The definitive abolition of the Spanish Golden Visa, effective from 3 April 2025 under Ley Orgánica 1/2025, does not close Spain as a destination for investors and high-net-worth individuals who wish to establish residence here. Spanish law continues to offer several alternative routes, each with different requirements, tax advantages and intended beneficiary profiles. Identifying the right option requires a personalised analysis integrating the individual's immigration profile, investment objectives and tax position.
Non-lucrative residency visa
The non-lucrative residency visa, regulated under Article 37 of Royal Decree 557/2011 (the Immigration Regulations), allows non-EU citizens to reside in Spain without engaging in employed or self-employed activity, provided they can demonstrate sufficient economic means for their maintenance and that of any accompanying family members.
The indicative economic requirements set by the Ministry of the Interior require demonstrating periodic income of at least 400% of the IPREM (the Public Multi-Purpose Income Indicator) per year for the main applicant, plus 100% of the IPREM for each additional family member. In 2025, the monthly IPREM stands at €600.00 (over 12 payments), which implies minimum annual income of approximately €28,800 for the main applicant.
The initial authorisation is for one year, renewable for successive two-year periods. After five years of lawful continuous residence, the holder may apply for long-term residency or for Spanish nationality by residence — requiring ten years in general, or just two years for nationals of Ibero-American countries, Portuguese-speaking countries, Sephardic Jews, those born in Spain, or children or grandchildren of Spanish nationals.
The Beckham Law regime (enhanced from 2023)
Article 93 of Ley 35/2006 on Personal Income Tax (LIRPF), as amended by Ley 28/2022 of 21 December on the promotion of the emerging business ecosystem, offers a special tax regime for individuals who acquire tax residence in Spain as a consequence of their relocation to Spanish territory.
Beneficiaries may opt to be taxed in IRPF at the non-resident rate (IRNR) for the tax year in which their residence changes and the following five tax years. The key consequence is that employment income obtained in Spain is taxed at a flat 24% rate on the first €600,000, rather than the progressive IRPF marginal rates (which can reach 47% or more in autonomous communities applying supplementary rates). Employment income above €600,000 is taxed at 47%.
The 2022 reform broadened the regime’s scope: company directors, entrepreneurs undertaking activities of particular economic interest, individuals engaged in training, research or development activities, and their spouses and children under 25 who also relocate to Spain in the same tax year are all now eligible.
Digital nomad visa
The digital nomad visa, introduced by Ley 28/2022 and implemented by regulation, allows employees or self-employed individuals who provide services remotely for foreign companies to establish their residence in Spain. The key requirement is that the work or professional activity is carried out exclusively by telematic means and that the employing company or the self-employed individual’s clients are located outside Spain (or, for employees, that Spanish clients do not represent more than 20% of total income).
The authorisation has an initial duration of one year (in the visa format) or three years (in the residence permit format), and is renewable. The holder can opt for the Beckham Law regime, making this the most tax-efficient option for medium-to-high-income profiles working remotely.
Investment in financial assets and projects of general interest
The residency routes based on investment in financial assets — Spanish government bonds (minimum €2 million), shares in Spanish companies (minimum €1 million) or bank deposits (minimum €1 million) — were not eliminated by Ley Orgánica 1/2025. Only the direct real estate investment route was abolished. These qualifying investment modalities remain a valid option for large institutional investors or family offices wishing to combine residency with portfolio diversification.
Investment in projects of general interest — technology startups, projects with significant socioeconomic impact or qualified job creation in disadvantaged areas, evaluated at the discretion of the State Secretariat for Trade — also remains available. This channel offers less predictability in terms of resolution timelines but may suit impact investors or those with a genuine vocation to engage with the Spanish business fabric.
At BMC our legal team is at your disposal. See our immigration and international residency services.
