Spain Golden Visa: What Happened and What Comes Next
The Spanish Golden Visa program ended on April 3, 2025. After twelve years, real estate investment no longer buys residency. Here is what happened and what options remain.
Why Spain Ended It
Housing prices in Barcelona and Madrid pushed local buyers out of the market. The government pointed to Golden Visa investors as part of the problem. Fair or not, the political pressure was enough.
The political debate focused on the relationship between investment and housing. The legal change is the operative point for applicants: the former real-estate route can no longer be used for a new residence application after the effective date.
What If You Already Have One
Visas and authorizations that were valid when the reform entered into force retain their validity for the period granted. Renewals of real-estate investment authorizations are handled under the rules in force when the initial authorization was granted. Applications submitted before the reform entered into force have their own transitional treatment. The filing date, route and current authorization must be checked in each record.
What If You Were Planning to Apply
The real estate route is closed. Buying property in Spain is still legal for foreigners. You simply cannot use that purchase to obtain residency anymore.
Alternatives That Work
The Digital Nomad Visa may suit applicants who meet its employment or professional, income, qualification or experience and Social Security requirements. It does not guarantee long-term residence, and current thresholds must be checked for the relevant year and family composition.
The Non-Lucrative Visa may suit applicants with sufficient means who do not intend to work in Spain. The financial requirement depends on the applicable year and family composition and must be checked against the current official rules.
An entrepreneur route may be relevant where the project and applicant meet the applicable legal and documentary requirements. It is not a substitute for the former investment route and eligibility is fact-specific.
Our View
The Golden Visa was always a shortcut, not a strategy. Existing rights depend on the transitional provisions, the filing record and continued compliance with the applicable conditions. Applicants without a protected application need to assess a different residence route.
Spain still wants international talent. The rules just changed. We help clients find the path that matches their actual situation.
As of 14 August 2026, the UGE reference for the principal applicant in the international telework route is 200% of the applicable SMI. The 2026 SMI is €1,221 per month, making the reference €2,442 per month for the principal applicant before any family increments. This is a dated reference, not an evergreen amount.
