Key Takeaways
- The investor visa is gone — all routes closed. Spain’s full investor residence permit programme was abolished on 3 April 2025 via Organic Law 1/2025. Not just property: shares, bonds, bank deposits, and business investment routes were all eliminated. No new applications are accepted.
- Existing holders are protected. If you held a golden visa before the April 2025 deadline, you can continue to renew. Only real estate investors appear to retain full renewal rights; the position for other investment routes is less clear and being litigated.
- The alternatives still work. High-net-worth individuals can still get Spanish residency through the Non-Lucrative Visa (passive income route), Digital Nomad Visa, or Entrepreneur Visa. Each has different conditions.
- Agent misinformation is rampant. Costa del Sol estate agents still market “golden visa properties.” The property route is definitively closed to new applicants. Anyone telling you otherwise in 2025 or 2026 is misinformed or misleading you.
- Tax planning still matters. Beckham Law (24% flat rate) is still available to new Spanish residents who qualify, regardless of how they obtained their visa.
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If you’ve been researching Spanish residency as a high-net-worth individual and someone mentioned the investor visa — also known as the golden visa — you need to know something important before reading further: Spain abolished the entire investor visa programme on 3 April 2025.
This guide explains exactly what was abolished, what it meant for existing holders, and — critically — what your options are now if you want to live in Spain with significant capital to deploy.
What Was the Spain Investor Visa?
The investor visa (visado de inversor) was created by Ley 14/2013 de apoyo a los emprendedores y su internacionalización, specifically Articles 63–67 governing residence permits for significant investors. It was commonly called the “golden visa” and was Spain’s residency-by-investment programme from 2013 to 2025.
The programme allowed non-EU nationals to obtain Spanish residency in exchange for qualifying investments, the most popular of which was the €500,000 real estate route. But the law also offered financial investment routes:
- €1 million+ in shares of Spanish companies or investment funds
- €1 million+ in bank deposits at Spanish financial institutions
- €2 million+ in Spanish government bonds (deuda pública)
- Significant business investment creating jobs or contributing to innovation
The programme was attractive because it offered Schengen travel rights, full family inclusion, a path to permanent residency, and minimal physical stay requirements — you only needed to visit Spain once per year to maintain the permit.
Why Spain Abolished the Investor Visa
Spain’s government had been signalling the end of the golden visa since April 2024, when Prime Minister Sánchez publicly announced the intention to scrap it. The political argument centred on housing: the programme had attracted significant real estate investment in coastal areas and major cities, contributing to price increases that put Spanish property out of reach for local residents.
Critics noted that the financial investment routes (bonds, shares, deposits) had relatively little economic impact — they weren’t widely used and didn’t generate the social benefits that justified granting residency. The government accepted this argument and chose to eliminate all routes, not just property.
The formal legislative vehicle was Organic Law 1/2025 of 2 January 2025 (Ley Orgánica 1/2025, de 2 de enero, de medidas en materia de eficiencia del Servicio Público de Justicia), published in the BOE on 3 January 2025. Its twenty-first final provision repealed Articles 63–67 of Ley 14/2013 in their entirety. The repeal took effect on 3 April 2025 — three months after publication.
Applications submitted before 3 April 2025 could still be processed and approved. As of that date, no new applications are accepted.
What Happened to Existing Golden Visa Holders?
If you already held a golden visa when the programme closed, your position is as follows:
Real Estate Investors
Holders who obtained residency via the €500,000+ property route have the clearest path. They can renew their permits under the pre-existing rules, maintaining the investment at or above €500,000 in property. A property sale is permissible provided a replacement property of equal or greater value is purchased without a gap in investment. Renewals continue as two-year extensions, with eligibility for permanent residency at year 5.
Financial Investment Holders (Bonds, Shares, Deposits)
The position here is more complex. The law’s text does not explicitly provide for renewal of non-real-estate golden visa routes. This gap is being interpreted differently by different lawyers, and some cases are in administrative challenge. If you hold a golden visa via a financial investment route and it’s coming up for renewal, you need specialist legal advice. Do not assume automatic renewal rights based on pre-2025 rules.
Applications Submitted Before 3 April 2025
These are still being processed and can be approved even if submitted close to the deadline. Holders receive full rights under the original programme rules.
The Golden Visa Misinformation Problem on the Costa del Sol
The abolition of the investor visa has created a significant information problem, particularly in the Spanish property market. Estate agents — especially along the Costa del Sol — built substantial business around “golden visa properties.” Many continue to market these properties using golden visa language.
To be direct: buying property in Spain in 2025 or 2026 does not give you a golden visa. The route is closed. Property purchase remains a valid investment but it no longer confers any residency rights beyond what any property owner would have. If an estate agent, developer, or lawyer is using golden visa or investor visa language to sell you property, either they’re uninformed or they’re being deliberately misleading.
This matters practically because some buyers may have budgeted for a €500,000+ property specifically for the residency benefit. That benefit is gone. The property purchase may still make financial sense — but on its own terms, not as a visa strategy.
Your Options Now: Residency for HNW Individuals in Spain (2025–2026)
The abolition of the investor visa doesn’t close off Spain to wealthy foreign residents. It does mean the path is different. Here are the realistic routes, in order of relevance for high-net-worth individuals:
Non-Lucrative Visa (NLV)
The Non-Lucrative Visa is the most direct replacement for the golden visa for people who want to live in Spain without working here. You demonstrate sufficient passive income or savings to support yourself without employment in Spain. The current income threshold is approximately €28,800 per year (400% of the IPREM) for the primary applicant, plus roughly 100% of the IPREM (approximately €7,200/year) for each additional family member.
For someone who has accumulated significant wealth, the NLV income threshold is not particularly challenging. The catch: you cannot work in Spain on an NLV, whether employed or self-employed. If you want to run a business or work here, this isn’t the right route.
NLV holders can apply for permanent residency after 5 years of continuous legal residence.
Digital Nomad Visa
The Digital Nomad Visa is for remote workers and entrepreneurs running companies abroad. If your business is incorporated outside Spain and you work remotely, the DNV allows you to live in Spain while doing so. The income threshold is approximately €3,024/month (200% of the SMI, Spain’s minimum wage). You can have up to 20% of your work come from Spanish clients.
For founders or investors who have ongoing advisory roles with foreign companies, board seats, or consulting income from outside Spain, the DNV can be a workable route to Spanish residency.
Entrepreneur Visa
If you want to start a business in Spain — not just live here on passive income — the entrepreneur visa under Title V of Ley 14/2013 (which was not abolished) is still active. There is no minimum financial investment. The threshold is demonstrating that your business project is innovative or economically significant to Spain. You need a favourable report from ENISA.
For HNW individuals planning to deploy capital into a Spanish operating business — not just a property — the entrepreneur visa could work well. The ENISA evaluation looks favourably on ventures with real investment capacity, job creation potential, and innovation substance.
Highly Qualified Professional Permit
If you have high-level professional qualifications and plan to work in Spain in an employed capacity for a Spanish company, the highly qualified professional permit (also under Ley 14/2013) offers a fast-track residency route. Less relevant for independent investors but worth knowing about.
Beckham Law: Still Available for New Residents
One of the most attractive features associated with the golden visa was its compatibility with Spain’s Beckham Law (formally the Régimen Especial de Trabajadores Desplazados, Article 93 of the LIRPF). This regime allows qualifying new Spanish residents to pay a flat 24% income tax rate on Spanish-sourced income up to €600,000, instead of progressive rates reaching 47%+. Foreign-sourced income is taxed differently under this regime.
Beckham Law still exists and is still available to new Spanish residents arriving via other visa routes — NLV, DNV, entrepreneur visa, or any other legal path. What’s gone is the investor visa itself, not the tax planning opportunities associated with Spanish residency.
Key Beckham Law requirements:
- You have not been a Spanish tax resident in any of the previous 5 tax years
- You moved to Spain for economic activity purposes (employment, self-employment, or entrepreneurial activity)
- You apply within 6 months of registering with Social Security or your first economic activity in Spain
NLV holders may face more difficulty qualifying for Beckham Law since the regime requires the move to be connected to economic activity. This is an area requiring specialist tax advice. DNV and entrepreneur visa holders typically have a clearer path to Beckham Law eligibility.
Path to Permanent Residency and Spanish Citizenship
The golden visa’s minimum stay requirement (one visit per year) made it an unusually efficient path to permanent residency — you could accumulate 5 years with minimal physical presence. The alternative routes require genuine residence:
- NLV, DNV, Entrepreneur Visa: Permanent residency eligibility after 5 years of continuous legal residence, with a general requirement not to be absent for more than 6 months per year (with some flexibility).
- Spanish citizenship: Eligible after 10 years of legal residence (2 years for nationals of Ibero-American countries, Andorra, Philippines, Equatorial Guinea, and Portugal). Requires demonstrating integration, language (A2 minimum), and passing a civic knowledge test.
The loss of the investor visa’s minimal stay requirement is a genuine disadvantage for buyers who didn’t want to commit to living primarily in Spain. The alternative routes all require you to actually live here.
For Those Who Applied Before April 2025
If you already hold a Spanish golden visa and are approaching renewal, the key actions are:
- Start renewal preparations at least 3 months before expiry
- Ensure the qualifying investment is still maintained at or above threshold (for real estate holders: €500,000+)
- Gather updated documentation: criminal records from all countries of residence in the past 5 years, proof of health insurance with no gaps, proof of entry into Spain at least once during the permit period
- If your original golden visa was via a financial investment route (bonds, shares, deposits): consult a specialist immigration lawyer before assuming standard renewal applies
Frequently Asked Questions
Is there any way to still get an investor visa in Spain in 2025 or 2026?
No. The investor visa programme was completely repealed effective 3 April 2025 under Organic Law 1/2025. All qualifying investment routes — property, shares, bonds, bank deposits, and business investment — were eliminated simultaneously. There is no replacement investment visa programme. Anyone claiming otherwise is mistaken or misleading you. The closest functional alternatives are the Non-Lucrative Visa, Digital Nomad Visa, and Entrepreneur Visa, each covered in detail above.
I’ve seen properties marketed as “golden visa eligible” — what does that mean in 2025?
Nothing legally meaningful for new buyers. Properties worth €500,000+ don’t carry any golden visa benefit for purchasers after April 2025. This marketing language is either outdated (referring to sales before the abolition) or misleading. If you’re buying a Costa del Sol property, evaluate it on its own merits as an investment — location, rental yield, capital appreciation prospects — not on any residency benefit that no longer exists.
Can I get Spanish residency through buying property at all?
Property ownership alone does not confer Spanish residency rights. What it does give you: an address in Spain useful for visa applications, potential rental income to demonstrate passive income for an NLV, and a base from which to apply for other permits. But the property purchase itself doesn’t trigger any residency pathway. You need a separate visa application on independent grounds.
My accountant mentioned Beckham Law — is that still available now the golden visa is gone?
Yes. The Beckham Law (Article 93 LIRPF) is entirely separate from the golden visa programme. It was available to any new Spanish tax resident who moved for economic activity purposes and hadn’t been tax resident in Spain for the past 5 years. The abolition of the investor visa doesn’t affect Beckham Law’s existence or availability. You can access it via the NLV (with caveats), DNV, entrepreneur visa, or employment permit. Get specialist tax advice to confirm eligibility for your specific situation.
What happens to my golden visa if I want to sell my property and buy another one?
Existing golden visa holders (real estate route) can sell their original property and purchase a replacement, provided the new purchase maintains the €500,000+ investment and there is no gap in investment — ideally purchase before or simultaneously with sale. The key is that your investment never drops below the threshold. Document the transition carefully and inform your immigration lawyer before executing the sale.
How does Spain’s abolition compare to other European countries?
Spain joins a wave of European countries exiting the residency-by-investment business. Portugal abolished its real estate golden visa route in October 2023 (though retained a startup and capital transfer route). Ireland eliminated its investor visa programme in February 2023. The Netherlands and the UK both wound down their investor visa schemes. The European trend is clear: residency-by-investment programmes face increasing scrutiny over housing market distortion, money laundering risks, and limited genuine economic benefit. Alternative residency routes in these countries — typically income-based, professional, or entrepreneurial — remain active.
See also: Golden Visa Spain (History & Status) | Spanish Residency Guide | Non-Lucrative Visa Spain | Entrepreneur Visa Spain | Beckham Law Spain | Permanent Residency Spain
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Frequently Asked Questions
How long does the residency process take in Spain?
It varies by visa type. EU citizen registration takes 1-2 weeks once you have an appointment. Non-lucrative visas take 1-3 months from application. Digital nomad visas take 1-2 months. TIE card processing adds 2-6 weeks after residency approval.
Do I need a padron to apply for residency?
Not always for the initial application, but you will need it very soon after. The padron (municipal registration) is required for healthcare, schooling, tax purposes, and many administrative procedures. Register at your local ayuntamiento as soon as you have a fixed address.
Can I work in Spain on a non-lucrative visa?
No. The non-lucrative visa explicitly prohibits employment or self-employment in Spain. If you need to work, you must apply for a different visa type (work visa, digital nomad visa, entrepreneur visa) or switch visa types after arrival.
What happens if my visa application is denied?
You can appeal within one month of notification. Common denial reasons include insufficient funds, incomplete documentation, or not meeting health insurance requirements. Reapplication is possible after addressing the deficiency.
Do I need health insurance for a Spanish visa?
Yes. All non-EU visa types require private health insurance with no copayments and full coverage in Spain. Public healthcare access through the Convenio Especial is not accepted for initial visa applications. Annual premiums run EUR 600-2,000 depending on age and coverage.
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