The Spanish Golden Visa Through Property Investment: Requirements and Process After 2025
The Spanish Golden Visa programme has allowed non-EU investors to obtain residence permits in exchange for investments in Spain, including property investments of at least €500,000. The programme has been a popular route for British (post-Brexit), American, Chinese, Russian and other non-EU investors. In 2025, the Spanish government announced significant changes to the Golden Visa programme, including the planned elimination of the property investment route, with transitional provisions for investments already initiated. This article explains the current state of the Golden Visa programme, the historical requirements, the planned changes, and the alternatives for non-EU investors who want to obtain Spanish residence through investment. A dedicated lawyer with immigration experience is essential for these complex applications.
Historical structure of the Golden Visa
The Spanish Golden Visa was established by Law 14/2013 to attract foreign investment by granting residence permits to non-EU investors. The main qualifying investments include: real estate of at least €500,000; investment in Spanish companies of at least €1,000,000; investment in Spanish public debt of at least €2,000,000; investment in business projects of significant economic importance.
The Golden Visa grants the investor (and their immediate family) a residence permit valid for an initial period, renewable as long as the investment is maintained. The visa allows residence in Spain (with no minimum stay required, just an annual visit), travel within the Schengen area without further visas, and after 10 years of residence, application for Spanish citizenship.
The property investment route (historical)
The property investment route required an investment of at least €500,000 in Spanish real estate (one or more properties). The investment had to be free of charges (mortgages or other encumbrances) and held throughout the residence permit period. The €500,000 threshold could be met by combining multiple properties.
The procedure for the Golden Visa application included: completion of the property purchase; documentation of the investment (escritura, bank transfers, registry inscription); submission of the Golden Visa application with extensive documentation (police background check, health insurance, financial means); processing by the Spanish immigration authority; issuance of the residence permit.
The 2025 reform: planned changes
In 2025, the Spanish government announced the planned elimination of the property investment route of the Golden Visa, citing concerns about the impact on housing affordability in major Spanish cities. The legislative process for the elimination is ongoing and the specific transitional provisions are subject to political discussion. The expected outcome is that new property-based applications will no longer be accepted from a defined date (probably late 2025 or early 2026), with grandfathering provisions for investors with applications already in process or with property investments already made.
The elimination of the property route does not affect the other Golden Visa routes (company investment, public debt, business projects), which are expected to continue. For investors specifically interested in the property route, the window for new applications may be closing soon and the timing of the investment is critical.
Existing investors and renewal of permits
Investors who already hold a Golden Visa obtained through property investment can continue to renew their permits as long as the investment is maintained. The renewal procedure is straightforward: documentation of the continued ownership of the property (recent nota simple), proof of the maintained investment value, the standard renewal documentation (insurance, financial means).
Existing investors planning to sell their qualifying property should be aware that the sale may affect the visa status. Replacement of the qualifying investment with another qualifying investment is permitted but requires careful timing to maintain continuity of the visa. The lawyer can advise on the transition from one investment to another to preserve the visa status.
Alternatives to the Golden Visa: non-lucrative visa
For non-EU investors who can no longer use the property route of the Golden Visa, the non-lucrative visa is an alternative. The non-lucrative visa requires demonstrating sufficient financial means to support oneself (and dependants) in Spain without working, but does not require a specific investment. The threshold is currently around €30,000 per year per applicant (with additional amounts for dependants), demonstrable through bank statements and income evidence.
The non-lucrative visa grants residence in Spain but does not authorise working. After 5 years of continuous residence on the non-lucrative visa, the holder can apply for permanent residence. After 10 years, application for Spanish citizenship is possible. The non-lucrative visa is suitable for retirees or for investors with passive income who plan to live in Spain.
Alternatives: digital nomad visa
The digital nomad visa is a relatively new visa category for non-EU nationals who work remotely for non-Spanish employers. The visa requires: employment with a non-Spanish company (or self-employment serving primarily non-Spanish clients); evidence of professional experience or qualifications; sufficient income (currently around €2,500-€3,000 per month); compliance with social security registration in Spain.
The digital nomad visa is attractive for younger professionals who can work remotely and want to live in Spain. It grants residence and the right to work remotely. The visa is initially granted for 1-3 years and is renewable. The combination of the digital nomad visa with property ownership (without using the Golden Visa route) is a common configuration for young professional buyers.
Tax implications of residence
Acquiring Spanish tax residence (through Golden Visa, non-lucrative visa, digital nomad visa, or simply by spending more than 183 days a year in Spain) has substantial tax implications. The new resident is subject to Spanish IRPF on worldwide income, to wealth tax above the regional threshold, and to inheritance tax on worldwide inheritance received as a Spanish resident.
The Beckham Law (régimen especial de impatriados) provides a special tax regime for new residents who relocate to Spain for employment, allowing taxation only on Spanish-source income for the first 6 years of residence. The Beckham Law is a significant benefit for high-income new residents and should be considered in any residence-via-investment planning.
Property investment without residence purpose
For non-EU investors who do not need or want Spanish residence, property investment without a visa is straightforward. The investor can purchase Spanish property freely (no restrictions on foreign ownership), use it as a holiday home or rental investment, and travel to Spain on tourist visas (90 days per 180-day period for non-EU nationals). The lack of a residence visa does not affect the property ownership in any way.
The choice between investment with residence and investment without residence depends on the investor’s personal plans. For investors who want to spend more than 90 days per year in Spain or who want a path to EU citizenship, a residence visa (Golden Visa while available, or alternatives) is needed. For investors who simply want a property investment, no visa is necessary and the purchase can proceed straightforwardly.
Action steps for non-EU investors
First: assess the residence requirement (do you want to live in Spain or just to invest?). Second: if residence is wanted, evaluate the Golden Visa timing (while still available) versus the alternatives. Third: engage a Spanish lawyer with both property and immigration experience. Fourth: structure the property purchase to qualify for the chosen visa route (if applicable). Fifth: complete the property purchase with the lawyer’s coordination. Sixth: submit the visa application with full documentation. Seventh: maintain the qualifying investment to preserve the visa. For a full consultation on property investment and residence, contact our team.
The combination of property investment and Spanish residence is a powerful strategy for non-EU nationals who want both an investment and a base in Europe. The professional handling of the legal and immigration aspects is essential to navigate the changing rules and to secure the maximum benefit from the chosen route.