Türkçe
Spain's investor Golden Visa is closed to new applicants. Organic Law 1/2025 emptied Articles 63 to 67 of Law 14/2013, the legal basis for the investor residence permit, with effect from 3 April 2025. Buying property, government bonds, company shares, or making a qualifying bank deposit no longer grants Spanish residency on its own.
Investors who already held a Golden Visa, or who submitted an application before that date, are treated differently under transitional rules. This page explains both positions, and sets out the residence routes that remain open in Spain today.
What Was the Spain Golden Visa, and Why Was It Closed?
The Spain Residency by Investment Program, commonly known as the Spanish Golden Visa, ran from September 2013 to April 2025 under Law 14/2013 of Support for Entrepreneurs and Their Internationalization. It allowed non-EU nationals to obtain a Spanish residence permit through one of several investment routes, most commonly the purchase of at least EUR 500,000 in Spanish real estate.
The Spanish government closed the program through Organic Law 1/2025, published in the Official State Gazette (BOE) on 3 January 2025 and taking effect three months later, on 3 April 2025. The stated rationale centred on housing affordability, and reflected the government's broader housing-policy measures amid political concern over the use of residential property as a basis for investor residence. The reform followed Ireland's closure of its Immigrant Investor Programme and Portugal's earlier removal of the real estate route from its own Golden Visa, though Portugal's program continues to operate through fund, job-creation, and cultural-contribution routes, and reflected broader EU-level scrutiny of investment migration schemes generally.
What the Former Investment Routes Required
For reference, and for clients assessing their position under transitional rules, the investment routes that were available before 3 April 2025 were:
- A minimum real estate investment of EUR 500,000, with at least that amount free of mortgage or other encumbrances (the portion of the price above EUR 500,000 could be financed).
- Investment of EUR 2 million in Spanish government bonds.
- An investment of EUR 1 million in shares of Spanish companies, or in Spanish investment funds, closed-end investment funds, or venture capital funds.
- A deposit of EUR 1 million in a Spanish bank.
- A business project certified as being of general interest to Spain, based on job creation, significant socioeconomic impact, or a relevant contribution to scientific or technological innovation.
The investor residence permit was valid for an initial period, renewable in five-year periods for as long as the qualifying investment was maintained; it was not a fixed five-year hold followed by automatic permanent residency. Applicants were also required to demonstrate financial stability sufficient to support themselves and their families. None of these routes remain open to new applicants.
If You Already Hold a Spain Golden Visa
Investors who obtained their Golden Visa before 3 April 2025 are not automatically affected by the closure. Permits already granted generally remain valid for their original term, and renewals continue to be processed under the rules that applied when the permit was first issued, provided the underlying investment and standard immigration conditions are still met. The residence and work rights attached to the original authorisation generally continue to apply for as long as the permit remains valid and is properly renewed.
Renewal is not automatic. The transitional provisions preserve existing permits and set out a specific renewal framework, but any proposed change to the qualifying investment or family composition attached to an existing Golden Visa should be reviewed against those provisions before it is implemented. Applicants who submitted their application before 3 April 2025 are generally processed under the rules in force at the time of submission, even if the decision is issued after that date.
Renewing a Golden Visa is not the same as satisfying Spain's separate requirements for long-term residence or citizenship. Long-term residence and naturalisation depend on actual legal residence and, for citizenship, on the specific residence periods set out below, not simply on holding and renewing an investor permit.
Holding a Golden Visa and Unsure About Renewal?
Our legal team can review your permit, your investment, and the applicable transitional rules before your next renewal is due.
Get in Touch Call Us: +90 532 132 92 33How We Assist Existing Spain Golden Visa Holders
For clients who already hold a Golden Visa, our work typically covers renewal eligibility and timing, continuity of the qualifying investment, the effect of family changes on an existing permit, and, where appropriate, a review of whether switching to a different Spanish residence status better fits the client's circumstances going forward. We also coordinate with tax advisers where a client's Spanish tax position needs to be reassessed alongside their immigration status.
Residence Routes That Remain Open in Spain
Organic Law 1/2025 repealed the investor-specific provisions only. Spain's other residence routes were not affected, and several are commonly used by the same profile of applicant who previously considered the Golden Visa.
| Route | Who it suits | Key requirement |
|---|---|---|
| Non-Lucrative Visa | Retirees and financially self-sufficient applicants who can live in Spain without undertaking work | Income, savings, or other means equivalent to EUR 2,400 per month for the main applicant in 2026, plus EUR 600 per month for each dependent |
| Digital Nomad Visa | Remote employees (must work exclusively for a non-Spanish employer) or self-employed professionals (may serve Spanish clients up to a statutory limit) | Monthly income of roughly 200% of Spain's minimum wage (approximately EUR 2,850 in 2026); self-employed applicants must keep Spanish-client activity at or below 20% of their total professional activity |
| Entrepreneur Visa | Founders launching an innovative business project in Spain | A business plan showing that the project is innovative and of particular economic interest to Spain, assessed by the relevant Spanish authority |
| EU Blue Card | Highly qualified professionals with a qualifying job offer in Spain | A university degree or equivalent experience, and a work contract meeting the applicable salary threshold |
Each of these routes has its own income, activity, and documentation requirements, and none replicates the Golden Visa's investment-only structure. Choosing the right route depends on whether the applicant intends to work in Spain, work remotely for a foreign employer, live without working on savings or other financial means, or launch a business, since these categories are not interchangeable under Spanish immigration law.
Citizenship After Ten Years
Spain's path to citizenship through residence was not affected by the Golden Visa closure. Under Article 22 of the Spanish Civil Code, ordinary naturalisation generally requires ten years of legal, continuous residence immediately preceding the application, together with good civic conduct and a sufficient degree of integration into Spanish society, which in practice is assessed partly through language and constitutional and sociocultural knowledge requirements, subject to statutory exemptions. Nationals of certain countries with historical ties to Spain, including most Latin American countries, Andorra, the Philippines, Equatorial Guinea, Portugal, and Sephardic communities satisfying the applicable legal conditions, benefit from a reduced two-year residence requirement.
Tax Treatment for Spanish Residents
Spain is not a tax haven. Spanish tax residence commonly arises where an individual spends more than 183 days in Spain during a calendar year, although Spain's centre-of-economic-interests test and certain statutory family presumptions can also bring someone into tax residence. Spanish tax residents are taxed on their worldwide income. Spain does offer certain incentives to attract foreign investment and, for some new residents meeting specific conditions, preferential tax regimes such as the special expatriate regime commonly known as the Beckham Law. Eligibility for that regime is independent of Golden Visa status and depends on the person's own relocation and employment or professional circumstances. Whether these regimes apply, and to what extent Spanish tax exposure can be reduced, depends on individual circumstances and requires dedicated tax planning rather than a general assumption of low taxation.
Frequently Asked Questions
Assessing Your Options for Spain?
Whether you hold an existing Golden Visa or are exploring a current route, our team can walk you through what applies to your situation.
Speak With Our Legal Team +90 532 132 92 33
This page is provided for general informational purposes only and does not constitute legal advice. Rules governing the transitional treatment of existing Golden Visa holders continue to develop through Spanish administrative and case law. For advice specific to your circumstances, please contact our legal team directly.