Spain Golden Visa: Closed Since 3 April 2025, What Holders and Investors Can Do Now

No. The investor visa and investor residence authorisation created by Law 14/2013 were abolished by the twenty-first final provision of Ley Orgánica 1/2025, de 2 de enero, de medidas en materia de eficiencia del Servicio Público de Justicia. That provision states that articles 63, 64, 65, 66 and 67 of Law 14/2013 are “left without content”^[1]. The law was published in BOE no. 3 on 3 January 2025. Under its final provision 38, it entered into force three months after publication, on 3 April 2025^[1].

Abolition covered every investment route, not only real estate. That includes the €2 million public-debt route, the €1 million share, fund and bank-deposit routes, the €500,000 property route and the business-project route^[2][4]. The Housing Ministry presented the change as a housing-access measure. Its 2 April 2025 press note frames it as removing residence permits linked to property purchases above €500,000 in markets with high price pressure^[3].

The legal vehicle is unusual. A justice-efficiency reform carried the golden visa repeal as an amendment. The Senate, where the Partido Popular holds a majority, vetoed the bill in December 2024. Congress then lifted the veto by 177 votes to 170^[10]. Any agent still marketing a “Spanish golden visa” in 2026 is either selling a different permit under an old label or misinforming you.

The official reason was housing. According to Ministry data reported at the time, about 15,450 golden visas were granted between 2013 and 2023, and roughly 95% (14,576) came through property purchases. Including family members, 33,237 people benefited^[11]. Demand peaked just before the end, at 2,017 visas in 2022 and 3,273 in 2023. About 90% of permits were concentrated in Madrid, Barcelona, Málaga, Alicante, Valencia and the Balearic Islands^[11].

Critics, including several real estate associations, pointed out that golden visa purchases were a tiny fraction of Spanish home sales. The government argued that they added pressure in exactly the tight markets where locals struggle to buy. Sánchez also cited security risks when he launched the reform^[10]. The move followed Ireland's closure of its investor program in 2023 (see our page on the closed Irish investor visa) and Portugal's removal of its property route the same year^[3].

Organic Law 1/2025 inserted two transitional provisions into Law 14/2013^[1]:

• Pending applications (new transitional provision 1): investors and their family members who filed before the law took effect can receive the visa or authorisation under the rules in force on the date they applied. Filing a complete application before 3 April 2025 was the cut-off.
• Permits in force (new transitional provision 2): investor visas and authorisations valid on 3 April 2025 keep their validity for the period for which they were issued. Renewal applications are processed and decided under the rules in force on the date the initial authorisation was granted.

Read together, the provisions mean nobody lost residence because of the repeal, and existing investors can keep renewing as long as they meet the original conditions^[4][9]. The heading of transitional provision 2 mentions “investors by acquisition of real estate”, but its text refers to investor visas and authorisations in general. Spain's national entrepreneurship office describes it as applying to current authorisations without distinguishing between routes^[4].

One practical limit applies. Family members can generally be added only under the old investor rules if they are part of an application or renewal filed under that regime. If you are planning a new marriage or a child's later move to Spain, check with a lawyer whether family reunification under the general immigration law is the safer route. That point is not spelled out in the transitional text.

Because renewals follow the rules in force at the initial grant, the pre-2025 framework still governs every renewal in 2026. Under the historic text of Law 14/2013, an investor seeking an authorisation or renewal had to meet the following conditions^[2]:

• Keep the qualifying investment. For property, provide a land-registry certificate (certificado de dominio y cargas) dated within 90 days showing ownership of at least €500,000. For shares, funds, deposits or debt, provide a certificate dated within 30 days showing the investment was maintained. Falls in value caused purely by market fluctuations do not breach the rule.
• Meet the general requirements of article 62: be over 18, have no criminal record in Spain or in countries of residence in the previous two years (plus a sworn declaration covering five years), hold public or private health insurance with an insurer authorised in Spain, and have sufficient means for yourself and your family.
• Be up to date with Spanish tax and social-security obligations. This matters for owners who rent out the property or pay non-resident income tax on it.

Renewals are filed electronically with the Unidad de Grandes Empresas y Colectivos Estratégicos (UGE-CE) and granted for five years at a time (former article 67.2)^[2]. Filing a renewal extends the current permit until a decision is made, and so does a late filing within 90 days after expiry, although a fine may follow (article 76.3)^[2]. Article 76.1 sets a 20-day deadline, with positive administrative silence, for the authorisations the UGE-CE processes. The law does not set a separate deadline for renewals, so do not count on a 20-day answer^[2]. Advisers report that the UGE expects holders to have entered Spain at least once in each permit period, and that it checks entries more closely now that the EU Entry/Exit System is running. Some describe this as a once-a-year visit^[19]. That detail is not in the transitional text, so treat it as administrative practice rather than statute.

You may sell the property and buy another, but you must hold at least €500,000 of qualifying property at all times. Letting the investment drop below the threshold before a renewal is the most common way existing holders lose the permit^[2][19].

A typical renewal for an investor and family under the transitional regime^[1][2]:

A golden visa was a temporary residence status. It never converted automatically into permanent status. The route is Spain's EU-style long-term residence (residencia de larga duración). It requires five years of continuous legal residence. Under the immigration regulation, absences of up to six consecutive months do not break continuity, provided they total no more than ten months over the five years^[7]. Many golden visa holders never actually lived in Spain, so their years as permit holders do not count towards this test.

Once granted, long-term residence no longer depends on keeping the €500,000 investment. That is why holders who have genuinely relocated often switch to it at the five-year mark. Spanish nationality by residence is a separate, much longer process. It is covered in our guide to Spanish nationality by residence, and this page does not go into it.

Spain no longer offers residence in exchange for a set investment. Four Spanish permits still give non-EU nationals a realistic way to move, each based on income or activity rather than capital^[4][5][6]:

Non-lucrative residence visa

This is the classic choice for retirees and financially independent families. You must show passive means of 400% of IPREM, which is €2,400 a month or €28,800 a year for the main applicant in 2026. Add 100% of IPREM (€7,200 a year) for each dependant. The US consulate quotes this as USD 32,000 plus USD 8,000 per dependant^[5]. You also need comprehensive private health insurance with no co-payments and a clean criminal record. Work of any kind is prohibited, including remote work for foreign clients. The first authorisation lasts one year. Under the regulation in force since 20 May 2025, each renewal lasts two years (unless you qualify for long-term residence), and you must have actually lived in Spain for more than 183 days in the calendar year^[5][7]. Buying a home in Spain is allowed and helps, but property does not count as income.

Digital nomad (international telework) visa

This visa is for employees or freelancers working remotely for companies based outside Spain. The company must have been active for at least a year, and you need at least three months' prior relationship with it. You also need a degree or three years' experience. Freelancers may take up to 20% of their work from Spanish clients^[2][6]. Income must reach 200% of the minimum wage (SMI), plus 75% for the first family member and 25% for each additional one^[6]. The 2026 SMI is €1,221 a month in 14 payments^[20]. Many advisers convert this to about €2,849 a month, prorating the 14 payments over 12 months. Some consulates simply quote 200% of the 14-payment figure, which is €2,442. Ask the consulate you will apply through which method it uses; the official consulate pages quote only the percentage^[6]. The visa lasts up to one year. An authorisation applied for in Spain lasts up to three years^[6].

Entrepreneur residence

Article 69 of Law 14/2013 grants a three-year permit to people setting up an innovative business, or one of special economic interest, with a favourable report from ENISA. Renewals run for two years, and permanent residence is possible after five^[2]. There is no fixed investment minimum. ENISA assesses the business plan, the founder's profile and the funding.

Highly qualified professional

Under article 71, a Spanish employer can sponsor a graduate or a specialist with at least three years' comparable experience. The permit runs for up to three years, with two-year renewals^[2]. This route is for people taking a real job in Spain, not for passive investors.

Without a golden visa, tax residence is the real question. You become Spanish tax resident by spending more than 183 days in Spain in a calendar year, or if your centre of economic interests is in Spain. Residents pay income tax on worldwide income at progressive rates of up to 47% in most regions^[12]. Spanish residents are also subject to wealth tax above a €700,000 allowance (plus €300,000 for the main home), at 0.2%–3.5% depending on the region. On top of that, the solidarity tax on large fortunes applies to net assets above €3 million at 1.7%–3.5%, with wealth tax paid credited against it^[12].

Newcomers can opt into the special regime of article 93 of the Personal Income Tax Act, often called the “Beckham law”. It applies for the year of arrival and the five following years, to people who were not resident in the previous five years and who move for an employment contract, including employees working remotely; the law names employees holding the telework visa expressly. Company directors, ENISA-approved entrepreneurs and certain highly qualified start-up professionals also qualify^[8]. Under the regime, the general tax base up to €600,000 is taxed at a flat 24% (47% above that), and most foreign-source investment income is excluded^[8]. Holders of a non-lucrative visa cannot use it because they have no qualifying work activity^[8].

Holders who remained non-resident pay non-resident income tax on their Spanish property: 19% for EU/EEA residents and 24% for others^[12]. They also pay local property tax (IBI).

If you specifically want residence through investment in Southern Europe, the live options are below. All of them changed in 2023–2026, so check each program page before committing.

• Portugal: property no longer qualifies. The main route is €500,000 in qualifying Portuguese investment funds, with a €250,000 cultural donation as the low-cost option. You must spend 7 days in Portugal in year 1 and 14 days in each later two-year period. Government fees are high, at roughly €840 per application plus about €8,400 per permit issued, per person^[17]. See the full breakdown on our Portuguese investor residence page, and the separate Azores low-density route.
• Greece: still property-based. The thresholds are €800,000 in Attica, Thessaloniki, Mykonos, Santorini and large islands, €400,000 elsewhere, and €250,000 for commercial-to-residential conversions or listed buildings. The higher tiers require a single property of at least 120 m², and short-term rentals are banned^[15][16]. There is no minimum stay, and the permit lasts five years. The renewal e-fee for the main applicant is €2,000^[15]. Compare it on our Greek residence-by-investment guide.
• Malta (MPRP): gives permanent residence from day one. You buy a property for at least €375,000 or lease one for at least €14,000 a year, and pay a €60,000 administrative fee, a €37,000 contribution and a €2,000 NGO donation. You must also show €500,000 of capital (with €150,000 in financial assets) or €650,000 (with €75,000 in financial assets)^[13]. Details are on our Malta permanent residence programme page.
• Italy: the investor visa is a two-year visa for €250,000 in an innovative start-up, €500,000 in an Italian company, €1 million in philanthropy or €2 million in government bonds^[14]. See the Italian investor visa overview.
• Hungary: the Guest Investor Program gives a 10-year permit for €250,000 in an approved real-estate fund (five-year hold) or a €1 million donation^[18]. Political risk after the April 2026 election is real: the new government has not stated a position on the program and stopped new guest-worker permits in June 2026, though the guest investor route remained open at the time of writing^[18]. Read our Hungarian guest investor residence page first.

Two further options are worth a look. Cyprus permanent residence requires €300,000 plus proof of foreign income. For a side-by-side view of every live program, see our comparison of European investor residence programs. For the budget end of the market, see the guide to low-cost investor visas. Spain's story is part of a wider trend tracked in our overview of investor visa schemes that have shut, and you can browse all live programs from the golden visa hub.

Spain still makes sense if you intend to live there. Retirees with pensions or investment income fit the non-lucrative visa. Remote professionals fit the digital nomad visa and can use the Beckham regime. Founders with a fundable plan fit the ENISA entrepreneur route. For these profiles the closure barely matters, because the investor visa was never the efficient route for someone moving full-time.

Look elsewhere if what you wanted was a Schengen residence permit with minimal stay, kept in reserve as a “plan B”. Greece is the closest match to the old Spanish property route. Malta is better if you want permanent status immediately. Portugal suits investors happy with a fund rather than bricks and mortar. If an agent offers a “Spanish golden visa” today, ask which statute it relies on.