in accordance with the terms of the Underwriting Agreement, the UW Warrant will be a legally valid and binding obligation of the Company; and (iii) the Warrant Shares and UW Warrant Shares have been duly authorized for issuance by the Company and, when paid for in accordance with the terms of the Warrants and UW Warrant, will be validly issued, fully paid and non-assessable.


We consent to the reference to our firm under the caption “Legal Matters” in the Prospectus included in the Registration Statement and to the filing of this opinion as an exhibit to the Registration Statement In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.


  /s/Burns, Figa & Will, P.C.