Spain Golden Visa Ended 2025: What Are the Alternatives?

Spain Golden Visa Ended 2025: What Are the Alternatives?

Spain's real estate-based Golden Visa program officially ended on April 3, 2025, when Law 1/2025 (Organic Law on efficiency of the public justice service) took effect, eliminating the real estate investment pathway for residence permits. The golden visa had been introduced by Law 14/2013 (Ley de Emprendedores) and allowed non-EU nationals to obtain Spanish residence by investing at least €500,000 in real estate. Here is what happened, what it means for existing holders, and what alternatives remain.

What Exactly Changed

The Spanish government, under Prime Minister Pedro Sánchez, announced in April 2024 its intention to end the real estate Golden Visa, citing its impact on housing affordability, particularly in Madrid, Barcelona, and coastal areas. The legislative change was enacted through an amendment to the Ley de Emprendedores that removed real estate investment as a qualifying category for the investor residence permit.

The change specifically eliminated real estate investment as a residence pathway. Other investment categories under the same law remain active, including investment in Spanish public debt (€2 million minimum), shares or deposits in Spanish financial institutions (€1 million minimum), and business projects deemed of general interest.

Existing Golden Visa Holders

Holders of existing Golden Visa residence permits based on real estate investment retain their permits and can renew them as long as the investment is maintained. The law change applies to new applications, not existing permits. The Unidad de Grandes Empresas y Colectivos Estratégicos (UGE-CE) continues to process renewals for existing holders.

However, the long-term security of this grandfathering provision is subject to potential future legislative changes. Existing holders should maintain their investment and ensure timely renewals.

Alternative 1: The Non-Lucrative Visa (Visado de Residencia No Lucrativa)

The non-lucrative visa is Spain's primary pathway for non-EU nationals who want to live in Spain without working. It does not require property investment, though many applicants buy property alongside the visa application.

Requirements: Proof of sufficient financial means to support yourself without working in Spain (typically demonstrated by savings, pensions, or passive income of at least €2,400/month for the main applicant, plus approximately €600/month per dependent). Private health insurance with full coverage in Spain. Clean criminal record. No prohibition on working in Spain (the visa explicitly prohibits employment; income must be passive).

Duration: One year initially, renewable for two-year periods. After five years of continuous legal residence, you can apply for permanent residence.

Key Limitation: You cannot work in Spain as an employee. You can manage your own investments, but active employment is prohibited. This makes the visa suitable for retirees, people living off investment income, or those with income sources outside Spain.

Presence requirement: This is the sharpest difference from the Golden Visa it replaces. The non-lucrative visa expects you to actually live in Spain, and spending 183 days or more a year in the country makes you a Spanish tax resident on worldwide income. The Golden Visa carried no minimum stay at all. The qualifying income must also originate outside Spain. After ten years of legal residence, non-lucrative visa holders can apply for Spanish citizenship.

The non-lucrative visa is governed by Royal Decree 557/2011 (Regulations of the Immigration Law) and applications are processed by Spanish consulates in the applicant's country of residence.

Alternative 2: The Digital Nomad Visa (Visado para Teletrabajo Internacional)

Introduced by Law 28/2022 (Ley de Startups), Spain's digital nomad visa allows non-EU nationals to live in Spain while working remotely for employers or clients outside Spain.

Requirements: Employment with or provision of services to a company outside Spain (your employer or clients must be non-Spanish entities, or less than 20% of your income can come from Spanish companies). At least one year of professional relationship with the employer or three months of client relationships for freelancers. Minimum income: the guidelines indicate at least 200% of Spain's minimum wage (approximately €2,500-€3,000/month in 2025-2026 terms). Professional qualifications or demonstrated expertise. Private health insurance.

Duration: Initial visa for one year, then residence permit for up to three years, renewable for two more years. After five years, permanent residence eligibility.

Tax Advantage: Digital nomad visa holders can opt for the special tax regime (similar to the Beckham Law) under Article 93 of Law 35/2006 (IRPF), taxing Spanish-source income at a flat 24% rate (up to €600,000) rather than progressive rates. Foreign-source income may be exempt from Spanish tax depending on double tax treaty provisions.

Relevance to Property Buyers: The digital nomad visa does not require property investment, but nothing prevents holders from buying property in Spain. It is becoming the most popular visa for remote workers who want to live in Spain and may purchase property as part of establishing their life there.

Alternative 3: The Entrepreneur Visa (Visado de Emprendedores)

Also under Law 14/2013 (the same law that originally contained the Golden Visa), the entrepreneur visa allows non-EU nationals to establish a business in Spain.

Requirements: A viable business plan that will be developed in Spain, with innovative character or special economic interest. The plan is evaluated by the ENISA (Empresa Nacional de Innovación) or UGE-CE for its viability, innovation, and potential to create employment. Sufficient financial means to support yourself and the business. Clean criminal record.

Duration: One year initially, renewable as a residence permit for two years at a time.

Practical Reality: The entrepreneur visa is more subjective than the former Golden Visa because it depends on the evaluation of your business plan. Pure real estate investment (buying and renting properties) is generally not considered innovative enough for this visa category. A property-related business such as a property technology startup, a hospitality business, or a real estate service company might qualify if it demonstrates innovation and job creation potential.

Alternative 4: The Intra-Company Transfer Visa

For executives and specialized professionals being transferred by a multinational company to its Spanish subsidiary or branch, the ICT (Intra-Corporate Transfer) directive, implemented through Law 14/2013, provides a residence pathway.

Relevance: This is primarily for corporate employees, not independent property investors. However, for those who structure their investments through international companies, an ICT arrangement could provide legal residence if the company establishes genuine Spanish operations.

Alternative 5: Financial Investment (Non-Real Estate)

The investment residence permit under Law 14/2013 survives for non-real estate investments. The qualifying categories are: €2 million in Spanish government bonds, €1 million in shares of Spanish companies or investment funds registered with the CNMV, or €1 million in bank deposits at Spanish financial institutions.

These thresholds are significantly higher than the former €500,000 real estate requirement, but they provide the same residence permit with the same rights. The financial investment route is processed through UGE-CE and generally takes 20 business days for initial decisions.

Alternative 6: EU Long-Term Resident Permits from Other Countries

Some investors are obtaining Golden Visas or investment residence in other EU countries (Greece, Portugal's fund-based program, Malta, Latvia) and then using EU long-term resident status to move to Spain after five years. Under EU Directive 2003/109, a long-term resident in one EU member state can apply for residence in another member state.

Two of those programmes have concrete thresholds worth setting against Spain's surviving financial investment route. Portugal's fund-based Golden Visa requires EUR 500,000 in a qualifying investment fund. Italy's Investor Visa requires EUR 250,000 in an Italian startup or EUR 500,000 in an established Italian company. Malta's Permanent Residence Programme combines a property purchase or qualifying rental with a government contribution.

This is a slow pathway (five years minimum in the first country) but remains available for those who want eventual Spanish residence through the EU framework.

Two Further Routes: Skilled Employment and Study

Highly qualified professional (alta cualificacion): If you hold a job offer from a Spanish employer in a qualified profession, you can apply under the highly qualified professional category rather than a passive-income visa. The salary floor is EUR 33,908 a year for general highly qualified roles, dropping to EUR 27,126 for shortage occupations and for workers under 30.

Student to work permit: Enrolment in a Spanish university or a qualifying educational programme grants a student visa, which converts to a work permit once the graduate secures employment. Time on a student visa counts partially toward the five-year permanent residence requirement, making it a slower route but a real one for younger applicants who cannot meet the passive income tests.

What This Means for Property Buyers

The end of Spain's Golden Visa does not affect property ownership rights. Foreigners can still buy property in Spain with full ownership rights, regardless of visa status. What changed is only the link between property investment and residence permits.

Non-resident ownership carries its own compliance load. Non-resident owners appoint a fiscal representative in Spain, file annual non-resident income tax returns on Modelo 210, and pay IBI, the municipal property tax, along with any community fees. These obligations apply whether or not the property is rented, and they are the practical cost of holding Spanish property without holding Spanish residence.

If you want to both own property in Spain and live there, you now need to qualify for residence independently of your property purchase. The non-lucrative visa (for those with passive income), the digital nomad visa (for remote workers), and the entrepreneur visa (for those starting Spanish businesses) are the main pathways.

For current information on property buying processes and market data in Spain, Bektu provides transparent resources for foreign buyers navigating the post-Golden Visa market.

Bottom Line

Spain's Golden Visa is gone, but multiple alternatives exist for non-EU nationals who want to live and own property in Spain. The non-lucrative visa is the closest equivalent for retirees and passive income earners. The digital nomad visa is the strongest option for remote workers. Financial investment remains available at higher thresholds. The property market itself is unaffected; ownership rights for foreigners remain fully intact regardless of residency status.