Spain Golden Visa: What Happened & Your Alternatives (2026 Update)

Table of contents

• Overview: What happened to Spain’s Golden Visa
• Why Spain ended the program
• Timeline of the Golden Visa cancellation
• If you already have a Golden Visa
• If your application was pending
• Can foreigners still buy property in Spain?
• Alternative residency pathways for 2026
• Comparing residency options: which suits you?
• Other European Golden Visa programs
• Tax implications and planning for 2026
• What to do if you were planning to invest
• FAQs

Overview: What happened to Spain’s Golden Visa

Spain officially ended its Golden Visa program on April 3, 2025. The program, which launched in 2013, allowed non-EU citizens to obtain Spanish residency by investing €500,000 or more in real estate or making other qualifying investments. From April 2025 onwards, no new applications are accepted through any investment route—not just property.

The Golden Visa was one of Europe’s most popular residency-by-investment programs, issuing over 6,200 visas through real estate alone and attracting more than €1 billion annually in foreign investment. Most applicants came from China, the United States, Russia, and the United Kingdom, with a surge from UK and US investors following Brexit.

For 12 years, the program offered significant benefits: Spanish residency for investors and their families, visa-free travel throughout the Schengen Area, access to Spanish healthcare and education, and a pathway to permanent residency after five years. The minimum stay requirement was minimal—just one visit per year—making it attractive for those seeking European access without full relocation.

Now that the program has ended, prospective investors must explore alternative residency routes or consider Golden Visa programs in other European countries like Portugal, Greece, or Malta.

Why Spain ended the program

Prime Minister Pedro Sánchez announced the decision in April 2024, citing housing affordability as the primary concern. Spanish cities, particularly Madrid and Barcelona, experienced dramatic property price increases partly attributed to foreign investment through the Golden Visa program. The government argued that the program transformed housing from a fundamental right into a speculative commodity.

Data showed that 94% of Golden Visas were granted through real estate investment, with the majority concentrated in Spain’s most expensive urban markets. Local residents faced increasingly unaffordable housing, prompting political pressure to end the program. The decision aligned Spain with other European nations that have restricted or eliminated similar schemes, including the United Kingdom, Ireland, Portugal, and the Netherlands.

Beyond housing concerns, the program faced scrutiny over financial transparency and questions about whether foreign capital inflows justified the social costs. As Spain’s economy recovered from the 2008 crisis—the original catalyst for introducing the Golden Visa—the perceived need for such investment incentives diminished.

The legislative process moved through both chambers of parliament throughout late 2024. The Senate initially vetoed the proposal in November, but Congress overrode the veto in December with 177 votes in favor and 170 against. The final law was published in the Official State Gazette on January 3, 2025, with a three-month grace period before implementation.

Timeline of the Golden Visa cancellation

Understanding the key dates helps clarify your options:

• September 2013: Golden Visa program launches under Law 14/2013.
• April 2024: Prime Minister Sánchez announces plans to abolish the program.
• November 2024: Senate vetoes the abolition; returns to Congress.
• December 19, 2024: Congress approves ending the program with simple majority.
• January 3, 2025: Final law published in the BOE, granting three-month grace period.
• April 3, 2025: Golden Visa program officially ends. No new applications accepted.
• 2026 onwards: Existing holders continue renewing; alternative pathways available.

The three-month grace period meant applicants had until April 3, 2025, to submit complete applications, including property purchases finalized by early March. Applications submitted before the deadline continue to be processed under the original rules.

If you already have a Golden Visa

Current Golden Visa holders can breathe easily. The law includes transitional provisions protecting your status. You may continue renewing your visa as long as you meet these conditions:

• Maintain your original investment (property, shares, bonds, or deposits).
• Visit Spain at least once per year.
• Keep valid health insurance if required under your visa type.
• Renew before your current visa expires or within 90 days after expiration.

Your renewal applications will be processed according to the regulations in place when you first obtained the visa—not the new restrictions. Family members included in your original application retain the same rights.

Initial Golden Visas granted one-year residency, renewable for two additional years. After three years, you could apply for five-year renewal cards. The pathway to permanent residency after five years of legal residence remains unchanged, as does eligibility for Spanish citizenship after ten years.

If you plan to apply for permanent residency or citizenship, ensure you meet residence requirements. While Golden Visa holders faced minimal stay obligations initially, permanent residency typically requires more substantial physical presence in Spain. Consult with an immigration advisor to plan your timeline appropriately.

If your application was pending

Applications submitted before April 3, 2025, continue to be processed under the original Golden Visa framework. If you filed paperwork, paid fees, and completed your investment before the deadline, Spanish authorities will honor your application.

Processing times for pending applications remain similar to pre-cancellation periods: typically two to four months from submission to approval, depending on the complexity and the consulate or immigration office handling your case. You should receive updates through the contact information provided in your application.

If your application is approved, you receive the same benefits as any Golden Visa holder, including renewal rights and protection under the transitional provisions. Make sure to respond promptly to any requests for additional documentation to avoid delays that could jeopardize your approval.

For those who missed the deadline or encountered delays in property purchases, unfortunately no extensions or special accommodations apply. The April 3 cutoff was firm, and Spanish immigration authorities are not accepting late submissions regardless of circumstances.

Can foreigners still buy property in Spain?

Absolutely. Spain welcomes foreign property investment, and non-residents enjoy the same ownership rights as Spanish citizens. The end of the Golden Visa only removed the automatic residency benefit—it did not restrict property purchases.

Foreign buyers accounted for approximately 15% of all Spanish property transactions in 2024, totaling over 87,000 purchases. This activity continued even after the Golden Visa announcement, demonstrating strong underlying demand driven by Spain’s climate, lifestyle, and rental yields averaging 6.5% in mid-2025.

When purchasing property as a non-resident in 2026, you still need:

• NIE (Número de Identificación de Extranjero): Essential for any property transaction. Follow our NIE guide for the application process.
• Spanish bank account: Required for mortgage payments, utility bills, and tax obligations.
• Legal representation: A Spanish property lawyer reviews contracts, performs due diligence, and represents you at the notary signing.
• Property taxes: Budget for transfer tax (6-10% depending on region), notary fees, and annual property taxes.

Non-residents can still rent out properties, apply for mortgages (though terms may be less favorable than for residents), and sell freely. However, owning property alone no longer provides a path to residency, so factor alternative visa requirements into your plans if you intend to spend significant time in Spain.

Alternative residency pathways for 2026

Several visa options remain available for non-EU citizens seeking Spanish residency in 2026. Choose based on your work status, income level, and long-term goals.

Digital Nomad Visa

Perfect for remote workers employed by non-Spanish companies or self-employed professionals serving international clients. Requirements include:

• Employment contract or proof of freelance work with clients predominantly outside Spain.
• Minimum monthly income of approximately €2,400 (four times Spain’s IPREM indicator).
• Valid for one year initially, renewable for up to five years.
• Allows legal residence while working remotely; you can stay in Spain year-round.

This visa grew in popularity throughout 2025 and is expected to be one of the most-used pathways in 2026, particularly for Americans, Canadians, and UK citizens working in tech, consulting, and creative industries.

Non-Lucrative Visa

Ideal for retirees and financially independent individuals who don’t plan to work in Spain. Requirements:

• Prove sufficient funds: €2,400 per month for the main applicant, plus €600 per month for each dependent.
• Demonstrate income from pensions, investments, or savings covering three years of expenses.
• Private health insurance with full coverage in Spain.
• Cannot legally work in Spain, though you can receive passive income from abroad.

Initial approval grants one year of residency, renewable annually. After five years, you can apply for permanent residency. Many retirees use this route, particularly those with pension income or investment portfolios.

Entrepreneur Visa

Designed for individuals starting businesses or investing in Spanish startups. Qualifying activities include:

• Launching an innovative business project of general interest to Spain.
• Investing in a Spanish startup or existing company (specific thresholds apply).
• Highly qualified professionals with specialized skills contributing to Spain’s innovation ecosystem.

The application process requires submitting a business plan, demonstrating economic impact, and sometimes securing approval from a regional economic development agency. Processing can take several months, but successful applicants receive three-year initial residency permits.

Work Visa

Traditional employment-based residency for those with Spanish job offers. Your employer must sponsor your application by demonstrating they couldn’t fill the position with an EU citizen. This path works well for professionals in sectors with talent shortages: healthcare, engineering, education, and hospitality.

Work visas tie you to a specific employer initially, though you can change jobs after the first year with proper authorizations. Family members can join you under family reunification procedures.

Family Reunification

If you have a spouse, parent, or child who is a Spanish citizen or legal resident, you may qualify for family reunification. This route offers faster processing and fewer financial requirements compared to other visa types.

Comparing residency options: which suits you?

Visa type	Best for	Minimum income	Can work?	Initial validity
Digital Nomad	Remote workers	€2,400/month	Yes (remote only)	1 year
Non-Lucrative	Retirees, financially independent	€2,400/month + savings	No	1 year
Entrepreneur	Business founders, investors	Varies by project	Yes (own business)	3 years
Work Visa	Employed professionals	Employment contract	Yes (specific employer)	1 year
Family Reunification	Family of residents/citizens	Lower threshold	Depends on status	1 year

Each visa has specific documentation requirements, processing times, and renewal conditions. Consult with an immigration lawyer to identify the best match for your situation and ensure your application is complete.

Other European Golden Visa programs

If the investment-based residency route appeals to you, several European countries maintain active programs in 2026:

Portugal Golden Visa

Portugal eliminated its real estate investment option in October 2023 but continues offering residency through:

• Capital transfer of €500,000 into Portuguese investment funds.
• Creating at least ten jobs for Portuguese nationals.
• Scientific research contributions or cultural heritage donations.

Portugal’s program grants Schengen access with minimal stay requirements (seven days per year) and a pathway to citizenship after five years with basic Portuguese language proficiency.

Greece Golden Visa

Greece operates a tiered system based on property location. Investments start at €250,000 in less-developed regions and rise to €800,000 in Athens, Thessaloniki, and popular islands. The program remains one of Europe’s most affordable Golden Visa options, offering five-year renewable permits and permanent residency eligibility after seven years.

Malta Permanent Residency

Malta requires a €375,000 property purchase or a minimum €14,000 annual rental commitment, plus a €2,000 donation. The program provides immediate EU residency with Schengen travel rights and no minimum stay requirement, making it attractive for investors prioritizing mobility over physical residence.

Italy and Cyprus

Italy offers residency for investors in Italian government bonds (€2 million), company capital (€500,000), or philanthropic projects (€1 million). Cyprus restructured its program in recent years, now requiring €300,000 property investment plus additional financial criteria.

Each program has distinct advantages depending on your priorities: tax efficiency, citizenship timeline, quality of life, or business opportunities. Research thoroughly and engage advisors familiar with the specific country’s regulations.

Tax implications and planning for 2026

Residency status significantly impacts your tax obligations. Understanding the rules helps you plan effectively and avoid unexpected liabilities.

Tax residency in Spain

You become a Spanish tax resident if you spend more than 183 days in Spain during a calendar year or if your primary economic interests are in Spain. Tax residents pay Spanish income tax on worldwide income at progressive rates from 19% to 47%.

If you hold a Non-Lucrative Visa and spend less than 183 days per year in Spain, you remain a non-resident for tax purposes, paying Spanish tax only on Spanish-source income. This distinction is crucial for planning your time in Spain.

Special tax regime for new residents

Spain offers the “Beckham Law” (Ley Beckham), a special tax regime for certain new residents. Eligible individuals pay a flat 24% tax rate on Spanish-source income up to €600,000, with income above that taxed at 47%. Crucially, foreign-source income and capital gains face a much lower tax burden under this regime.

Qualifying for the Beckham Law requires:

• Not having been a Spanish tax resident in the previous ten years.
• Moving to Spain due to an employment contract or to perform business activities.
• Applying within six months of starting Spanish employment.

This regime lasts six years and can result in significant tax savings for high earners relocating to Spain.

Property taxes for non-residents

If you own Spanish property but don’t reside in Spain, you pay non-resident income tax (NRIT) annually, calculated as a percentage of the property’s cadastral value. Additionally, you pay annual property tax (IBI) to the local municipality.

When you sell Spanish property, Spain taxes the capital gain at 19% for residents of EU/EEA countries, with potential tax treaty benefits depending on your home country.

US citizens and FATCA

American citizens face unique considerations due to worldwide taxation and FATCA reporting requirements. You must file US tax returns regardless of where you live, though the Foreign Earned Income Exclusion and Foreign Tax Credit help prevent double taxation. Work with a cross-border tax advisor familiar with US-Spain tax treaties to optimize your situation.

What to do if you were planning to invest

Missing the Golden Visa deadline doesn’t mean abandoning your Spain plans. Here’s how to pivot:

1. Reassess your goals: Were you primarily interested in Spanish residency, European access, or investment returns? Your answer determines the best alternative.

2. Explore visa options: Review the alternative residency pathways above. The Digital Nomad or Non-Lucrative Visa may suit your needs without requiring a large property investment.

3. Consider other Golden Visa countries: If the investment-based model appealed to you, Portugal, Greece, and Malta offer similar programs with different thresholds and benefits.

4. Invest in Spain without residency: You can still purchase Spanish property, invest in Spanish companies, or hold Spanish assets. You simply won’t receive automatic residency in return. If you spend less than 90 days per year in Spain, you may not need a visa at all (depending on your nationality).

5. Engage professional advice: Immigration laws change frequently. Work with licensed immigration lawyers who can assess your specific circumstances and recommend the optimal strategy for 2026 and beyond.

The end of Spain’s Golden Visa closes one chapter but opens opportunities to explore alternative routes that may align better with your lifestyle and objectives.

FAQs

Will Spain reintroduce the Golden Visa in the future?

There’s no indication Spain plans to revive the program. The government framed the cancellation as addressing structural housing issues, suggesting long-term policy rather than a temporary pause. Monitor official announcements, but don’t base plans on its potential return.

Can I convert my tourist stay into a residency visa?

Generally no. Most Spanish visas require application from your home country through a Spanish consulate. You cannot apply from within Spain on a tourist visa except in very limited circumstances like marriage to a Spanish citizen.

How long can I stay in Spain without a visa in 2026?

Citizens of visa-exempt countries (including the US, Canada, Australia, and UK) can stay up to 90 days within any 180-day period in the Schengen Area without a visa. For longer stays, you must obtain a residence visa before arrival.

Is there a minimum age requirement for Spanish residency visas?

Most residence visas have no age limits, though applicants under 18 typically need parental consent and additional documentation. Retirees of any age can apply for the Non-Lucrative Visa as long as they meet financial requirements.

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