Programme overview

Spain’s Golden Visa (Residencia para Inversores), established by Law 14/2013 and operated through the Unidad de Grandes Empresas, was abolished by Organic Law 1/2025. The closure was published in the Boletín Oficial del Estado on 3 January 2025 and entered into force three months later, on 3 April 2025. From that date, no new Golden Visa applications have been accepted. Applications submitted before 3 April 2025 continue to be processed under the old rules; existing permits may be renewed indefinitely subject to the original maintenance conditions (most notably, that the underlying investment is held and the holder enters Spain at least once per year).

The political driver was housing. The €500,000 real-estate route — by far the most-used pathway — was framed by the Sánchez government as a contributor to property-price pressure in Barcelona, Madrid, Málaga and the Balearic Islands. The closure was passed without a successor investment-residency programme. Spain is the first major Mediterranean state to exit the Golden Visa market entirely; it has not signalled any intent to re-introduce an investor route.

For new applicants in 2026, Spain is no longer a residency-by-investment jurisdiction. The available residency routes for non-EU nationals are the Digital Nomad Visa (income-tested, ~€2,850/month, requires remote employment), the Non-Lucrative Visa (passive-income tested, ~€2,400/month, no work permitted), and the Entrepreneur Visa (viable business plan, no fixed capital threshold). None of these is structured around capital investment. Investors who specifically need the Spanish jurisdiction now route through these alternative permits or, more often, through one of the remaining EU Golden Visa programmes (Greece, Portugal, Italy, Malta, Cyprus) and rely on Schengen mobility for time in Spain.

Investment routes (HISTORICAL)

Real estate — €500,000 (closed)

The dominant route, accounting for the majority of Spanish Golden Visa files between 2013 and 2025. €500,000 minimum acquisition in Spanish real estate, held debt-free, no minimum size requirement. Closed to new applicants 3 April 2025.

Government bonds — €2,000,000 (closed)

€2 million in Spanish public debt, held for the residency period. Always a niche route given the scale of capital required.

Bank deposit / shares / funds — €1,000,000 (closed)

€1 million in Spanish bank deposits, shares of Spanish companies, or Spanish investment funds. Used by buyers seeking liquidity without property exposure.

Business project (closed)

A project of general interest creating employment, with demonstrable socioeconomic impact, or scientific and technological innovation. Counsel-heavy and rarely chosen.

Tax architecture

Spain remains a desirable lifestyle jurisdiction but a high-tax one. The closure of the Golden Visa does not change the underlying tax landscape, which continues to apply to existing permit holders and to anyone establishing residency through the surviving permits.

The default position. Spanish tax residency triggers at 183 days of physical presence in a calendar year, or where Spain is the centre of economic interests. Worldwide income is taxed at progressive rates of 19–47% (state plus autonomous community surtax). Capital gains and savings income face a separate scale of 19–28%.

Beckham Law. The Special Regime for Inbound Workers (Régimen Especial para Trabajadores Desplazados, commonly the “Beckham Law”) offers a 24% flat tax on Spanish-source professional income up to €600,000 for six years, with foreign-source income largely exempt. Available to qualifying inbound workers (and, since 2023, certain self-employed and digital-nomad principals) — not to passive investors. Eligibility must be assessed file by file.

Wealth and inheritance. Spain levies a Patrimonio (wealth) tax that varies sharply by autonomous community: nil in Madrid and Andalusia, up to ~3.5% in Catalonia and the Balearics. The Solidarity Tax on Large Fortunes adds a state-level top-up where regional wealth tax is light. Inheritance tax is similarly community-dependent — near-zero in some, up to 34% effective in others.

Dual citizenship. Spain restricts dual citizenship for naturalised citizens to nationals of Ibero-American countries, Andorra, the Philippines, Equatorial Guinea and Portugal, plus Sephardic Jews. Most other non-EU nationals would have to renounce their original citizenship at naturalisation — a meaningful constraint independent of the Golden Visa closure.

What it gets you

The Spanish Golden Visa is no longer a route for new applicants. For reference, existing holders retain:

  • Schengen mobility. 90-in-180 day visa-free movement across the Schengen area on the residency card.
  • Renewal rights. Permits may be renewed for as long as the underlying investment is maintained and the holder enters Spain at least once per year.
  • Family inclusion. Spouse, dependent children, and dependent parents continue to be covered on the original file.
  • Naturalisation pathway. Spain requires 10 years of legal residence for naturalisation in the general case; 2 years for nationals of Ibero-American countries, Andorra, the Philippines, Equatorial Guinea, Portugal and for Sephardic Jews.

For new applicants seeking Spanish residency in 2026, the alternatives are:

  • Digital Nomad Visa. Remote workers earning ~€2,850/month minimum, employed by non-Spanish entities (with up to 20% Spanish-source income permitted). One-year initial permit from abroad, three-year residence permit if applied from within Spain, renewable to a five-year cumulative cap.
  • Non-Lucrative Visa. Passive-income holders demonstrating ~€2,400/month. No employment permitted. One-year initial, renewable in two-year increments.
  • Entrepreneur (Self-Employed) Visa. Viable business plan, no fixed capital threshold, ENISA business viability favourable opinion required. One-year initial, renewable.

Our role on a Spanish file

A Spanish file in 2026 is no longer a Golden Visa file. Our role is to triage the principal’s actual objective and route them to the right permit — Spanish or otherwise.

  1. Pre-engagement diagnostic — is the principal’s objective actually Spanish residency, or Schengen mobility with a Spanish lifestyle base? The answer changes the recommendation.
  2. Permit-fit assessment — Digital Nomad, Non-Lucrative, Entrepreneur, family-reunification, or an EU Golden Visa from a still-open jurisdiction with Spanish onward use.
  3. NIE (foreigner identification number) issuance, Spanish bank account opening, and tax-residency planning — particularly Beckham-Law eligibility where it applies.
  4. Permit application assembly — through a Spanish consulate from abroad or directly to the Oficina de Extranjería in Spain, depending on the permit class.
  5. Spanish residency card issuance and registration with the local town hall (empadronamiento) and Social Security where relevant.
  6. Annual renewal calendaring and naturalisation tracking — with explicit underwriting of the dual-citizenship constraint for non-Ibero-American principals.