Spain's Golden Visa Is Gone: Residence Options for Investors and HNW Individuals

Spain's investor residence authorisation — the Golden Visa programme governed by Articles 63 to 67 of Law 14/2013 on support for entrepreneurs and internationalisation — was fully abolished by Organic Law 1/2025 of 2 January, with effect from 3 April 2025. Every modality was repealed: real estate investment (€500,000), Spanish public debt (€2,000,000), shares or company participations (€1,000,000), investment and venture capital funds (€1,000,000), bank deposits (€1,000,000), and the general-interest business project route. No Golden Visa modality remains open for new applications. Investors and high-net-worth individuals seeking Spanish residence must now use different routes: the digital nomad visa, the entrepreneur visa (Art. 69 Law 14/2013, still in force), or the non-lucrative residence authorisation.

Golden Visa Spain (abolished): Spain’s investor residence authorisation programme — governing Articles 63 to 67 of Law 14/2013 — was fully repealed by Organic Law 1/2025 of 2 January, effective 3 April 2025. All modalities were abolished: real estate (€500,000), public debt (€2,000,000), shares and company participations (€1,000,000), investment and venture capital funds (€1,000,000), bank deposits (€1,000,000), and general-interest business projects. No Golden Visa modality remains open for new applications. Existing holders granted before 3 April 2025 may renew under the original conditions per the transitional provisions. For investors and HNW individuals seeking new Spanish residence, the three genuine alternatives are: (1) Digital Nomad Visa (Ley 28/2022) — for remote workers with foreign-source income above €2,442/month; (2) Entrepreneur Visa (Art. 69 Ley 14/2013) — for innovative business projects evaluated by ENISA; (3) Non-Lucrative Residence — for passive income recipients (400% IPREM = €2,400/month in 2026). See the full immigration practice overview.

The full abolition of Spain’s Golden Visa: what Organic Law 1/2025 says

Organic Law 1/2025 of 2 January (Ley Orgánica 1/2025, de 2 de enero, de medidas en materia de eficiencia del Servicio Público de Justicia) repealed, through its sole derogatoria provision, the entire Chapter II of Section 2 of Title V of Law 14/2013. Articles 63 to 67 — which covered every modality of the investor residence authorisation programme — ceased to have effect on 3 April 2025.

The repeal was total. The derogated articles covered:

• Art. 63.1.a): Spanish public debt investment (minimum €2,000,000)
• Art. 63.1.b): Shares or participations in Spanish companies (minimum €1,000,000)
• Art. 63.1.c): Investment and venture capital funds (minimum €1,000,000)
• Art. 63.1.d): Bank deposits at Spanish financial institutions (minimum €1,000,000)
• Art. 63.1.e): Real estate acquisition (minimum €500,000)
• Art. 63.1.f): General-interest business project

Any source that states that any of these modalities remains available for new applications is incorrect. If you have received conflicting information, please consult us before taking any decision.

Existing Golden Visa holders: the transitional provisions

Holders of investor residence authorisations granted before 3 April 2025 — and those who had applications pending at that date — are covered by the transitional provisions of LO 1/2025. They may renew their authorisations under the rules that applied at the time of the original grant, for the duration of the authorisations already issued. New applications under the former programme are not possible; renewals of existing grants are.

If you already hold a Golden Visa and want to understand exactly what you are entitled to and when and how to renew, we are available to review your specific file.

Available residence routes for investors and HNW individuals

The abolition of the Golden Visa has not closed Spain to international investors. It has redirected available routes towards options that require a genuine economic connection to the country. The three main alternatives for HNW individuals are as follows:

Digital nomad visa (Law 14/2013 as amended by Law 28/2022)

The digital nomad visa allows self-employed professionals and employees who work remotely for companies or clients outside Spain to reside in the country. No investment in Spain is required: the key qualifying condition is demonstrating sufficient income from non-Spanish sources (currently approximately 200% of the monthly minimum wage for the main applicant, with additional percentages for accompanying family members).

This route is particularly suitable for wealth managers, consultants, investors who actively manage international portfolios, and liberal professionals who serve non-Spanish clients.

Digital nomad visa holders who meet the requirements of Article 93 of the Personal Income Tax Act may access the Beckham Law special regime, which applies favourable tax treatment to income during the first six years of Spanish tax residence.

Entrepreneur visa (Art. 69 Law 14/2013 — still in force)

Article 69 of Law 14/2013 — which was not affected by the repeal — allows nationals of non-EU countries to develop an innovative or economically significant entrepreneurial activity in Spain. The project must obtain a favourable assessment from an evaluating body (typically ENISA for entrepreneurial innovation). There is no fixed minimum investment threshold; the criterion is qualitative and focuses on impact (job creation, technological innovation, socioeconomic significance).

This route most closely resembles the spirit of the former general-interest business project modality, with the important distinction that the entrepreneur must genuinely develop the activity in Spain rather than make a passive financial investment.

Non-lucrative residence authorisation (general regime)

The non-lucrative residence authorisation allows non-EU nationals to reside in Spain without working or investing in the country, provided they demonstrate sufficient economic means for themselves and their family members (amounts set by regulation by reference to the IPREM). This route is not tied to any specific investment and does not require funds to be placed in Spanish assets.

It is the most appropriate option for retirees, passive income recipients, and high-net-worth individuals who do not intend to engage in any economic activity in Spain.

Tax: immigration residence and tax residence are separate decisions

Holding a Spanish residence authorisation — under any of the above routes — does not automatically make the holder a Spanish tax resident. Spanish tax residence arises when a person spends more than 183 days per year in Spain or has their primary economic interests there.

The decision whether or not to become a Spanish tax resident is separate from the immigration route chosen and must be carefully analysed, considering:

• The applicable double taxation convention between Spain and the client’s current country of tax residence
• Form 720 obligations (overseas asset declaration) above the applicable threshold
• Wealth Tax implications for residents with net assets above the exempt minimums
• The Temporary Large-Fortune Solidarity Tax for net worth above €3,000,000
• Whether the Beckham Law special regime (Art. 93 LIRPF) is advantageous for the first six years of Spanish tax residence

Pre-move tax planning is critical: some effects (such as exit taxes in the country of origin) must be managed before Spanish tax residence is acquired.

This service is part of our immigration and international mobility practice.