Residence for Investors in Spain: The Alternatives after the Abolition of the Golden Visa

The investor residence authorisation (autorización de residencia para inversores) under Spain's Law 14/2013 on support for entrepreneurs and internationalisation allows foreign nationals who make qualifying investments in Spain to obtain a residence authorisation processed by the Large Companies and Strategic Groups Unit (UGE-CE) within 20 business days. Following the abolition of the property-based Golden Visa modality in April 2025 through Royal Decree-Law 2/2025, the available modalities are: investment of €2,000,000 or more in Spanish public debt, investment of €1,000,000 or more in Spanish company shares or bank deposits, investment of €1,000,000 or more in qualifying investment or venture capital funds, and business projects of general interest meeting criteria of job creation, socioeconomic impact or innovation contribution.

Why the property-based Golden Visa was abolished

The property modality of the investor residence authorisation was abolished by Royal Decree-Law 2/2025, with the measure confirmed by Organic Law 1/2025. The government’s stated rationale was to reduce the contribution of investor-driven demand to residential property price inflation in major urban markets. The remaining modalities — public debt, corporate investment, venture capital, and business projects — are unaffected by this measure.

Comparing the available alternatives

Public debt (€2M): The most straightforward modality. The investment is objectively verifiable, can be managed entirely remotely through a Spanish financial institution, and requires no corporate structure. Spanish Treasury Bills, Government Bonds and Long-term Government Bonds all qualify. Processing at the UGE-CE tends to be faster for this modality.

Corporate investment (€1M): Investment in shares or participations in Spanish companies or bank deposits. This modality requires more detailed analysis of the investment’s qualifying characteristics and may benefit from corporate structuring advice to optimise tax efficiency and ensure compatibility with the investor’s broader wealth structure.

Business project: The most flexible but also the most uncertain modality. There is no fixed minimum investment, but the project must meet at least one of the qualitative criteria (job creation, socioeconomic impact or innovation). The UGE-CE’s assessment is discretionary, and projects should be prepared with the support of experienced advisers who understand the administrative practice.

Tax planning for new investors

Obtaining investor residence does not automatically create Spanish tax residency — that requires spending more than 183 days per year in Spain or having primary economic interests there. For investors who wish to benefit from the residence authorisation without becoming Spanish tax residents, the authorisation’s absence of a minimum stay requirement is a key advantage.

For investors who do wish to become Spanish tax residents, the Beckham Law special regime (Art. 93 LIRPF) may be available for those who come to Spain for employment or business management purposes, providing significant tax efficiency for the first years of Spanish tax residency.

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