Spain Ends the Golden Visa: What Investors Need to Know

On April 3, 2025, Spain officially closed its Golden Visa program to new applicants. The property-based investment route, which had granted residency to more than 15,000 non-EU nationals since its launch in 2014, is no longer accepting new applications. This marks one of the biggest shifts in Southern European immigration policy in recent years.

Introduced under Spain's Ley 14/2013 (the Entrepreneurs' Act), the Golden Visa allowed non-EU citizens to obtain a residence permit in exchange for a qualifying investment. The most popular route was real estate investment of at least €500,000, though other options existed including business investment, government bonds, and bank deposits.

Over its 12-year lifespan, the program attracted billions in foreign capital, primarily from Chinese, Russian, and Middle Eastern investors. Major cities like Barcelona, Madrid, and Marbella saw significant foreign property demand driven by the program.

The Spanish government cited housing affordability as the primary reason. In cities where Golden Visa investment concentrated, property prices had risen sharply, making homeownership increasingly difficult for Spanish residents. The closure was part of Organic Law 1/2025, passed in early 2025, and reflects a broader European trend of tightening investor visa programs.

Key detail: Buying property in Spain is still perfectly legal for non-residents. The change is that purchasing property no longer automatically grants a residence permit.

If you already hold a Spanish Golden Visa or submitted your application before April 3, 2025:

• Applications submitted before the deadline will be processed as normal under the old rules
• Current holders can renew their permits as long as they continue to meet the original investment conditions
• Permanent residency and citizenship pathways remain unchanged for existing holders

Spain still offers several strong residency pathways for non-EU nationals:

• Digital Nomad Visa: For remote workers earning at least 200% of the SMI (approximately €2,763/month in 2025). One of the fastest processing times in Europe.
• Non-Lucrative Visa: For those who can support themselves without working in Spain, requiring 400% of the IPREM in annual passive income.
• Entrepreneur Visa: For founders bringing innovative business ideas to the Spanish market, with a streamlined 20-business-day assessment process.
• Family Reunification: If you have family members who are already legal residents in Spain.

For investors specifically looking at residency-by-investment programs in Southern Europe, Greece and Portugal still offer Golden Visa programs (with updated terms). Our team can help you evaluate the best option for your specific situation.