Buying Guide · 8 min read
Spain's Golden Visa Has Ended: The Best Alternative Residency Options in 2025
15 June 2025 · Hansson & Hertzell
Spain cancelled the Golden Visa for real estate investors in April 2025. Here are the best legal pathways to Spanish residency still available to non-EU citizens.
In April 2024, Spain's Prime Minister Pedro Sánchez announced the cancellation of the Spanish Golden Visa programme for real estate investors. The programme, which had granted residency rights to non-EU citizens purchasing Spanish property worth €500,000 or more, was officially closed to new property-based applications in 2025.
For buyers who were planning to use the Golden Visa as their pathway to Spanish residency while purchasing a Costa Blanca property, this changes the equation significantly. This guide explains exactly what happened, what rights existing Golden Visa holders retain, and what the realistic alternatives are for non-EU buyers seeking extended Spanish residency.
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What Was the Spanish Golden Visa?
Launched in 2013, the Spanish Residency by Investment programme — commonly called the Golden Visa — allowed non-EU nationals to obtain a Spanish residence permit by making qualifying investments in Spain. The most popular route was real estate: purchasing Spanish property worth €500,000 or more (unencumbered by mortgage) granted the investor and their immediate family a two-year renewable residence permit, providing the right to live, travel, and work throughout the Schengen Area.
At its peak, the programme attracted significant investment from buyers across the Middle East, China, Russia, Latin America, and the UK (post-Brexit). In the Costa Blanca, a meaningful segment of the high-value property market was driven by Golden Visa buyers.
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Why Did Spain Cancel It?
The Spanish government cited housing affordability as the primary motivation. Prime Minister Sánchez framed the closure as necessary to prioritise housing for Spanish residents over investment-driven demand — particularly in cities like Madrid, Barcelona, and coastal tourist markets where property price inflation has been severe.
Critics argued the Golden Visa contributed marginally to overall housing costs (Golden Visa buyers represented a small fraction of total transactions), and that the programme brought significant tax revenue and investment into Spain. Supporters of the closure argued that selling residency rights distorts the housing market for regular buyers.
Regardless of the political debate, the policy outcome is clear: from 2025, non-EU citizens cannot obtain Spanish residency by purchasing real estate, regardless of the purchase price.
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What Happens to Existing Golden Visa Holders?
Existing Golden Visa holders — those who obtained their residence permit under the programme before it closed — retain their rights. Their permits remain valid, can be renewed under the original terms, and the pathway to permanent residency and eventual Spanish citizenship remains open for those who qualify through time and other criteria.
If you are an existing Golden Visa holder considering a property change or additional purchase in Spain, your permit is not affected by the programme closure.
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Residency Alternatives for Non-EU Property Buyers
The closure of the Golden Visa doesn't mean non-EU buyers can't obtain Spanish residency. Several alternative pathways remain available, each with different requirements, timelines, and practical implications.
1. Non-Lucrative Visa (NLV)
The most popular route for retirees and those with passive income. The Non-Lucrative Visa permits residence in Spain without the right to work for Spanish employers (self-employment and remote work for foreign employers is a grey area — see Digital Nomad Visa below).
Requirements (2026 figures):
- Proof of sufficient passive income: approximately €2,400/month for a single applicant (roughly €28,800/year) — this threshold is updated annually
- For a couple: approximately €3,000/month
- Comprehensive private health insurance (full coverage in Spain, no co-payments)
- Criminal record certificate from your home country (apostilled)
- Proof of accommodation in Spain (owning a property satisfies this)
Application process: Applied for at the Spanish Consulate in your home country — not in Spain. Requires a consulate appointment, which can take 4–12 weeks to schedule depending on the consulate. Processing time after submission: 30–90 days.
Initial validity: 1 year, renewable for 2 years at a time. After 5 years of continuous legal residence in Spain, you can apply for long-term residence. After 10 years (or less under certain conditions), Spanish citizenship becomes potentially available.
Practical notes: The NLV requires spending the majority of your time in Spain (not just owning property there). If you spend fewer than 183 days/year in Spain, you technically don't meet the "effective residence" requirement for renewal. This is not always strictly enforced in practice but is a genuine consideration.
2. Digital Nomad Visa
Spain's Digital Nomad Visa, introduced under the Startups Act in 2023, targets remote workers and freelancers whose income comes primarily from outside Spain.
Requirements:
- Employment with a foreign company or freelance/self-employment income from non-Spanish clients
- Minimum income: approximately €2,646/month (200% of Spain's minimum wage) in 2026
- That income must come at least 80% from non-Spanish sources
- Health insurance in Spain
- Clean criminal record
Key advantages over NLV:
- Allows working remotely for foreign employers (NLV technically prohibits work)
- Access to Spain's Tech Visa pathway with potential tax benefits under the Beckham Law (flat 24% income tax rate for first 6 years for qualifying applicants)
- More straightforward renewal if income requirements are met
Validity: Initial 1 year, renewable for 2-year periods. Pathway to permanent residency and citizenship as with NLV.
3. Retirement Visa (Non-Lucrative for Retirees)
Effectively the same as the Non-Lucrative Visa but with emphasis on pension income as the primary qualifying income source. Spanish consulates are accustomed to processing NLV applications from UK, Swedish, Norwegian, and other non-EU retirees drawing state pensions.
The key advantage of this route is simplicity: if you're drawing a state or private pension above the income threshold, the application is relatively straightforward, and property ownership in Spain provides the accommodation requirement.
4. EU Passive Residency (via Portugal or Other EU Countries)
A longer route but worth mentioning: some non-EU buyers who want Schengen residency explore obtaining residency in another EU country first (Portugal's NHR programme remains available for example), then using free movement rights within the EU. This is complex and requires proper legal advice — but it's an option some buyers with multi-country flexibility consider.
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The 90-Day Rule for Non-Resident Property Owners
Non-EU citizens who own property in Spain but don't hold a Spanish residence permit (or residency in another Schengen country) are subject to the standard Schengen tourist allowance: 90 days in any 180-day period across the entire Schengen Area.
This affects British buyers most significantly (post-Brexit). Many have adapted their usage patterns — two 6-week stays per year, for example — or have pursued Non-Lucrative Visas to enable longer stays.
For buyers whose primary motivation was the Golden Visa's residency rights rather than the specific property asset, these alternative visa routes are the realistic path forward.
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Does the Golden Visa Closure Affect Property Values?
Potentially, at the very top end of the market. The Golden Visa requirement of €500,000 minimum investment created a floor of demand for high-value Spanish property from non-EU buyers. The removal of this incentive may soften demand at that specific price point from certain buyer profiles.
However, the Costa Blanca's mainstream property market (€100,000–€500,000) was never significantly driven by Golden Visa buyers. Demand from Northern European retirees, second-home buyers, and lifestyle-driven investors in the €150,000–€350,000 segment remains unaffected.
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Practical Advice for Non-EU Buyers in 2026
If you want to spend extended time in Spain: The Non-Lucrative Visa or Digital Nomad Visa are your primary options. Both require consulate applications from your home country and have meaningful income requirements. Start the process early — consulate appointment waiting times of 8–16 weeks are common in busy periods.
If you're buying purely as an investment (not for personal residency): Nothing has changed. Non-EU citizens can buy, own, and rent Spanish property without any residency requirement. The Golden Visa was only relevant if you wanted residency rights alongside the investment.
If you had a Golden Visa and are considering a new purchase: Your existing residency is unaffected. Consult an immigration lawyer about the implications of your specific situation before any property changes.
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Frequently Asked Questions
Is there any way to get Spanish residency through property investment now? Not directly. The real estate route is closed. The remaining investment routes (government bonds, venture capital funds, Spanish business investment) still exist in theory, but they are less practical for typical property buyers and require specialist legal advice.
Can I still buy property in Spain as a UK citizen? Absolutely. Property ownership rights are completely separate from residency rights. UK citizens can buy, own, sell, and rent Spanish property exactly as before. The difference is the 90-day Schengen limit on personal use without a visa.
What's the minimum income needed for a Non-Lucrative Visa in 2026? Approximately €2,400/month (€28,800/year) for a single applicant. This is reviewed annually against the Spanish minimum wage. Check the current figure with the Spanish consulate in your home country at the time of application.
How long does a Non-Lucrative Visa take to process? From consulate appointment to decision: typically 1–3 months. Prepare all documentation meticulously — incomplete applications are a common reason for delays or refusals.
Will the Golden Visa be reinstated? Unlikely in the near term. The closure was politically motivated by housing affordability concerns and has broad public support. A change of government could theoretically reverse it, but there is no concrete indication this will happen.
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Working with Hansson & Hertzell
The end of the Golden Visa changes the residency calculation for non-EU buyers, but it doesn't change the fundamental appeal of Costa Blanca property as an investment, lifestyle asset, or rental income generator.
We work with non-EU buyers regularly — including UK buyers managing the 90-day rule — and can connect you with immigration lawyers experienced in Non-Lucrative and Digital Nomad Visa applications alongside your property search.
Contact us to discuss your situation, or browse our current Costa Blanca listings.
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Tax Implications of Spanish Residency vs Non-Residency
One aspect of the Golden Visa discussion that often gets overlooked: Spanish residency significantly changes your tax position.
Non-residents pay Spanish taxes only on Spain-sourced income (rental income, capital gains on Spanish property) at non-resident rates (19–24% depending on EU/non-EU status). They are not subject to Spanish income tax on worldwide income.
Spanish tax residents (183+ days/year in Spain, or with primary economic interests in Spain) become subject to Spanish income tax on their worldwide income at progressive rates reaching 47% on higher income levels. For some buyers — particularly those with high passive income or investment portfolios — this makes Spanish residency significantly more expensive than non-residency from a tax perspective.
The Beckham Law (formally the Ley de Impatriados) offers an exception: qualifying new residents can pay a flat 24% on Spanish-sourced income for up to 6 years. The Digital Nomad Visa can provide access to this regime.
The bottom line: residency through NLV or Digital Nomad Visa is the right move for buyers who want to spend significant time in Spain, but the tax implications of becoming resident need careful review with a Spanish tax advisor before making the decision.
