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Why Spain’s Golden Visa remains attractive in 2025

Spain’s Golden Visa is one of the EU’s most flexible residency-by-investment programmes. It grants the right to live and work in Spain, access the Schengen Area, and eventually obtain permanent residency and citizenship—all while allowing you to spend limited time in the country if you prefer. Since its launch in 2013, more than 14,000 investors and family members have benefited. In 2025, the programme remains available, although scrutiny around property investment has increased. Spain continues to offer a balanced lifestyle, high-quality healthcare and education, and a competitive cost of living compared with other Western European countries.

The Golden Visa is especially attractive to families planning future relocation, digital entrepreneurs seeking an EU base, and investors diversifying into stable property markets. Unlike some EU programmes, Spain does not impose minimum stay requirements for renewals. You only need to visit Spain once per year to keep the permit active. That flexibility, combined with straightforward renewal rules, keeps demand high even as other countries tighten their schemes.

Who qualifies for the programme

To qualify you must:

  • Be over 18 and have no criminal record in the past five years.
  • Hold valid private health insurance in Spain.
  • Demonstrate sufficient financial means to support yourself and dependants.
  • Make a qualifying investment (property, financial assets, or business project).
  • Show proof of funds for the investment plus acquisition costs.

Applicants must also pass a background check covering their global criminal history, fiscal compliance, and financial solvency. Spanish authorities verify that investment funds come from legitimate sources and that you are not on sanctions lists. While the process is straightforward, preparing the documentation with sworn translations takes time, so start early.

Investment options explained

Spain’s Golden Visa offers several investment routes. Most applicants choose property, but other options exist:

  1. Real estate investment of €500,000 or more. You can buy residential, commercial, or land assets. The threshold must be free of mortgages or charges.
  2. Financial assets of €1 million. Invest in shares of Spanish companies, units of investment funds, or bank deposits in Spanish institutions.
  3. Government bonds of €2 million. Purchase Spanish public debt securities for a minimum of five years.
  4. Business project. Present a business plan that creates jobs, fosters scientific innovation, or has socio-economic impact. This route requires approval from the Directorate-General for International Trade and Investment.

Investments can be made personally or through a company, provided you hold majority control and the company is not registered in a tax haven. Couples often buy property jointly as long as each contributes enough to meet the threshold or they are married in community of property regimes.

Buying property for the Golden Visa

Property remains the most popular route because it combines residency with potential rental income and capital growth. However, due diligence is essential.

Selecting the right asset

  • Primary residence vs. investment. Decide whether the property will be a holiday home, rental asset, or your future primary residence. This affects neighbourhood choice, property management needs, and financing.
  • Off-plan vs. completed homes. Off-plan purchases can qualify if you already own the property via a public deed and have invested the required €500,000. Developers must provide bank guarantees for amounts paid before completion.
  • Commercial options. Retail units, offices, and co-living spaces can qualify, provided you meet the threshold and have a clear business plan for rental operations.
  • Nota simple. Verify ownership and encumbrances at the Land Registry.
  • Technical survey. Identify structural issues, outstanding community debts, or illegal extensions.
  • Licence verification. Ensure rental permits or tourist licences are in place if you plan to rent short term.
  • Money trail. Funds must flow from your bank to the seller via traceable transfers. Keep all bank receipts.

Financing

You can finance amounts above €500,000 with a mortgage, but the first €500,000 must be unencumbered. Banks typically lend 50–60% LTV to non-residents. See our mortgage guide for expats for detailed requirements.

Due diligence, background checks, and compliance

Spain’s immigration office (UGE-CE) and police conduct rigorous checks. Prepare the following:

  • Criminal record certificates from every country where you have lived in the past five years, apostilled and translated into Spanish.
  • Proof of funds such as bank statements, investment portfolio reports, and purchase deeds.
  • Health insurance certificate from a provider authorised to operate in Spain.
  • Tax compliance evidence if you already have business activities in Spain.

During the analysis phase, authorities examine whether the investment funds originate from lawful sources. Expect to provide purchase contracts, bank transfer slips, and, if necessary, notarised affidavits explaining the origin of funds. The more transparent and organised your documentation, the faster the approval.

Including family members

The Golden Visa allows you to include close family members under a single application:

  • Spouse or registered partner. Provide marriage or partnership certificates legalised or apostilled.
  • Children under 18 and dependent adult children (students or those with health conditions). Demonstrate financial dependence through bank statements or tuition payments.
  • Dependent parents on either side of the family. Provide proof they rely on you financially, such as pension statements or remittance records.

Each family member needs their own passport, health insurance, and clean criminal record (if over 18). When your dependants are included, they receive residence permits with the same validity as the main applicant.

Application timeline step by step

  1. Initial consultation and strategy (Week 0). Define your investment route, budget, and family composition.
  2. Document preparation (Weeks 1–4). Gather criminal records, insurance, proof of funds, and translations. Open a Spanish bank account to receive funds if buying property.
  3. Investment execution (Weeks 4–8). Sign the reservation contract, pay deposits, and complete the purchase or investment. Obtain the public deed (escritura).
  4. Visa application (Weeks 8–10). If you are outside Spain, apply for the investor visa at the consulate. Inside Spain, file directly for the residence permit via the UGE-CE platform.
  5. Resolution (Weeks 10–14). Authorities have 20 working days to decide. Lack of response equals approval by positive administrative silence, but in practice you receive confirmation sooner.
  6. Residence card issuance (Weeks 14–16). Once approved, book a fingerprint appointment at the police station to obtain the TIE card valid for three years.

Keep digital copies of every step. Many investors hire a local lawyer to coordinate the property purchase, submit the immigration file, and book the police appointment to avoid delays.

Fees, taxes, and running costs

Budget for the following expenses in addition to the investment amount:

  • Property purchase taxes. Transfer tax (ITP) ranges from 6% to 11% depending on the region. New builds attract VAT (IVA) at 10% plus stamp duty (AJD) around 1.5%.
  • Notary and registry fees. Approximately 1–1.5% of the purchase price.
  • Legal fees. Expect €3,000–€6,000 for full-service legal representation covering property and immigration.
  • Immigration fees. The investor residence application fee is roughly €75 per applicant. Police card issuance costs about €16.
  • Annual running costs. Property tax (IBI), community fees, insurance, and utilities vary by location but average €2,000–€4,000 for a city apartment.

Remember to factor in translation, apostille, and courier expenses. If you rent the property, budget for property management and tax filings. The buying property guide breaks down taxes and due diligence in more detail.

Renewals, permanent residency, and citizenship

The initial investor residence card lasts three years. After that, you renew for successive five-year periods as long as you maintain the qualifying investment. Key points:

  • Physical presence. There is no minimum stay requirement for renewal, but you must visit Spain at least once per year.
  • Investment proof. Submit updated land registry certificates or financial statements showing you still hold the assets.
  • Health insurance and means. Maintain private health cover and demonstrate financial capacity.

After five years of residence (with at least six months per year in Spain) you can apply for long-term EU residence. After ten years of continuous residence, plus passing language (DELE A2) and culture (CCSE) exams, you may seek Spanish citizenship. Latin American citizens can often apply after just two years.

Common pitfalls to avoid

  • Incomplete documentation. Missing apostilles or outdated criminal records trigger refusals. Documents must be issued within the last 90 days.
  • Financing below the threshold. Mortgage any amount above €500,000 only. If you finance part of the threshold, the authorities reject the application.
  • Unregistered property. Ensure the property is fully registered in your name before applying. Pre-contracts alone are insufficient.
  • Tax planning gaps. Becoming a tax resident may be advantageous for some families but not all. Coordinate with an international tax advisor early.
  • Ignoring community rules. Some apartment blocks restrict tourist rentals. Understand local bylaws before purchasing investment properties.

Strategic planning tips

  • Combine with the Digital Nomad Visa. Some clients secure the Golden Visa for family flexibility while a spouse uses the digital nomad visa to work remotely and access social security.
  • Use a power of attorney. Grant a Spanish lawyer authority to sign the purchase deed and submit the application if you cannot travel.
  • Plan for future upgrades. Keep renovation invoices, as they may enhance your property’s value and support tax deductions.
  • Monitor policy shifts. Spain occasionally debates adjusting thresholds. Starting the process early protects you from sudden changes.
  • Stay organised. Maintain a shared digital folder with passports, certificates, deeds, and renewal reminders to streamline future applications.

FAQs

Can I rent out my Golden Visa property?

Yes, Spain allows long-term rentals and, in many regions, tourist rentals if you obtain the proper licence. Rental income is taxable in Spain, even if you remain a non-resident taxpayer.

Do I need to live in Spain full time?

No. The Golden Visa grants flexibility. You can visit occasionally and still renew, provided you maintain the investment and visit at least once annually.

What happens if I sell the property?

You must reinvest the required amount in another qualifying asset before the next renewal. Otherwise, your permit will not be renewed.

Can I work in Spain with the Golden Visa?

Yes, the investor residence permit allows you and your adult family members to work as employees or self-employed professionals in Spain.

This guide is informational; get tailored advice by booking a call.