The Sunset of Spain’s Golden Visa: Meaning and Alternatives for Investors
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Temps de lecture 3 min
As I write this article on 3 April 2025, Spain is officially saying goodbye to its Golden Visa programme. After more than a decade, one of the most popular residency routes for foreign investors has come to an end.
Nearly 9,000 visas were issued just in the last 5 years, mostly for property — but rising prices and little benefit for locals led the government to end the program as a form of uncertain investment.
Now let's go over the main points of the Golden Visa:
Background: What Was Spain’s Golden Visa?
Spain’s Golden Visa was introduced in 2013, aiming to attract non-EU investors and support the national economy after the financial crisis, aka The Great Recession in Spain.
It offered residency to those who invested at least €500,000 in Spanish real estate, or in shares, public debt, or business projects. The visa included key benefits such as family reunification and free movement across the Schengen Zone.
However, on April 9, 2024 , the Spanish government announced its decision to abolish the program, arguing it contributed to rising housing prices and offered limited value to society.
According to official data from exteriores.gob.es , over 90% of investors chose the real estate route — a trend the government now views as a driver of speculative demand in major cities.
Impact on Current Holders and Late Applicants
The decision to end the programme caused quite a stir - from heated reactions on social media to outright panic in the expat community in my hometown.
So it's important to be clear: current Golden Visa holders are not affected by the change. They can still renew their permit every two to five years, depending on the type, as long as the original investment is maintained. The path to Spanish citizenship also remains open after 10 years of legal residence.
Timing is of the essence for last-minute applicants. Property purchases must be notarised before the April 3, 2025 deadline to qualify.
Alternatives for Non-EU Investors After the Golden Visa
The closure of the Spanish Golden Visa leaves two main avenues open for non-EU investors. Some may choose to remain focused on Spain by applying for alternative visa options.
Others may look to neighbouring EU countries that continue to offer residency or citizenship through investment.
Visa Options for Residing in Spain
For those aiming to reside in Spain , alternative visa options include:
- Non-Lucrative Residence Visa (NLV): Designed for people who can support themselves in Spain without working. Applicants must be able to prove that they have sufficient financial resources, equivalent to 400% of Spain's Public Multiple Effects Income Indicator (IPREM), to cover their living costs.
- Entrepreneur Visa: For those wishing to set up an innovative business in Spain. Applicants must present a viable business plan and obtain a favourable report from the relevant Economic and Trade Office.
- Digital Nomad Visa: Introduced to attract remote workers, this visa allows non-EU nationals to live in Spain while working for foreign employers or clients. Applicants must meet certain income thresholds and have health insurance. Our full guide on Digital Nomad Visa present all the details about this residence type.
Residency by Investment in Other EU Countries
For investors considering other European destinations, several countries offer attractive residency-by-investment programmes:
- Greece: The Greek Golden Visa grants residency to non-EU investors who purchase a property worth at least €250,000. This programme offers a renewable five-year residence permit and does not require a minimum period of residence.
- Portugal: Portugal's Golden Visa programme offers residency to investors making various types of investments, including real estate purchases, starting at €500,000. The programme requires minimal periods of residency and offers a path to citizenship after five years.
- Malta: Malta offers a citizenship-by-investment programme that requires a minimum contribution of €600,000 to the country's economic development. Applicants must also meet residency requirements and pass thorough due diligence checks.
FAQ
What is a Golden Visa in Spain?
A Golden Visa in Spain is a residence permit for non-EU investors who invest in real estate (€500,000+), business projects or public debt. The programme ended on 3 April 2025.
How to move to Spain without Golden Visa?
Non-EU citizens can move to Spain without a Golden Visa by applying for alternatives such as the Non-Lucrative Visa, Digital Nomad Visa or Entrepreneur Visa - each with specific financial or professional requirements.
Is Golden Visa in Spain ending?
Yes, Spain is ending its Golden Visa programme. The option of residency through property investment has officially closed on 3 April 2025.
Will Golden Visa holders lose their permit after the Golden Visa expires?
No, current Golden Visa holders will not lose their residence permits when the programme ends on 3 April 2025. They can continue to renew their permits as long as they maintain the original investment and meet the renewal requirements.
