On April 3, 2025, Spain stopped accepting new Golden Visa applications. It wasn’t a temporary suspension or an announcement of intent: it was the entry into force of Organic Law 1/2025 of January 2, which repealed articles 63 to 67 of Law 14/2013 and definitively closed the residency-by-investment program that had been active since 2014. Buying a property for 500,000 euros no longer grants the right to reside in Spain.
If you have a current Golden Visa and you’re wondering what happens to it, whether you can renew, and what options you have from now on, this article explains it. If you’re looking for an alternative to settle in Spain without the Golden Visa, it covers that too.
Do you want a expert consultation? Contact us and we will help you.
What the Spanish Golden Visa Was and Why It Lasted Twelve Years
The program launched in 2013 under the Rajoy government, in the middle of the economic crisis, as part of the Entrepreneurs Support Law. The goal was to attract foreign capital to a country that had just exited a financial bailout and had a real estate market at historic lows. The mechanics were simple: a minimum investment of 500,000 euros in real estate (or 2 million in government debt, 1 million in shares of Spanish companies or in funds) in exchange for a residence permit for the investor and their family.
The response was striking. According to data from the Ministry of Housing, between 2014 and 2025, more than 14,500 investor visas were granted, with real estate investment that, just between 2018 and 2022, exceeded 4.8 billion euros. 85% of Golden Visas were concentrated in seven provinces: Barcelona (33%), Madrid (19%), Málaga (18%), Alicante (10%), Balearic Islands, Girona, and Valencia. The main beneficiaries were citizens of China, Russia, the United States, and the United Kingdom.
The pressure on rental and sale prices in those same cities was the central argument for its elimination. President Sánchez stated it in direct terms: Spain does not need the speculative housing investment model. The European Commission, which since 2022 had been urging Member States to eliminate citizenship and residency by investment programs, reinforced that position.
Timeline: From the Political Announcement to the Legal Repeal
The path from the announcement to the effective repeal was more tortuous than it seemed. In May 2024, the Sumar parliamentary group introduced the bill to eliminate the program. The amendment that finally got it through was discreetly added to the Bill on the Efficiency of the Public Justice Service. On December 15, 2024, the Congress of Deputies approved Organic Law 1/2025. On January 3, 2025, it was published in the BOE. And on April 3, 2025, three months after publication, it entered into force and the program was closed.
During those three transition months, applications that had already started could continue to be processed, provided the investment had been made and, in the case of real estate, the property had been registered in the Land Registry before that date. The purchase and registration process can take up to two months, so anyone who arrived late at the deadline was left out of the program for good.
What Happens in 2026 for Those Who Already Have a Golden Visa?
This is the most urgent question for current holders. The answer, confirmed by the Large Companies Unit (UGE-CE), is favorable: all visas and authorizations granted before April 3, 2025, remain valid until their expiration date and can be renewed under the regulations in force at the time of their original grant.
The transitional provision of Organic Law 1/2025 generates the following scenarios:
If you have a current Golden Visa, whether through real estate investment, government debt, shares, or funds, you can keep renewing it when it expires. The UGE-CE expressly clarified in 2025 that the renewal right is not limited to real estate investors, although the initial wording of the law created doubts on this point. All investment modalities have the right to renewal.
If you filed your application before April 3, 2025, and it’s being processed, the file continues forward under the regulations at the time of the application. The program was closed to new entrants, not to files in progress.
What has changed for current holders is the management context. Greater administrative scrutiny on renewals and fiscal complexity (especially for those applying the Beckham Law) make a documentation audit before each renewal more advisable than ever.
To understand the changes in the broader regulatory framework in which this closure is embedded, the guide on the 2025 Foreigners’ Regulation updates offers relevant context.
Alternatives for Investors: What Remains Open in Spain
Spain has not closed its doors to non-EU citizens with financial means. The logic has changed: from automatic residency through capital investment to residency tied to activity, own resources, or talent. The four most relevant routes for profiles that would previously have opted for the Golden Visa are the following.
Non-lucrative residency. This is the most direct alternative for retirees, rentiers, and people with sufficient assets or passive income who want to live in Spain without working here. It requires documenting own resources of approximately 400% of the monthly IPREM (around 2,400 euros per month in 2026 for a single person) and having private health insurance with full coverage in Spain. There is no minimum real estate investment, but working in the country is not allowed while holding this status. The typical processing time is two to three months. For the complete details, our guide on the non-lucrative visa in Spain covers all the requirements.
Digital Nomad Visa. Introduced in 2023 under the Startups Law, it has become the most popular alternative for remote professionals who work for companies or clients outside Spain. It requires documenting monthly income of at least 200% of the SMI (approximately 2,400 euros per month in 2026), private health insurance, and documented remote worker status. The initial validity is one year if processed through the consulate, or three years directly from Spain. It has a relevant tax advantage: compatibility with the Beckham Law, which allows taxation at a flat rate of 24% on the first 600,000 euros of income instead of through the progressive IRPF brackets. The complete guide is available in our article on the digital nomad visa in Spain.
Entrepreneur Visa. For those who want to create an innovative business project in Spain. There is no fixed minimum investment, but the business plan must be approved by ENISA (the National Innovation Company) or by the competent regional body, which certifies its innovative character and its economic or social impact for Spain. It’s the most demanding route in terms of prior evaluation, but the most appropriate for those who want to establish a real business here, not simply reside. Our guide on the entrepreneur visa in Spain details the complete process.
Non-lucrative residency with real estate investment. Buying property in Spain no longer grants the right to reside. But nothing prevents buying a property and at the same time applying for non-lucrative residency by documenting own financial means. Many former Golden Visa applicants are combining both: the property as an asset and the non-lucrative as the route of residency. It’s not the same (the requirements are different and there is no automatic link), but it’s a legally valid combination that the article on buying property in Spain covers in detail.
Comparison of Alternatives in 2026
| Visa / Authorization | Ideal profile | Main financial requirement | Can you work in Spain? | Initial duration |
|---|---|---|---|---|
| Non-lucrative residency. | Retirees, rentiers, people with assets. | ~€2,400/month documented + health insurance. | No. | 1 year (renewable). |
| Digital nomad visa. | Remote workers for foreign companies. | ~€2,400/month in remote income. | Only for employers or clients outside Spain. | 1 year (consulate) / 3 years (from Spain). |
| Entrepreneur visa. | Founders of innovative projects. | Business plan approved by ENISA + funds for the project. | Yes, in the project. | 1 year initial. |
| Highly qualified professional. | Managers and technicians hired by Spanish companies. | Job offer + documented degree. | Yes, for the hiring company. | 2 years (renewable). |
European Countries That Still Offer Residency by Investment
Spain is not the only country that has closed or restricted this type of program under pressure from the European Commission. Ireland eliminated its program in 2023. Portugal reformed its program deeply in 2023 and redirected it toward capital and fund investments (not real estate) with the D8 Visa. Malta continues with its citizenship by investment program, the most demanding and expensive in Europe (minimum 600,000 euros). Greece keeps its Golden Visa active with a real estate investment threshold that rose to 800,000 euros in high-demand areas (Athens, main islands) in 2024.
For those whose priority is residency in Spain, however, the landscape of alternatives available here is robust. The closure of the Golden Visa has not reduced the options for profiles with financial means: it has redirected them from passive investment in real estate toward routes that require real presence or professional activity tied to the country.
If you have a current Golden Visa and want to prepare the renewal with guarantees, or if you’re looking for the route best suited to your profile to establish your residency in Spain after the program’s closure, at ILLAY Legal we analyze each case individually. The transition from the old regime to the new one requires a careful reading of the fiscal and immigration situation of each person. Contact us and we’ll answer your questions with no commitment.
Frequently Asked Questions: Spain Golden Visa and Alternatives
Can I renew my Golden Visa if I already had it before April 2025?
Yes. Organic Law 1/2025 includes a transitional provision that protects Golden Visa holders prior to April 3, 2025. You can renew it when it expires, under the regulations in force at the time of your original grant. The Large Companies Unit expressly confirmed that this right applies to all investment modalities (real estate, government debt, shares, funds), not only real estate.
Does buying a property in Spain for more than 500,000 euros give me residency?
No. As of April 3, 2025, real estate investment does not grant any automatic right of residency in Spain. Buying property remains legal and possible for any foreigner, but residency has to be processed through an independent route: non-lucrative, digital nomad, entrepreneur, or other. There is no link between the value of the real estate investment and the right to reside.
Is the Beckham Law still compatible with the visas that replace the Golden Visa?
Yes. The special tax regime for posted workers (Beckham Law, article 93 of the LIRPF) is compatible with the digital nomad visa and with certain profiles of the entrepreneur visa and the highly qualified professional visa. It allows taxation at a flat rate of 24% on the first 600,000 euros of income instead of through the progressive IRPF brackets. It must be applied for within a maximum period of six months from the Social Security registration or arrival in Spain.
Which European countries still have an active real estate Golden Visa?
In 2026, Greece maintains the program with a threshold of 800,000 euros in high-demand areas such as Athens and the main islands. Malta has a citizenship by investment program (not just residency) with a minimum of 600,000 euros. Portugal redirected its Golden Visa in 2023 toward capital funds, eliminating the real estate route. Ireland eliminated it in 2023. Spain eliminated it in April 2025. The regulatory trend in the European Union is toward the reduction or elimination of these programs.
Can I apply for the Golden Visa if I had the purchase agreement signed before April 3, 2025, but the deed is signed later?
No. The requirement for the application to proceed under the previous regulations is that the investment be made and, in the case of real estate, that the property be registered in the Land Registry before April 3, 2025. A deposit agreement or a private purchase contract is not enough: prior registration is required. If the deed and registration took place after that date, the route is closed.
