Spain Ends Golden Visa Program:
What It Means for Investors & Residency Seekers
Key Takeaways
Golden Visas for real estate are over (since 3 April 2025).
Spain terminated its Golden Visa program on 3 April 2025, ending a decade-long scheme that granted residency to non-EU investors purchasing property worth €500,000+. The government cited housing affordability concerns and speculative real estate pressures as key reasons for the decision.
What Was Spain’s Golden Visa?
Introduced in 2014 under the Entrepreneurship Support Law.
Granted residency permits to non-EU investors meeting one of these criteria:
€500,000+ in Spanish real estate (excluding taxes/mortgages).
€ 2 M+ in Spanish public debt.
€ 1 M+ in Spanish company shares or investment funds.
Primary beneficiaries: Chinese (52%), Russians, Brits, Americans, Iranians.
Why Did Spain End the Golden Visa?
1. Housing Crisis & Rising Prices
90% of visas were in Barcelona, Madrid, Málaga, Alicante, Valencia, and the Balearics.
Residents struggled with soaring prices, pushing the government to act.
2. Political & EU Pressure
The PSOE-led government called it a “speculative model” that worsens inequality.
The EU has urged member states to scrap Golden Visas over money laundering and tax evasion risks.
Portugal and Greece have already restricted similar programs.
3. Surge in Applications Before Closure
2022: 2,017 visas issued.
2023: 3,273 visas issued.
2024 (Jan-Oct): 780 visas issued (avg. investment: €657,204).
What Now? Alternative Residency Routes
1. Non-Lucrative Visa
Requires proof of €28,800+ annual income (no work allowed).
Must spend 183+ days/year in Spain.
2. Digital Nomad Visa
For remote workers earning €2,520+/month (from foreign employers).
Valid for 1 year (renewable up to 5 years).
3. Entrepreneur Visa
This is for startup founders or investors in innovative Spanish businesses.
4. Work Visa
Requires a job offer from a Spanish company.
Criticism & Opposition
Real estate groups argue the move won’t significantly lower housing prices.
Opposition parties (PP, Vox) voted against cancellation, calling it “anti-investment.”
High-net-worth individuals fear losing an easy EU residency path.
What Should Investors Do Now?
Consult an immigration lawyer for alternative residency options.
Monitor regional investment visas (some autonomous communities may introduce new programs).
Consider Portugal or Greece (though their Golden Visas are also tightening).
Need help navigating Spain’s residency rules? Contact our experts for tailored advice.
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