Spain Golden Visa: Closed April 2025. What Remains for Non-EU Nationals.

Spain’s Golden Visa is closed. Law 1/2025, published on 3 April 2025, formally terminated the Investor Visa program that had been operating since 2013. No new applications are accepted under any of the investment routes: not property, not capital investment in shares or funds, not government bonds, and not bank deposits. The decision was politically driven, with the Spanish government explicitly citing housing affordability and investment inequality as the motivation for closure.

Existing permit holders whose applications were approved before the closure retain their residency rights. Those permits remain valid and renewable on their original terms. But the program, as a live option for new applicants, does not exist.

Programs at a Glance

The Golden Visa row is historical. The Non-Lucrative Visa is the active residency option for non-EU nationals who do not qualify for EU freedom of movement.

What the Golden Visa Was

Spain’s Golden Visa (the Ley 14/2013 investor visa) launched in September 2013 as part of a package of economic measures following the 2008–2012 financial crisis. It offered residence permits to non-EU nationals who made qualifying investments of a defined minimum size in Spain.

The program ran three primary routes:

Property route (€500,000+). The dominant route by application volume. A non-EU national who purchased Spanish real estate with a minimum unencumbered value of €500,000 received a 2-year residence permit, renewable for 5-year periods. No minimum stay was required. The property could be residential or commercial. Multiple properties could be combined to reach the threshold. This route drove the political pressure that ultimately closed the program: critics argued it inflated urban property prices in Barcelona, Madrid, Valencia, and the Balearics, creating affordability problems for local buyers.

Capital investment route (€1,000,000+). Investment of at least €1 million in Spanish company shares or investment funds also qualified. Bank deposits of at least €1 million were eligible. This route was used far less than the property route and did not feature in the closure debate to the same degree.

Government bond route (€2,000,000+). Investment of at least €2 million in Spanish public debt securities. Rarely used.

All routes provided the same residence permit with the same terms: 2-year initial permit, renewable for 5-year periods with the investment maintained, no minimum stay requirement, full work rights, and a path to permanent residency after 5 years and citizenship after 10.

Approximately 14,000 to 16,000 permits were issued over the programme’s 12-year life per parliamentary disclosures through 2024, with Chinese nationals consistently the largest applicant group (roughly 40–45% of approvals), followed by Russian, US, and British nationals. The Spanish government has not published a final comprehensive breakdown covering the full 2013–April 2025 period, so these figures should be treated as the best available approximations rather than official closure statistics.

Why It Closed

The Spanish government under Prime Minister Pedro Sánchez announced the closure in April 2024, citing housing market distortion as the primary justification. Law 1/2025 translated that announcement into legislation effective 3 April 2025.

The stated case was that property investors using the Golden Visa were concentrating purchases in already-stressed urban markets, pushing prices out of reach for Spanish residents and contributing to overtourism in coastal areas. The property route’s combination of no minimum stay requirement and an investment threshold that represented a fraction of total urban property values in Barcelona or Marbella made this critique structurally plausible.

The closure also followed similar moves elsewhere in Europe. Portugal removed real estate from its Golden Visa qualifying routes in October 2023 (though the program itself remained open through funds and other routes). The EU Commission has maintained sustained pressure on member states to scrutinise residency-by-investment programs that lack genuine integration requirements.

Spain did not replace the Golden Visa with an alternative investment residency program. There is no new mechanism for non-EU nationals to obtain Spanish residency through capital deployment. The closure is permanent in the sense that no reopening date has been announced or signalled.

What the Closure Means for Applicants Who Missed the Window

For someone who was researching Spain’s Golden Visa before April 2025 and did not submit an application in time, the options are materially narrower:

The no-minimum-stay feature is gone. The Golden Visa was one of the few European programs that allowed EU residency with no physical presence requirement and full work rights. The Non-Lucrative Visa, the primary replacement option, requires 183 days per year in Spain. For a globally mobile professional who wanted Spanish residency without disrupting their current living situation, the NLV is not a functional substitute.

The investment-linked residency route is gone. The Non-Lucrative Visa is not an investment program. There is no way to “buy” Spanish residency with a capital deployment in 2026. The NLV requires demonstrated passive income, not investment.

The property investment rationale is now decoupled from residency. Applicants who bought Spanish property specifically to qualify for the Golden Visa retain their permits. Those who held off on property purchases in anticipation of the program now have no residency incentive attached to Spanish real estate. The Spanish property market may respond to reduced investment demand from non-EU buyers, particularly in the coastal and urban segments that dominated Golden Visa purchase patterns. Post-closure foreign-buyer data from the Colegio de Registradores and Ministerio de Vivienda publishes with a 3–6 month lag, so H2 2025 and Q1 2026 effects on foreign property demand will be measurable through official data in mid-2026 rather than now.

The citizenship clock comparison. Spain’s path to citizenship was 10 years of residency (one of the longer timelines in the EU). Portugal naturalises at 5 years. Greece at 7. Ireland at 5. For applicants whose primary objective was an EU passport, Spain was never the fastest route. The closure removes the option without creating a new gap that Spain is uniquely positioned to fill.

The Non-Lucrative Visa: What It Is and What It Is Not

The Non-Lucrative Visa (NLV) is Spain’s primary legal residency route for non-EU nationals who are not arriving under EU freedom of movement, employment contract, or student status.

What it requires:

Proof of regular passive income sufficient to support the applicant in Spain without working for Spanish employers. The minimum income threshold is set at 400% of Spain’s IPREM (Indicador Público de Renta de Efectos Múltiples), the public income reference index, for the main applicant, plus 100% of IPREM per additional dependent. Based on the 2025 IPREM of €600/month (the latest confirmed figure, carried forward under the budget extension mechanism pending a new PGE), this equates to approximately €2,400/month for a single applicant and €3,000/month for a two-person family. Spain has been operating without a new approved budget since 2023, so the 2026 IPREM is likely held at €600/month by decree extension. Verify the current IPREM at sepe.es before applying, as the figure sets the income threshold.

The income can come from foreign pension payments, investment income and dividends, rental income from foreign property, royalties, or other passive sources. Self-employment income from foreign clients has been accepted in some cases but is assessed case by case at the consular level.

Private health insurance covering Spain is mandatory. The policy must be with a Spanish insurer authorised to operate in Spain, and it must cover the applicant without co-payment requirements.

The applicant must provide evidence of accommodation in Spain, either a property purchase or a rental agreement for the period of the visa.

What it does not provide:

Work rights in Spain. NLV holders cannot be employed by Spanish entities or take on Spanish clients as employees. Freelance income from clients entirely outside Spain is treated differently by different consulates: conservative posts (Miami, London) historically require demonstrably passive income such as dividends, rental, or pension; more accepting posts have taken documented recurring foreign freelance income. There is no Ministry of Interior circular that definitively endorses or prohibits active foreign freelance income for NLV purposes. Ley 28/2022 introduced the Digital Nomad Visa as the intended route for active remote workers in Spain, so for applicants whose income comes primarily from active remote work the DNV is the structurally correct instrument. Where passive income is available (dividends, rental, pension), it is more reliable for NLV purposes than active freelance invoicing.

The NLV process:

Applications are submitted at the Spanish consulate in the applicant’s country of residence before arriving in Spain. Processing time is typically around 5 months. The initial permit is issued for 1 year, renewable annually. After 5 years of continuous legal residency, the holder can apply for long-term (permanent) residency. Spanish citizenship by naturalisation requires 10 years of legal residency, with exceptions for nationals of former Spanish colonies, who qualify after 2 years.

Processing Timeline (Non-Lucrative Visa)

1. Pre-application: Income documentation, health insurance policy, accommodation proof, criminal record certificate (apostilled), medical certificate. Allow 4–6 weeks to assemble all documents. Many documents require apostille in the applicant’s country and official Spanish translation.
2. Consular submission: Application filed at the Spanish consulate in the applicant’s country of current residence. Applicants must generally apply from their country of habitual residence or legal residency.
3. Processing: Typically 3 to 5 months. Some consulates are faster; others operate at longer queues. No expedited processing track exists.
4. Arrival and registration: On visa approval, the applicant must enter Spain within the visa validity window and register with the local ayuntamiento (town hall) to establish the padrón (municipal register), which is required for permit renewal.
5. Annual renewal: The NLV is renewed annually for the first 5 years. Each renewal requires updated income documentation and evidence of continued residency.

Tax Treatment

Beckham Law: The Flat-Rate Option for New Arrivals

Spain’s Beckham Law (formally the Special Impatriates Tax Regime, Régimen Especial de Impatriados) is available to qualifying new Spanish tax residents for their first 6 years in Spain. It allows holders to elect non-resident tax status for Spanish income tax purposes, capping tax on Spanish-source employment income at 24% on the first €600,000 and 47% above that. Foreign-source income (other than employment income) is generally not taxed under the Beckham Law during the elected period.

Eligibility under the regime as reformed by Ley 28/2022 (Startup Law, BOE 22 December 2022) requires that the applicant was not a Spanish tax resident during the 5 years preceding their arrival in Spain, that they establish Spanish tax residency as a result of moving there, and that they meet one of the qualifying activity categories (employment in Spain, directorship in certain companies, digital nomad visa holder, or entrepreneurial activity). NLV holders are not explicitly excluded from the Beckham regime, but the combination is unusual in practice because the NLV prohibits working in Spain while the Beckham regime is typically accessed by workers. The combination is legally possible where a NLV holder qualifies independently on a non-work ground, but confirm eligibility with a Spanish tax adviser before relying on it, as AEAT practice varies.

The practical value of the Beckham Law for NLV holders is primarily in the foreign income exclusion: a financially independent individual who moves to Spain under the NLV and generates most of their income abroad can potentially shelter that foreign income from Spanish tax for 6 years. After the 6-year window, standard Spanish progressive tax rates apply to worldwide income.

Standard Spanish Tax Rates

Spain’s personal income tax (IRPF) is progressive with rates from 19% to 47% on general income. Savings income (dividends, interest, capital gains) is taxed separately at rates from 19% to 28%. Spain has no standard wealth tax exemption for principal residences, and most autonomous communities maintain a wealth tax on net assets above approximately €700,000. Madrid, Andalucía, Galicia, and Valencia maintain a 100% bonification on the regional wealth tax, meaning residents of those communities pay zero regional wealth tax in isolation.

The national Impuesto Temporal de Solidaridad de las Grandes Fortunas (ITSGF), introduced by Ley 38/2022, applies to net wealth above €3 million at rates of 1.7% (€3M–€5M), 2.1% (€5M–€10M), and 3.5% (above €10M). The Constitutional Court upheld the ITSGF in October 2024, rejecting Madrid’s challenge. The ITSGF functions as a minimum tax that takes precedence where regional wealth tax liability is lower, so Madrid residents with net wealth above €3 million pay the national rate notwithstanding the regional bonification. As of Q2 2026, the ITSGF remains in force pending wider tax reform. This is directly relevant to the typical Golden Visa applicant profile.

Citizenship Renunciation on Spanish Naturalisation

Spain generally requires applicants for citizenship by naturalisation to renounce their previous nationality. Exceptions apply to nationals of Ibero-American countries, Portugal, the Philippines, Equatorial Guinea, and Sephardic heritage applicants, who are permitted dual nationality. For most European and Asian applicants, Spanish citizenship requires giving up the original passport.

Who This Suits (Post-Golden Visa)

The NLV Is Right For

Retirees and financially independent individuals who genuinely want to live in Spain. The Non-Lucrative Visa was always better suited than the Golden Visa for people who actually planned to spend most of their time in Spain. The income requirement is manageable for someone with a pension, investment portfolio, or rental income from foreign property. The lifestyle case for Spain, Mediterranean climate, healthcare system, cost of living relative to Northern Europe, is unchanged by the closure.

Applicants who qualify for the Beckham Law and need 6 years of foreign income exclusion. A new arrival who establishes Spanish tax residency under the NLV, qualifies for the Beckham election, and has significant foreign passive income can achieve a favourable tax position for 6 years. The window is not as long as Italy’s 15-year flat-tax regime, and the cost is actual residency in Spain (183+ days), but the combination is structurally usable.

The NLV Is Wrong For

The globally mobile professional who needed the Golden Visa’s no-stay feature. The NLV is a genuine residency visa. It requires living in Spain. Anyone who wanted Spanish residency as an EU entry point held in reserve, without disrupting their current base, has no equivalent option in Spain’s current program stack.

Anyone seeking EU residency without a 183-day commitment. Portugal requires 7 days per year. Malta requires no minimum stay at all. Greece has no minimum stay requirement. Spain’s remaining option requires half the year.

Applicants sensitive to Spain’s wealth tax exposure. The combination of the wealth tax (at the autonomous community level) and the national solidarity surcharge on wealth above €3 million makes Spain structurally costly for high-net-worth individuals compared to Italy, where there is no domestic wealth tax, or Malta, where wealth is not taxed.

Common Pitfalls

Searching for the Golden Visa and finding outdated information. Most online content about Spain’s Golden Visa was written before April 2025 and has not been updated. Guides that describe how to apply, list required documents, or quote processing times are describing a program that no longer accepts applications. The closure is permanent and no reopening has been signalled.

Assuming the NLV permits any paid work. The Non-Lucrative Visa explicitly prohibits employment in Spain. Applicants who plan to work remotely for foreign employers and treat Spain as a base should understand that this activity sits in a legal grey area under the NLV. The regulations prohibit work for Spanish entities; working exclusively for foreign entities is often done in practice but is not formally authorised under the visa category.

Income documentation falling short at the consular stage. Consulates apply the IPREM-based income threshold to the specific documents presented, not to an applicant’s estimated total wealth. Bank statements that reflect irregular inflows, recently realised capital gains, or income that is structurally passive but poorly documented have resulted in refused applications. Present consistent, predictable, ongoing income evidence over a 12-month period minimum.

Failing to account for health insurance requirements. The mandatory health insurance policy must be with a Spanish-authorised insurer, cover Spain without co-payment, and be in place at the time of application. International health insurance policies, common among global expats, frequently do not meet the Spanish consulate’s specific requirements. Verify the policy terms explicitly before application.

Citizenship requiring renunciation for most nationalities. The 10-year path to Spanish citizenship ends with a requirement to give up your original passport in most cases. This is a material outcome for applicants who treated the Golden Visa as a path to EU citizenship while retaining their home country passport. Italy, Portugal, and Greece all permit dual nationality without the same renunciation requirement for most applicants.

Missed the property window. Some applicants who were in active due diligence on Spanish real estate with the Golden Visa in mind, and who did not execute before April 2025, now face a decision: proceed with the purchase for lifestyle or investment reasons without the residency benefit, or redirect to an alternative program. The property investment case for Spain is separate from the residency case, and the two should now be evaluated independently.

Comparison to Neighbours

See also: Europe’s Best Golden Visa Programs in 2026 for an overview of the active programs Spain applicants are now redirecting to.

Portugal: Portugal’s Golden Visa remains open through fund investment from €500,000. Processing runs 12–18 months. The citizenship path is 5 years versus Spain’s 10. No minimum stay requirement (7 days per year). Portugal is the direct competitive alternative for applicants who wanted Spain’s Golden Visa structure: EU residency through investment, minimal physical presence, path to citizenship. The fund investment requirement (versus Spain’s real estate route) is a structural difference, but the outcome is comparable.

Greece: Greece’s Golden Visa is open on a real estate model from €250,000 to €800,000 depending on location. No minimum stay requirement. Citizenship path at 7 years with actual residency required. For applicants who specifically wanted European property exposure alongside EU residency, Greece is now the most direct substitute for what Spain offered.

Italy: Italy’s Investor Visa starts at €250,000 in a qualifying startup and leads to citizenship after 10 years. Requires genuine Italian residency. The €100,000 flat-tax regime on foreign income makes Italy significantly more attractive for high-net-worth individuals than Spain’s standard progressive rates combined with wealth tax exposure. For the financial profile of most former Golden Visa applicants, Italy offers a better tax environment at a lower investment threshold, with the tradeoff of required residency and a 10-year citizenship clock.

Frequently Asked Questions

Is Spain’s Golden Visa still available in 2026?

No. Spain’s Golden Visa was formally terminated on 3 April 2025 under Law 1/2025. No new applications are accepted under any investment route, including property, capital investment, government bonds, or bank deposits. Existing permit holders retain their residency status and can renew on original terms. The program is closed to new entrants.

What is Spain’s Non-Lucrative Visa and how much income do I need?

The Non-Lucrative Visa is Spain’s primary residency option for non-EU nationals who can support themselves without working for Spanish employers. The income requirement is set at 400% of Spain’s IPREM index. At current rates this is approximately €2,300 per month for the main applicant, plus approximately €575 per month per dependant. Income must be passive, consistent, and documented over a meaningful period. Private health insurance with a Spanish-authorised insurer is mandatory.

How does Spain’s Beckham Law work for new residents?

The Beckham Law allows qualifying new tax residents to elect non-resident tax status for their first 6 years in Spain, capping tax on Spanish-source employment income at 24% on the first €600,000 (47% above that). Foreign-source income other than employment is generally excluded from Spanish tax during the elected period. To qualify, applicants must not have been Spanish tax residents in the 5 years before arrival. The regime is available to NLV holders who meet the eligibility criteria, not only employment visa holders.

How long does it take to get Spanish citizenship through residency?

Standard residency leads to citizenship after 10 years of continuous legal residence in Spain. Nationals of former Spanish colonies (including most Latin American countries), the Philippines, Equatorial Guinea, Portugal, and applicants with Sephardic heritage qualify after 2 years. Spain generally requires renunciation of the original nationality on naturalisation, with exceptions for those eligible for the 2-year track.

Does Spain have a wealth tax?

Yes. Spain applies a wealth tax at the autonomous community level on net assets above approximately €700,000 (excluding a €300,000 primary residence exemption in most communities). Rates range from approximately 0.2% to 3.5% depending on the community and asset level. A national solidarity surcharge applies to net wealth above €3 million at rates from 1.7% to 3.5%, overriding regional reductions. This makes Spain materially more expensive from a holding-cost perspective than Italy, Malta, or Portugal for high-net-worth individuals.

What are the best alternatives to the Spain Golden Visa for EU residency in 2026?

For EU residency through investment with minimal physical presence: Portugal (Golden Visa via fund investment, €500,000, 7 days per year, 5-year citizenship path) and Greece (real estate from €250,000, no minimum stay, 7-year citizenship). For EU residency with tax efficiency and genuine relocation: Italy (investor visa from €250,000 or elective residence, €100,000 flat tax on foreign income, 10-year citizenship). For fast EU permanent residency without citizenship ambition: Malta (MPRP in 4–6 months, no minimum stay, non-dom tax regime).

Can I still use Spanish property I bought under the Golden Visa?

Existing Golden Visa permit holders retain their residency rights on the original terms. They can renew their permits as long as the qualifying investment is maintained. The closure affects new applications only. If you hold a valid Golden Visa and maintain the qualifying property, your permit remains valid and renewable. You cannot use that property to file a new Golden Visa application if the permit lapses or if a family member wishes to apply separately.