The Spanish Golden Visa entered its final chapter between November 2024 and April 2025. The programme, which since 2013 had granted residency by investment to more than 14,500 non-EU nationals and their families, was the subject of an accelerated legislative process that culminated in its definitive abolition within the framework of the reform of immigration legislation.
Background: the lengthy elimination process
The Golden Visa programme was introduced in Spain by Ley 14/2013, of 27 September, on support for entrepreneurs and their internationalisation. Articles 63 to 67 of that law regulated investor residency authorisations, establishing four qualifying investment routes: acquisition of real estate worth at least €500,000 (free of charges and encumbrances), acquisition of Spanish government bonds worth at least €2 million, acquisition of shares or equity interests in Spanish companies worth at least €1 million, or bank deposits in Spanish financial institutions of at least €1 million.
Real estate investment was by far the most widely used route: between 2013 and 2024, more than 90% of Golden Visas were granted on the basis of property purchases. The main countries of origin of beneficiaries were China, Russia, the United Kingdom (before Brexit), Ukraine and Venezuela.
The April 2024 announcement and the legislative process
The President of the Government announced on 8 April 2024, in the context of the housing access crisis, the executive’s intention to eliminate the real estate Golden Visa. The measure was justified by reference to the impact of large-scale property purchases by foreign investors on residential markets in Spain’s main cities, particularly Madrid, Barcelona, Málaga, Valencia and the Balearic Islands.
The legislative process concluded with the approval of Ley Orgánica 1/2025, which incorporated the elimination of the real estate investor residency programme and closed the programme in its entirety to new applications. The measure took effect from 3 April 2025.
Situation of existing permit holders
Investors who obtained their Golden Visa before the closure retain acquired renewal rights under the legal regime applicable at the time of initial grant. The Golden Visa residency was initially granted for two years, renewable for five-year periods, provided the qualifying investment was maintained.
However, future renewal — upon the expiry of the currently valid period — will require analysis of whether the applicable legal framework for that renewal is the prior or the new regime. Legal advisers specialising in immigration law recommend examining each case in detail, particularly in cases where the holder has not yet consolidated permanent residency or Spanish citizenship.
Impact on the luxury real estate market
The closure of the programme has had a limited but perceptible impact on the segment of properties above €500,000 in Spain’s main cities. International investment funds and family offices have partially redirected their attention towards Portugal, Malta, the UAE and Greece, which maintain or have adapted their investor residency programmes. For the ordinary residential market, the elimination of the Golden Visa has a marginal effect, since demand in that segment comes primarily from domestic buyers and non-EU residents holding work permits.
What comes next for investors considering Spain
The elimination of the real estate route does not eliminate Spain’s attractiveness as a destination for high-net-worth individuals. The non-lucrative residency visa, the digital nomad visa introduced by Ley 28/2022, the Beckham Law flat tax regime (Article 93 LIRPF), and the remaining investment residency routes — government bonds (€2 million), equity in Spanish companies (€1 million) and projects of general interest — continue to offer structured pathways to Spanish residency for those who plan carefully and engage competent legal and tax counsel.
At BMC our legal team is at your disposal. See our immigration and international residency services.
