Spain closed its Golden Visa program on April 3, 2025, ending more than a decade in which non-EU nationals could secure residency by investing €500,000 or more in Spanish real estate.
For investors who had pictured buying an apartment in Madrid or Barcelona and collecting a residence permit in return, that door is now shut.
The good news is that the Golden Visa was always just one route into Spain, and the country remains one of Europe’s most appealing destinations for international investors and relocating families. Several legal pathways to Spanish residency are still open in 2026, each leading to the same long-term destination: permanent residency after five years and, eventually, citizenship.
This guide breaks down the most relevant alternatives for investors, what each one requires, and how to decide which fits your situation.
What Happened to Spain’s Golden Visa
Spain’s investor visa was introduced in 2013 (Law 14/2013) during the depths of the financial crisis as a way to attract foreign capital. Over its run, it drew tens of thousands of investors, the large majority through property purchases.
In January 2025, the government published Organic Law 1/2025, which repealed the articles governing the Golden Visa. The program officially stopped accepting new applications on April 3, 2025. The stated reason was housing affordability: officials argued that foreign investment concentrated in major cities and coastal areas was pushing property prices beyond the reach of local residents.
Two points matter for anyone affected:
- Existing holders are protected. Applications submitted before the deadline are still processed under the old rules, and current Golden Visa holders can renew their permits as long as they keep meeting the original conditions.
- Buying property is still legal. Foreign nationals retain full property rights in Spain. What changed is that a purchase no longer grants residency on its own.
The Residency Routes That Remain
For investors and people with means, three pathways now do most of the work the Golden Visa used to. None lets you simply “buy in,” but each can lead to permanent residency and citizenship over time.
1. The Entrepreneur Visa — the most investment-oriented option
If your goal is to put capital to work in Spain, the Entrepreneur Visa is the closest thing to a modern investor route. It grants residency to non-EU nationals who launch an innovative business considered to be of special economic interest to Spain.
How it works in practice:
- You submit a business plan to ENISA, Spain’s national innovation agency, which evaluates the project on innovation and scalability. Traditional brick-and-mortar concepts rarely qualify; the program favors tech-enabled, high-growth, or impact-driven models that create local jobs.
- With a favorable ENISA report, you apply for the residence permit through the Large Companies and Strategic Groups Unit (UGE), where processing is comparatively fast.
- The initial permit runs for three years and is renewable in five-year increments.
- You must live in Spain for at least six months per year to maintain the status.
This route was not affected by the Golden Visa closure because it falls under different provisions of the same 2013 law.
2. The Non-Lucrative Visa — for passive income and retirees
The Non-Lucrative Visa (NLV) is designed for people who can support themselves without working in Spain, making it a natural fit for retirees, investors living off portfolio income, or anyone with substantial savings.
Key requirements in 2026:
- Proof of sufficient passive income, generally around €2,400 per month (roughly €28,800 per year) for a single applicant, tied to Spain’s IPREM indicator, plus an additional amount for each dependent.
- No employment in Spain is permitted.
- Since 2025, Spain reinstated a 183-day-per-year physical presence requirement. This makes the NLV unsuitable if you want a permit you can hold while living mostly elsewhere, and it generally makes you a Spanish tax resident.
3. The Digital Nomad Visa — for remote workers and business owners
Launched under Spain’s Startup Act, the Digital Nomad Visa (DNV) suits investors who run a business or work remotely for companies based outside Spain. It is now one of the most accessible residency paths for self-sufficient professionals.
What it involves in 2026:
- A minimum income of roughly €2,850 per month (200% of Spain’s minimum wage), with higher thresholds for dependents.
- A permit valid for one year if applied for through a consulate, or up to three years if applied for from inside Spain, renewable to a total of five years.
- No more than 20% of your income may come from Spanish clients or companies.
- A university degree or at least three years of relevant experience, and proof that the company you work with has operated for at least a year.
A major draw is the Beckham Law tax regime, which can let qualifying newcomers pay a flat 24% rate on Spanish-source income up to €600,000, rather than progressive rates that reach 47%.
Quick Comparison
| Route | Best for | Stay requirement | Indicative financial threshold |
|---|---|---|---|
| Entrepreneur Visa | Building a scalable business in Spain | ~6 months/year | Viable, funded business plan |
| Non-Lucrative Visa | Retirees and passive-income investors | 183 days/year | ~€2,400/month passive income |
| Digital Nomad Visa | Remote workers and online business owners | Flexible | ~€2,850/month earned income |
Buying Property Without a Visa
Property remains a sound investment for many, and you can still buy freely in Spain. You simply do it as an investment or a second home rather than as a residency route, and you can pair ownership with one of the visas above if you intend to live there.
One development worth watching: the government has floated a proposal for a 100% tax on property purchases by non-EU, non-resident buyers. As of 2026 this remains a proposal rather than enacted law, but it could change the math for anyone buying purely as a passive investment, so it is worth confirming the current status before committing.
The Long-Term Path: Residency and Citizenship
All three routes lead to the same destination:
- Permanent residency after five years of continuous legal residence.
- Citizenship after ten years for most nationalities. The timeline drops to just two years for nationals of Ibero-American countries, the Philippines, Equatorial Guinea, Andorra, Portugal, and people of Sephardic origin.
Note that Spain does not generally permit dual citizenship except with those historically linked countries, so applicants from elsewhere would typically need to renounce their original nationality to naturalize. Many investors avoid this by holding a renewable residence permit indefinitely instead.
Tax Considerations Investors Should Not Overlook
Residency and taxation are linked but separate questions. Spending 183 days or more in Spain generally makes you a tax resident, which can mean taxation on worldwide income and potential wealth tax exposure. The Digital Nomad Visa’s Beckham regime is one of the main tools investors use to manage this, but it is a separate application with its own deadlines.
Americans face an extra layer: the United States taxes its citizens on worldwide income regardless of where they live, so US nationals must continue filing US returns and coordinate the two systems through tax treaties and credits. Because individual circumstances vary widely, this is an area where professional advice pays for itself.
Which Path Fits Which Investor?
- You want to deploy capital into a business: the Entrepreneur Visa is the natural successor to the old investor route.
- You live off investments or a pension and plan to settle in Spain: the Non-Lucrative Visa is built for you.
- You earn income remotely from outside Spain: the Digital Nomad Visa offers flexibility plus a favorable tax regime.
- You only want property and don’t need to live in Spain: buy as a non-resident, and revisit the residency routes if your plans change.
Final Thoughts
The end of Spain’s Golden Visa changed the entry ticket, not the destination. Investors can no longer write a single check and receive a residence permit, but those willing to build a business, relocate, or structure income properly still have clear, well-established routes to Spanish residency and, in time, an EU passport. The key is matching the route to your actual goals, finances, and willingness to spend time in the country.
This article is for general informational purposes only and does not constitute legal, immigration, or tax advice. Immigration rules, income thresholds, and tax regimes change frequently and can depend on your specific circumstances and nationality. Before making any decision, verify the current requirements with the Spanish consulate or immigration authorities and consult a licensed immigration lawyer and tax advisor.
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