Spanish Golden Visa: what changed in 2025 and the residency alternatives for property buyers

What the Spanish Golden Visa was

Introduced by Law 14/2013 to attract foreign investment after the 2012 property crash, the Golden Visa granted a renewable residence permit to non-EU nationals making a qualifying investment in Spain. The property route required a minimum of €500,000 in Spanish real estate, unencumbered by mortgage up to that amount. The visa allowed the holder — and immediate family — to live, work and travel in the Schengen area without needing to spend a minimum number of days in Spain each year.

Why Spain closed the property route (April 2025)

Real Decreto-ley 1/2025, approved in November 2024 and effective 3 April 2025, ended the residency-by-property-investment route. The government cited concerns that the scheme concentrated foreign capital in already stretched urban housing markets (Madrid, Barcelona, Málaga, Palma, Valencia) without producing meaningful investment in productive economic activity. Other Golden Visa investment routes — €2M in Spanish public debt, €1M in shares of Spanish companies, or €1M in Spanish investment funds — were also closed for new applications.

What happens to existing Golden Visa holders

Residence permits issued before 3 April 2025 remain valid. Holders can renew under the previous rules provided they continue to meet the investment and other conditions (clean criminal record, private health insurance, sufficient funds). Family members already included stay included. Applications that were fully submitted before the cut-off date are processed under the old regime.

Residency alternatives for non-EU property buyers

Buying property in Spain does not, by itself, grant any right of residence for non-EU nationals. Buyers who want to live in Spain now typically choose one of these routes:

• •Non-Lucrative Visa (Visado No Lucrativo): for passive income earners with no work activity in Spain. Requires proof of income around 400% of IPREM (~€2,400/month in 2026) plus 100% per family member, private health insurance and a clean criminal record. Requires physical residence of at least 183 days/year, which triggers Spanish tax residency.
• •Digital Nomad Visa (Visado para Teletrabajadores): for non-EU remote workers or freelancers earning from clients or an employer outside Spain. Income threshold around 200% of SMI (~€2,700/month). Offers access to the special expat tax regime (24% flat rate on Spanish-source income up to €600,000) similar to the Beckham Law for a limited period.
• •Entrepreneur Visa (Ley 14/2013 innovation route): for founders launching a project of general interest to Spain, evaluated by ENISA. Not property-based.
• •Work visa (Cuenta ajena) with a Spanish employer, or the standard investor route into a Spanish operating business.
• •Portugal, Greece, Italy and Cyprus still operate residency-by-investment schemes with different property thresholds and rules — some Spain-focused buyers now split residence and property strategy across two countries.

Fiscal residency: the trap buyers miss

The Golden Visa was popular precisely because it did NOT require living in Spain and therefore did not trigger Spanish worldwide tax residency. The Non-Lucrative Visa and Digital Nomad Visa both require enough physical presence that the holder becomes tax-resident in Spain, exposing worldwide income to Spanish IRPF (progressive up to ~47%) and worldwide assets to the wealth tax (Impuesto sobre el Patrimonio) and the new temporary Solidarity Tax on Large Fortunes above €3M. High-net-worth buyers should model this with a qualified Spanish tax adviser before switching from Golden Visa thinking to a residence-based route.

Buying property in Spain as a non-resident (no visa)

There is no residency requirement to buy property in Spain. Non-EU nationals can buy freely with a NIE (Número de Identificación de Extranjero), a Spanish bank account and standard purchase funds. Ownership grants a Schengen tourist stay of up to 90 days in any 180-day period — the same as any other visitor. If you want to spend more time on your Spanish property, you need a visa; the property purchase itself does not qualify you for one.

What this means for the Spanish property market

The ~€500,000+ international buyer segment that used the Golden Visa was concentrated on Costa del Sol (Marbella, Estepona), the Balearics (Palma, Ibiza) and prime Madrid and Barcelona. Preliminary market data for 2025-2026 suggests demand from that segment has softened, but has not collapsed — most buyers in the segment are lifestyle-driven, not residency-driven, and continue to buy without a visa. Buyers who genuinely needed EU residency have largely shifted to Portugal (still active), Greece, or Malta.

How BuyAPropertyInSpain helps

We are independent buyer-side researchers, not immigration lawyers. We help international buyers understand the property side — area fit, real prices, taxes, mortgages and legal status. For a residence application, we always recommend consulting a Spanish immigration lawyer registered with the Ilustre Colegio de Abogados in the relevant province. The Non-Lucrative and Digital Nomad routes involve consular procedures that are highly document-sensitive.