Spain residency for investors: the best routes after the Golden Visa

The end of the Golden Visa programme

Spain’s Golden Visa — the Visa de Inversor — was officially abolished on 3 April 2025 following the entry into force of Ley Orgánica 1/2025. The programme had been running since 2013 under Ley 14/2013 de Apoyo a los Emprendedores, and in its twelve years of operation it granted residency to approximately 14,500 main applicants and their family members. At its peak, the programme was processing nearly 2,000 applications per year, predominantly from Chinese, Russian, and American nationals purchasing properties in Madrid, Barcelona, Marbella, and Valencia.

The mechanism was simple: invest at least 500,000 euros in Spanish real estate (free of mortgages and encumbrances), and receive a two-year renewable residence visa that gave you and your family the right to live, work, and study in Spain. Larger investments in financial instruments — one million euros in shares of Spanish companies, two million euros in Spanish government bonds, or ten million euros in investment funds registered in Spain — also qualified. You were not required to live in Spain to maintain the visa, you could travel freely within the Schengen Area, and you had a clear path to long-term EU residency and ultimately Spanish citizenship after the required periods of legal stay.

If you are reading this page, you were likely planning to use this route, or you had already started the process. The good news is that Spain still offers several attractive pathways to legal residency for investors, retirees, remote workers, and entrepreneurs. The bad news is that none of them is as straightforward as writing a cheque for a property — which means professional guidance now matters more than ever.

Why was the Golden Visa abolished?

The official justification for the abolition was housing affordability. Spain, like many Western European countries, has experienced a severe housing crisis since approximately 2021: rents in Madrid rose by over 50% between 2020 and 2024, and property prices in Barcelona, Marbella, and the Balearic Islands reached record levels. The government of Pedro Sánchez argued that the Golden Visa programme was fuelling speculative real estate investment, pushing prices out of reach for local buyers and renters, and enriching developers without producing genuine economic benefit.

Critics of the abolition noted that 14,500 Golden Visa holders represent a tiny fraction of the approximately 2.5 million foreign property owners in Spain, and that the programme generated significant legal, financial, and advisory service revenue. However, the political calculus favoured abolition: the housing crisis is a major issue for the ruling coalition’s voter base, and the programme had become a symbolic target.

The abolition was accompanied by separate legislative proposals — not yet enacted as of mid-2025 — to impose a surcharge of up to 100% on property purchases by non-EU nationals. This proposal is discussed further below.

Transitional provisions: what happened to pending applications?

Applications submitted to the consular network or the Large Business and Strategic Sectors Unit (Unidad de Grandes Empresas y Colectivos Estratégicos, UGE-CE) before 3 April 2025 were eligible for processing under the transitional provisions of Ley Orgánica 1/2025. In practice, this meant:

• Applications received and registered before the cut-off date continued to be assessed under the old criteria.
• Renewals of existing Golden Visas granted before April 2025 continue to be processed, subject to the standard renewal conditions at the time of the original grant.
• Holders of valid Golden Visas issued before April 2025 retain their status and may continue renewing until they qualify for long-term residency or elect to switch to another permit category.

If you had a Golden Visa application in progress and you are unsure of its status, the most important first step is to verify the registration date of your application. BMC can liaise directly with the UGE-CE to clarify the position.

The four main alternatives to the Spanish Golden Visa

The following routes now represent the realistic options for non-EU nationals who want legal residency in Spain. Each has distinct requirements, timelines, costs, and tax implications. Choosing the right one depends entirely on your personal profile.

1. Digital Nomad Visa (Visa para Teletrabajadores de Carácter Internacional)

Introduced under the Ley de Startups (Law 28/2022) and operational since January 2023, the Digital Nomad Visa is the most discussed of the new routes. It allows non-EU nationals — and, in a slightly different modality, EU nationals who do not already have the right to reside in Spain — to live in Spain while working remotely for employers or clients based outside Spain.

Who qualifies: You must have been working remotely for at least one year continuously immediately before applying. Your employer or clients must be based outside Spain (you may work for a Spanish company if it accounts for no more than 20% of your total income). Your income must be at least 200% of the Spanish minimum wage, which in 2025 translates to approximately 2,900–3,100 euros per month gross, depending on the interprofessional minimum wage in force at the time of application.

How to apply: You can apply at the Spanish Consulate in your country of residence (visa format, for stays longer than 90 days) or, if you are already legally present in Spain, at the UGE-CE for the permit modality. The consular route typically takes 30–60 days for a decision; the UGE-CE route may take 90 days. The initial permit is granted for 12 months (visa) or up to 3 years (permit from Spain). It can be renewed for two-year periods.

Tax benefit — Beckham Law: The most significant advantage of the Digital Nomad Visa over the Non-Lucrative Visa is eligibility for the Régimen Especial de Tributación de Trabajadores Desplazados — universally known as the Beckham Law after the footballer who famously used it in 2003. Approved Digital Nomad Visa holders can elect this regime and pay a flat 24% rate on Spanish-source income up to 600,000 euros (rather than progressive rates peaking at 47%), and a flat 19% on dividends, interest, and capital gains from sources outside Spain. Foreign employment income is exempt from Spanish tax up to 60,100 euros per year. The regime applies for the year of activation and the following five years.

Pros: Tax efficiency, relatively straightforward requirements for genuine remote workers, path to long-term residency, family members included as dependants.

Cons: You cannot work for Spanish employers or clients beyond the 20% threshold. Physical presence in Spain is expected (triggering Spanish tax residency after 183 days). Not suitable for retirees or those whose income comes primarily from investments.

Estimated total cost (legal + government fees): 2,500–4,000 euros for professional assistance plus consular fees of approximately 80 euros.

2. Non-Lucrative Residency Visa (Visado de Residencia No Lucrativa)

The Non-Lucrative Visa is the oldest and best-established route for non-EU nationals who do not work (or do not intend to work in Spain). It is popular with retirees, early retirees, and individuals living on investment income, dividends, foreign pensions, or rental income from properties abroad.

Who qualifies: Any non-EU national who can demonstrate sufficient regular passive income. The indicative minimum — set by reference to the IPREM index (Indicador Público de Renta de Efectos Múltiples) — is approximately 400% of the monthly IPREM for the first applicant plus 100% for each additional family member. In 2025, this translates to roughly 2,300–2,500 euros per month for a single applicant. You must not work in Spain (neither as an employee nor as a self-employed person). Private health insurance covering the full country is mandatory.

How to apply: Applications are made exclusively through the Spanish Consulate in the applicant’s country of legal residence. You cannot apply from within Spain. Documents required include: valid passport (minimum 12 months remaining validity beyond the intended stay), criminal record certificate (apostilled), proof of income (bank statements, pension statements, dividend records, investment account statements), private health insurance certificate, proof of accommodation in Spain (lease or property deed), and an application form completed in Spanish. Processing time: 45–90 days from submission of complete documentation.

Initial validity: One year. First renewal grants two years; subsequent renewals each grant two years. After five years of legal residence you may apply for long-term EU residency. After ten years (or less for nationals of certain countries) you may apply for Spanish citizenship by naturalisation.

Pros: Simple concept, relatively low income threshold, can include a spouse and dependent children, no requirement to actively run a business or maintain employment.

Cons: You cannot work in Spain under this permit. This is fine if your income is entirely passive, but if you want to accept Spanish clients, consult, or take on directorship roles, you need a different route. Physical presence of at least 183 days per year is expected; long absences can jeopardise renewal. Importantly, 183+ days in Spain makes you a Spanish tax resident — you will pay Spanish income tax on worldwide income at progressive rates, without the Beckham Law benefit.

Estimated total cost: 1,500–3,000 euros in professional fees plus Consulate fees of approximately 80 euros.

3. Entrepreneur and Business Investor Visa

The Entrepreneur Visa (also called the Startup Visa in some contexts) allows non-EU nationals to establish or manage a business in Spain that has economic, innovation, or employment value. It is regulated by the same Ley de Startups framework that created the Digital Nomad Visa.

Who qualifies: Founders, co-founders, or senior executives of a Spanish company or a foreign company with substantial operations in Spain. Your project must be assessed and approved by the Dirección General de Comercio Internacional e Inversiones (DGCOMINVER) or, for startup projects, by ENISA (the national innovation agency). The assessment focuses on the business plan’s viability, innovation content, potential economic impact, and employment creation.

Accelerated route: If you qualify as a “startup” under the legal definition — an innovative project less than five years old (ten years in certain sectors) that has not distributed dividends — the assessment is expedited and the approval can come within 30 days. This accelerated path is genuinely fast by Spanish administrative standards.

Investment alternative: You can also apply via the investor route if you are committing at least one million euros to shares in Spanish companies, or two million euros in government bonds, or ten million euros in investment funds or real estate investment trusts (SOCIMIs). Note: direct real estate investment no longer qualifies. This investor route effectively inherits part of what the old Golden Visa offered for financial-instrument investors, but it now requires a genuine business connection rather than passive real estate holding.

Tax: The Beckham Law regime is potentially available for qualifying Entrepreneur Visa holders, subject to the same conditions as for Digital Nomad Visa holders.

Pros: Suitable for entrepreneurs and business owners. Can be combined with family reunification. Tax-efficient under Beckham Law.

Cons: Requires government assessment of a business plan, which adds time, uncertainty, and cost. Not suitable for retirees or purely passive investors. The assessment process can be opaque and results are not guaranteed.

Estimated total cost: 3,000–6,000 euros for professional preparation of business plan and application, plus government fees.

4. EU Blue Card (Tarjeta Azul de la UE)

The EU Blue Card is designed for highly qualified non-EU employees of Spanish companies. It is not a traditional visa route for investors or entrepreneurs, but it remains an important option for those relocating to Spain for employment.

Who qualifies: Non-EU nationals with a university degree (or at least five years of equivalent professional experience) who have a job offer or employment contract with a Spanish employer paying at least 1.5 times the average gross annual salary in Spain. In 2025, the threshold is approximately 42,000–45,000 euros per year depending on the sector.

Duration and renewal: Valid for 4 years or the duration of the employment contract plus 3 months. Renewable. EU Blue Card holders accumulate long-term residency entitlements across EU member states more favourably than holders of standard national permits.

Pros: Straightforward if you have a qualifying employer. Portable within the EU after 18 months (you can move to another EU country without starting the residency clock from zero). Includes family members.

Cons: Dependent on employment in Spain. If you lose your job, you have a limited period to find a new qualifying employer before your status lapses. Not suitable for self-employed individuals, retirees, or passive investors.

Comparison table: Golden Visa alternatives at a glance

EU alternatives: countries with active investor visa programmes

If your primary goal is investment-to-residency, several EU member states still operate programmes with Schengen travel rights. Note that residency in another EU country does not give you the right to live in Spain — if Spain is your destination, a Spanish permit is required.

Key alternatives: Portugal (ARI) — fund investment from €500,000, citizenship at 5 years; Greece — real estate from €400,000–800,000, no physical presence required, citizenship at 7 years; Malta (MPRP) — permanent EU residency from ~€150,000–200,000 total investment; Italy — investor visa for €500,000+ in Italian companies or bonds with separate flat-tax regimes.

European investment residency can be used as a multi-step pathway to eventual Spanish long-term residency, but this requires coordinated advice across multiple jurisdictions.

The Beckham Law: a tax benefit worth understanding

The Beckham Law (Régimen Especial de Tributación de Trabajadores Desplazados, Article 93 of the Income Tax Act) is not a visa or residency permit — it is a Spanish tax election available to certain new residents. However, it is closely related to the Digital Nomad and Entrepreneur Visa routes and is frequently misunderstood as a separate immigration track.

The regime allows individuals who become Spanish tax residents for the first time (or who have not been tax residents in Spain in the previous five tax years) to elect to pay income tax as a non-resident for the year of registration and the following five years. The key features:

• Flat rate: 24% on Spanish-source employment or business income up to 600,000 euros (standard progressive rates apply above this threshold), versus the standard progressive IRPF scale that rises to 47%.
• Foreign income: Dividends, interest, and capital gains from foreign sources are taxed at the savings tax scale (19–28% depending on amount) rather than being pooled with general income.
• Foreign employment income exemption: Income from work performed outside Spain for a foreign employer is exempt up to 60,100 euros per year under Article 7p IRPF.
• Wealth tax: The standard wealth tax applies only to Spanish-sited assets, not worldwide assets.
• Inheritance and gift tax: Benefits from reduced exposure, though this varies by region.

The Beckham Law is particularly valuable for Digital Nomad Visa holders earning in hard currencies (dollars, pounds, Swiss francs) who would otherwise be taxed at progressive Spanish rates on their full worldwide income. For a single person earning the equivalent of 120,000 euros per year, the annual tax saving compared to the standard IRPF regime can exceed 20,000 euros.

The election must be filed within six months of registration in the Spanish Social Security system or the relevant municipal register. Missing this window forfeits the benefit for the entire initial period. BMC handles Beckham Law elections as a standard part of our Digital Nomad and Entrepreneur Visa service packages.

Decision guide: which route is right for you?

Use the following framework to identify the most appropriate route for your situation:

You are a remote worker or freelancer with a stable income from clients outside Spain: → Digital Nomad Visa, combined with Beckham Law election. This gives you legal residency, the right to work for foreign employers and clients, and the most favourable tax treatment of any route currently available.

You are retired or financially independent with a regular pension, dividend, or investment income: → Non-Lucrative Visa. Simple, established, and suitable for those who have no need or desire to work. Be prepared for Spanish worldwide income tax after 183 days of presence; consider whether your income structure (particularly non-Spanish dividends and capital gains) is efficient under the standard Spanish IRPF scale.

You want to build or run a business in Spain: → Entrepreneur Visa, potentially with Beckham Law. The business plan assessment adds complexity, but if your project qualifies, this route gives you the right to work in Spain in your own company and positions you for long-term residency.

You have received a high-value job offer from a Spanish company: → EU Blue Card. Let your employer lead the process; most large Spanish companies have HR departments familiar with Blue Card applications.

You are focused primarily on investment returns and want EU Schengen access with minimal physical presence requirements: → Consider Portugal, Greece, or Malta as alternative bases, with specific tax and inheritance planning for your assets in Spain. BMC can advise on cross-border structuring even when the primary residency is in another EU country.

You are a non-EU national currently in Spain on a tourist allowance (90/180 rule): → You cannot apply for the Non-Lucrative Visa from within Spain. You must return to your country of legal residence and apply at the consulate. For the Digital Nomad Visa, a within-Spain application to the UGE-CE may be possible if you entered Spain legally and your 90-day allowance has not expired. Act quickly.

What happens to existing Golden Visa holders?

If you hold a valid Golden Visa issued before 3 April 2025, your permit remains valid until its natural expiry date. Renewals of permits issued before the cut-off continue to be processed under the transitional provisions, provided you meet the original investment conditions that were in place when your permit was first granted.

There is no requirement to sell your Spanish property as a result of the abolition. Your ownership rights are entirely separate from your immigration status. However, you should be aware that:

1. When your current Golden Visa permit expires, you will not be able to renew it unless you qualify under the transitional provisions. You should seek legal advice on your specific situation well before the renewal date.

2. If you have been accumulating years of legal residence towards long-term EU residency or Spanish citizenship, those years count from your first registration — regardless of which permit category you held. The key document is your TIE (Tarjeta de Identidad de Extranjero), which records your registration date.

3. If you spent limited time in Spain under the Golden Visa (which did not require physical presence), you may have a shorter effective residency history for citizenship purposes than the raw dates suggest. The 183-day rule applies: periods spent outside Spain may not count towards the residency requirement for citizenship or long-term EU residency.

BMC advises existing Golden Visa holders on transition planning, particularly for those approaching the five-year long-term residency milestone or the ten-year citizenship eligibility window.

The proposed 100% property purchase tax surcharge

In parallel with the Golden Visa abolition, the Spanish government announced in late 2024 a proposal to impose a surcharge of up to 100% on property purchases by non-EU, non-EEA nationals. This would effectively double the transfer tax (ITP) for buyers from non-European countries — a measure explicitly modelled on similar policies in Canada and New Zealand.

As of mid-2025, this proposal is at an early legislative stage and has not been enacted. Its passage is not certain: it would require EU compatibility assessment, and there are arguments that it conflicts with bilateral investment treaties and the WTO framework. Several autonomous communities have signalled resistance on grounds that property tax revenue is a devolved competence.

What this means practically:

• If you are a non-EU national planning to buy property in Spain, the current tax rates apply and there is no additional surcharge in force. However, the risk of enactment means that buyers with flexibility on timing should monitor legislative developments closely.
• If you are an EU or EEA national (including post-Brexit British nationals who reside in the UK), the proposal would not apply to you.
• Timing: Even if enacted, transitional provisions typically give buyers with signed purchase contracts some protection. Properties purchased before any enactment date would almost certainly be grandfathered.

BMC tracks legislative developments on this proposal and advises clients accordingly. Our view is that the proposal, if enacted in its current form, would more likely be structured as a discretionary regional surcharge rather than a flat national doubling — but this remains speculative.

Impact of the Golden Visa abolition on the Spanish property market

The property market impact of the abolition has been more muted than either its critics or proponents predicted. Golden Visa investors represented a small fraction of total foreign property buyers: in 2023, approximately 1,900 Golden Visas were granted, against a backdrop of 87,000 total residential property sales to foreigners. Removing 1,900 buyers from a market of 87,000 does not, by itself, produce a measurable price correction.

What the abolition has done is shift the profile of the typical foreign buyer. The very high-end buyer using the real estate route as an immigration mechanism has largely pivoted to other markets (Portugal, Greece) or to other Spanish immigration routes. This has had a modest cooling effect on trophy properties in the 500,000–1,000,000 euro range in premium locations.

The broader market continues to be driven by demand from Northern European, British, Scandinavian, and American buyers who purchase for lifestyle reasons rather than residency engineering — a segment that the Golden Visa abolition does not directly affect.

Planning your path to long-term residency and citizenship

Regardless of which route you choose, the long-term strategy matters as much as the initial application. The key milestones are:

Year 1–2: Initial permit granted. Registration with the local municipal register (padrón) establishes your physical presence clock. If Beckham Law applies, the election must be filed within six months.

Year 3–4: First or second renewal, depending on the permit type. This is the time to confirm that physical presence records (padrón certificates, entry/exit stamps, travel records) are consistent with the residency requirements of your permit category.

Year 5: Long-term EU residency eligibility. The application for Residencia de Larga Duración (which gives you rights equivalent to a permanent resident across the EU) requires five years of continuous legal residence. “Continuous” means no single absence exceeding six months and total absences in the five-year period not exceeding ten months.

Year 10: Spanish citizenship by naturalisation eligibility for most non-EU nationals. The test — knowledge of Spanish language (DELE B1 or higher) and Spanish culture and society (CCSE test) — must be passed. Dual nationality is not generally available to citizens of most countries; notable exceptions include nationals of Ibero-American countries, Sephardic Jews, Andorra, Philippines, Equatorial Guinea, and Portugal.

Special cases: If you are a national of an Ibero-American country (Argentina, Mexico, Colombia, etc.), Cuba, or certain other countries, the citizenship requirement is reduced to two years of legal residence. Sephardic Jews may qualify via a dedicated fast-track.

BMC maps out this entire timeline at the point of initial application, helping clients structure their physical presence, tax affairs, and documentation to optimise for their chosen endpoint — whether that is EU long-term residency at five years or Spanish citizenship at ten.

Frequently asked questions

If I bought a Spanish property to qualify for the Golden Visa but the visa was abolished before I applied, what can I do?

Your investment in Spanish real estate remains a sound investment on its own merits. However, it no longer generates a residency entitlement. You have two options: sell the property (there is no obligation to retain it), or retain it and apply for residency via a separate route that matches your profile (e.g., Non-Lucrative Visa if you have sufficient income, or Digital Nomad Visa if you work remotely). The acquisition cost of the property is not recoverable from the state.

Can I use the Non-Lucrative Visa and still manage my investment portfolio?

Passive management of an investment portfolio — reviewing statements, giving instructions to a broker, rebalancing allocations — is generally not considered “work” for the purposes of the Non-Lucrative Visa. What is prohibited is active professional activity: consulting, providing services, running a business. The line can be blurry; we recommend taking specific advice based on your actual activities.

I am a US national. Does the proposed 100% property surcharge affect me?

The proposal is at an early stage and has not been enacted. US nationals are non-EU nationals and would be in scope if it passes. However, the US–Spain bilateral investment treaty creates complications that could delay or dilute the proposal for US buyers specifically. We advise monitoring rather than acting on speculation.

My Golden Visa was denied before April 2025. Can I appeal?

If your application was denied on substantive grounds and the denial predates the abolition, you have standard administrative appeal rights under Spanish procedural law, but the merits of an appeal must be assessed individually. If the denial was due to the abolition taking effect, the programme’s end is the applicable legal basis and there is no substantive appeal route.

At BMC, we have handled Spanish residency applications across every route for over a decade. The abolition of the Golden Visa is a significant change, but Spain’s overall appeal as a destination for international residents, retirees, and entrepreneurs remains unchanged. We continue to match clients to the right route and guide every application through to approval.