Overview
Spain's Golden Visa — formally the Autorización de Residencia para Inversores — ran from 2013 until April 2025. It was one of Europe's best-known residency-by-investment programmes, granting a two-year initial residence permit (renewable for five years) to non-EU nationals investing a minimum of €500,000 in Spanish residential real estate.
On 3 April 2025, the programme was abolished under Organic Law 1/2025. No new applications have been accepted since that date.
This page exists because understanding what happened — and why — matters to investors evaluating the broader European residency landscape. Spain's Golden Visa was among the most popular in Europe and its closure has redirected significant investment flows to Portugal, Greece, and other jurisdictions. We advise clients with active applications, existing holders with renewal questions, and new investors assessing their European options.
What the Spain Golden Visa Was
At its peak, the programme offered:
- €500,000 residential property as the primary route (no mortgage; must have been unencumbered equity)
- €1,000,000 in Spanish listed company shares or bank deposits
- €2,000,000 in Spanish government bonds
- €1,000,000 in investment funds or venture capital funds registered in Spain
- Business investment creating jobs, contributing to innovation, or having social or technological impact of general interest
The property route was overwhelmingly the most popular. Between 2013 and 2025, several thousand visas per year were granted primarily on the basis of real estate purchases in Madrid, Barcelona, the Costa del Sol, and the Balearic Islands.
The visa granted:
- Two-year initial residence permit
- Renewable for five-year periods indefinitely
- The right to live, work, and study in Spain
- Schengen travel
- No minimum stay requirement to maintain the permit
Why Spain Abolished the Programme
The Spanish government, under Prime Minister Pedro Sánchez, announced plans to abolish the real estate Golden Visa in April 2024, citing housing affordability as the central concern. The argument was that investment-driven property purchases by wealthy non-EU nationals were contributing to price inflation in key cities, making it harder for local residents to access housing.
This narrative aligned with a broader EU trend: the European Commission had been pressuring member states to phase out residency-by-investment programmes linked to real estate, citing concerns about money laundering, tax avoidance, and housing market distortions.
The legislation — Organic Law 1/2025 — passed through the Spanish Cortes and came into effect on 3 April 2025, formally closing the programme to new applicants. Spain became the second major EU property market to close its residential investment visa route after Portugal (October 2023), and the trend has been noted by investors and advisers across the industry.
What Happened to Existing Applicants and Holders
Applications submitted and confirmed before 3 April 2025 are being processed under the rules that were in force at the time of submission. Existing Golden Visa holders retain their permits under the terms under which they were granted.
However, the long-term renewal position for existing holders under the new legislative framework remains a matter of professional legal debate in Spain. We strongly recommend that any existing Spanish Golden Visa holder obtain an updated legal opinion on their renewal rights from a qualified Spanish immigration lawyer — particularly for permits coming up for renewal in 2026 and 2027.
If you are an existing holder and have questions about your position, contact our team and we will connect you with appropriate specialist counsel.
What Remains in Spain for Investors (2026)
The abolition of the investment visa does not mean Spain is closed to foreign investors. Property can still be bought freely. Residency can still be obtained — but through different means. The remaining routes are activity-based or lifestyle-based rather than capital-investment routes.
Non-Lucrative Visa
The most commonly used route for wealthy non-EU nationals who want to live in Spain but do not intend to work there. Requirements: evidence of sufficient passive income or savings to support yourself and any dependants (approximately €2,400–€3,000 per month as a general guide), private health insurance covering Spain, and a clean criminal record. It grants a one-year permit, renewable for two-year periods. There is no right to work under this visa. It is best suited to retirees, individuals with significant investment income, or those whose livelihood comes entirely from outside Spain.
Digital Nomad Visa
Introduced under Spain's Startup Act (Law 28/2022), this visa is for remote workers who earn income from a foreign employer or clients based outside Spain. The income threshold in 2026 is approximately €2,849 per month (200% of Spain's monthly minimum wage). Renewable for two-year periods and comes with a right to work — but only in the remote capacity covered by the visa. It does not require a Spanish employer and is relatively straightforward to obtain.
Entrepreneur and Startup Visa
Available to foreign nationals establishing a new business in Spain that is demonstrably innovative, creates local employment, or has significant economic impact. Applications are assessed by Spain's Economic and Commercial Offices. The visa grants an initial 12-month permit to develop the business, which can be converted to a standard residency permit if the business has been established successfully. This route is appropriate for genuine entrepreneurs, not passive investors.
Standard Long-Term Residency
After five years of legal residence in Spain under any permit type, non-EU nationals can apply for long-term (permanent) residency. After ten years, Spanish citizenship is available — though Spain's ten-year general route to citizenship is among the longest in the EU. (The two-year fast track applies only to nationals of former Spanish territories: Latin American countries, Philippines, Andorra, Equatorial Guinea, and Portugal.)
Spain and EU Citizenship: The Reality
Even when the Golden Visa existed, Spain was rarely the right choice for investors whose primary goal was an EU passport. The reasons:
- No residency minimum stay with the old Golden Visa? Unlike Greece, Spain's Golden Visa did technically require some demonstration of links to Spain — and the citizenship path required genuine residency.
- Ten-year general citizenship timeline. Spain's naturalisation requirement is ten years of legal residency — among the longest in the EU for most non-EU nationals. Compare this with Portugal (five years) or Greece (seven years). Malta's fast citizenship-by-investment route is no longer an option, having been struck down by the European Court of Justice in April 2025.
- B2 Spanish language, history exam, and integration test are all required for Spanish citizenship.
Spain was, and to the extent any route remains available, remains a programme for lifestyle investors who genuinely want to live in the country — not for those seeking an efficient route to an EU passport.
The Alternative EU Landscape in 2026
If you were considering Spain for EU residency or a second passport, the most relevant current alternatives are:
Portugal (active, fund route from €500,000) Five-year residency, seven days minimum stay per year, path to one of the world's top passports at year five with A2 Portuguese. The fund route offers passive, professionally managed investment with no property management burden.
Greece (active, property from €400,000–€800,000) Five-year renewable residency with zero minimum stay requirement. Direct property ownership. Athens and the Greek islands offer strong long-term asset appreciation potential. Citizenship available after seven years with B1 Greek.
Malta (residency only since 2025) Malta's citizenship-by-investment route (the MEIN "exceptional investor naturalisation" programme) was struck down by the European Court of Justice on 29 April 2025 and is no longer available. Malta still operates a residency-by-investment programme (the Malta Permanent Residence Programme), which grants long-term EU residence — but not a direct route to a Maltese passport. It remains among the most regulated programmes in the EU.
We are happy to provide a comparative analysis of all active EU residency and citizenship programmes tailored to your specific circumstances — nationality, budget, family situation, and timeline goals.
Spain Remains a World-Class Destination
It is important to be clear: the abolition of the Golden Visa does not diminish Spain's appeal as a place to live, work, invest, and retire. Spain offers:
- One of the most powerful passports in the world (190 countries visa-free or visa-on-arrival, broadly equal with France and Germany)
- Exceptional quality of life, climate, healthcare, and education
- Dynamic property markets in Madrid, Málaga, Marbella, and the Balearics
- A growing technology and startup ecosystem in Madrid, Barcelona, and Valencia
- Strong long-term real estate fundamentals in prime locations
If Spain is your lifestyle destination, the pathway is clear — choose the right visa type for your circumstances and plan your residency accordingly. If your primary goal is an EU passport with minimum disruption to your existing life, Portugal or Greece are likely better starting points.
Compliance Caveat
The Spanish Golden Visa is closed to new applications as of 3 April 2025. The information in this guide about remaining routes reflects our understanding of Spanish immigration law as of June 2026, based on official government guidance and analysis by our Spanish legal partners. Income thresholds and eligibility criteria for alternative visa routes are subject to change. Nothing in this guide constitutes legal or immigration advice. We strongly recommend a formal consultation with a qualified Spanish immigration lawyer before taking any action. The value of property investments can fall as well as rise.
How Global Investments Handles This For You
Our role where Spain is concerned has shifted from Golden Visa adviser to strategic re-routing consultant. We help clients who were considering Spain — or who hold existing Spanish Golden Visa permits — understand their options clearly and without alarm.
For clients with existing Golden Visa permits, we connect them with our Spanish legal partners to obtain a definitive assessment of their renewal rights under the new legislative framework.
For clients who came to us with Spain in mind but have not yet invested, we conduct a structured comparison of the active EU programmes — Portugal, Greece, Malta, and others — and present the option that best fits their objectives. Our recommendation is always based on the client's specific goals: passport quality, investment type, lifestyle aspirations, tax position, and family circumstances.
We do not simply redirect clients to another programme for the sake of it. If a client's underlying goal was to live in Spain, the Non-Lucrative Visa or Digital Nomad Visa may be the right answer. If the goal was EU residency as optionality, Greece or Portugal will serve them better.
Contact our citizenship team for a no-obligation consultation. We will give you an honest assessment of your position and the best available path forward.
Frequently Asked Questions
Is Spain's Golden Visa still open for new applications?
No. Spain's Golden Visa was formally abolished by Organic Law 1/2025 on 3 April 2025. No new applications have been accepted since that date. If you applied before 3 April 2025 and received confirmation of receipt, your application continues to be processed under the rules that were in force at the time of submission.
I held a Spanish Golden Visa — does abolition affect me?
If you already hold a valid Spanish Golden Visa residence permit, you can continue to renew it under the terms that existed when it was granted — at least for the time being. The government has stated that existing holders' rights will be respected, but we recommend obtaining qualified Spanish legal advice to understand your specific renewal rights and long-term position.
Can I still buy property in Spain as a foreign national?
Absolutely. Buying real estate in Spain remains fully open to non-EU nationals. The abolition of the Golden Visa does not restrict foreign property ownership — it simply removes the residency entitlement that was previously attached to a €500,000+ purchase. Spain continues to be a highly attractive property market, particularly on the Costa del Sol, in Madrid, and in the Balearic Islands.
Which EU Golden Visa programmes are still open for property investors?
Greece remains the only major EU country that still accepts direct residential property purchase as a qualifying investment for residency. Portugal's fund-based route (€500,000 minimum) and cultural contribution route (€250,000 minimum) are also active. We can assess which programme best fits your objectives.
What Spanish residency options exist for wealthy investors in 2026?
Options include the Non-Lucrative Visa (sufficient financial means, no right to work), the Digital Nomad Visa (remote workers with non-Spanish employer, minimum approximately €2,849/month income), the Entrepreneur/Startup Visa for business founders creating jobs in Spain, and standard long-term residency routes for retirees. None of these are investment-visa routes in the traditional sense; they are lifestyle or activity-based visas.
This guide is for general information only and does not constitute legal, financial or immigration advice. Programme details, investment thresholds, and eligibility requirements change; always verify current requirements with a qualified immigration lawyer and financial adviser before making any investment or application. Investment values can fall as well as rise.