Spain’s Golden Visa program - which granted residency to foreign investors who purchased property worth at least €500,000 - was officially abolished on April 3, 2025. If you’re searching for information about Spain’s investment visa, the most important thing to know is that new applications are no longer accepted. This guide covers what happened, what existing Golden Visa holders should know, and the best alternative visas for moving to Spain in 2026.
What Was the Golden Visa?
Spain launched its Golden Visa program in 2013 as part of Law 14/2013 (Ley de Emprendedores). It allowed non-EU citizens to obtain Spanish residency by making qualifying investments:
| Investment Type | Minimum Amount |
|---|---|
| Real estate | €500,000 |
| Government bonds | €2,000,000 |
| Company shares or bank deposit | €1,000,000 |
| Business project | Creating significant employment in Spain |
The real estate route was by far the most popular, accounting for the vast majority of Golden Visa grants. The visa provided residency without requiring the holder to live in Spain full-time - a major advantage over other visa types.
Why Spain Ended the Program
Prime Minister Pedro Sánchez announced the program’s termination in April 2024, citing the impact of foreign investment-driven property purchases on Spain’s housing crisis. The argument: the Golden Visa program turned housing into a speculative commodity, contributing to soaring property prices in cities like Barcelona, Madrid, and Málaga - making housing unaffordable for Spanish residents.
Organic Law 1/2025, published in January 2025, formally abolished the Golden Visa. The effective end date was April 3, 2025. No new applications have been accepted since that date.
Spain joined a growing European trend: Portugal ended its property-route Golden Visa in 2023, Ireland closed its Immigrant Investor Programme in 2023, and the Netherlands ended its similar program in 2024.
What About Existing Golden Visa Holders?
If you already hold a Golden Visa (granted before April 3, 2025), you’re protected:
- Your visa remains valid for its current duration
- You can renew your Golden Visa as long as you maintain the qualifying investment (typically, continuing to own the property)
- The path to permanent residency and citizenship remains unchanged - 5 years for PR, 10 years for citizenship
- You do not need to reapply under a different visa category
The key obligation: keep owning whatever you invested in. If you sell the €500,000 property, you lose the basis for your Golden Visa renewal.
Alternatives to the Golden Visa in 2026
If you were considering Spain’s Golden Visa, here are the current residency options:
Non-Lucrative Visa (NLV)
Best for: Retirees and financially independent individuals who don’t need to work
The NLV requires proof of passive income (€28,800/year for a single applicant) and comprehensive health insurance. You cannot work on this visa, but there’s no investment minimum. It’s the most common visa for American retirees moving to Spain.
Advantage over the old Golden Visa: Much lower financial barrier - you need income, not a €500,000 property purchase. Disadvantage: You must live in Spain (can’t use it as a “residency of convenience”), and you cannot work.
For the full breakdown, see our comprehensive NLV guide.
Digital Nomad Visa (DNV)
Best for: Remote workers and freelancers
The DNV requires employment or freelance income of approximately €34,200/year from non-Spanish sources, plus a university degree or 3 years of professional experience. It offers a 3-year initial grant and access to the Beckham Law’s 24% flat tax rate.
Advantage over the old Golden Visa: You can work legally (remotely), and the tax benefits through the Beckham Law can be substantial. Disadvantage: You must actually work - it’s not passive residency.
For the complete application process, see our full walkthrough of that application.
Entrepreneur Visa (Visa de Emprendedor)
Best for: Business founders launching a venture in Spain
If you have a business plan that creates economic value in Spain - innovation, job creation, or significant investment - the entrepreneur visa provides residency. This is more complex than the NLV or DNV, requiring a favorable report from ENISA (the Spanish public enterprise for innovation).
Work Visa (Cuenta Ajena / Cuenta Propia)
Best for: Those with a Spanish job offer or self-employment in Spain
Traditional work visas require a Spanish employer to sponsor you (cuenta ajena) or registration as autónomo for self-employment (cuenta propia, through the DNV pathway). These are less relevant for the typical Golden Visa audience but worth mentioning for completeness.
Buying Property Without a Golden Visa
You can still buy property in Spain without a Golden Visa - property ownership was never restricted to Golden Visa holders. You just can’t use the purchase to obtain residency anymore.
If you’re planning to buy property as part of your move, you’ll need a separate visa (NLV or DNV) for residency, and the property purchase is handled independently through Spain’s standard conveyancing process. You’ll need a NIE for the purchase - how to get that number covers how to obtain one.
Which Alternative Is Right for You?
| If You’re… | Best Visa | Why |
|---|---|---|
| Retired with pension/investment income | NLV | Lowest barrier, designed for passive income |
| Working remotely for a non-Spanish company | DNV | Work legally + Beckham Law tax benefits |
| Starting a business in Spain | Entrepreneur Visa | Business-specific pathway |
| Employed by a Spanish company | Work Visa | Employer sponsorship |
| Wanting passive residency without living in Spain | No current option | The Golden Visa was unique in this regard |
The most significant loss with the Golden Visa’s end is the ability to hold Spanish residency without actually living in Spain. No current visa category offers this - all require physical presence in Spain for the majority of the year to maintain residency status.
If you’re still deciding between the NLV and DNV, our detailed side-by-side comparison covers every difference that matters. And if you want a quick recommendation based on your specific situation, our visa finder quiz walks you through the key decision points.
Common Misconceptions
“I can still apply if I buy property before 2026.” No. The cutoff was April 3, 2025. Applications submitted before that date are processed; new applications cannot be submitted regardless of when you purchased property.
“Other countries still have Golden Visas.” Some do. Portugal offers a restructured version (excluding major cities and coastal areas), Greece maintains its program, and several Caribbean nations offer citizenship-by-investment. But Spain’s program is closed permanently.
“I can use a tourist visa and just stay.” Tourist visas allow 90 days per 180-day period in the Schengen Area. Overstaying is illegal, can result in bans from the Schengen Area, and makes future visa applications more difficult. Don’t do this.
Bottom Line
Spain’s Golden Visa is gone, and it’s not coming back. For Americans looking to move to Spain in 2026, the Non-Lucrative Visa (for retirees and passive income earners) and the Digital Nomad Visa (for remote workers) are the two strongest options. Both offer paths to permanent residency and eventual citizenship. The Golden Visa’s unique advantage - residency without living in Spain - has no current equivalent.