Spain shuts down ‘golden visa’ scheme – what alternative residency pathways remain?

On 3rd April, Spain officially ended support for its investment visa pathways commonly known as “golden visas”.

The golden visa programme allowed non-EU residents to get Spanish residency by making significant investments in Spain, including buying a property worth over €500,000.

It was introduced in 2013 during Spain’s financial crisis to attract foreign capital, primarily via real estate and other investment channels.

Spanish PM Pedro Sánchez said the program’s removal is part of wider reforms aimed at addressing Spain’s housing crisis.

“Housing is a constitutional right, not just a speculative business. That’s why we will eliminate the Golden Visa, approved by the Partido Popular,” Sánchez posted on Twitter/X in April 2024.

The golden visa was especially popular among investors from China, Russia, the UK, USA, Ukraine, Iran, Venezuela and Mexico.

Between 2013 and October 2024, exactly 15,149 golden visas were granted to property investors, with the majority tied to purchases in Barcelona, Madrid, Málaga, Alicante, Valencia and the Balearic Islands.

SOURCE: Idealista

So why are the visas coming to an end?

The European Commission expressed concern about schemes like the golden visa following the outbreak of war in Ukraine. The Commission feared investment visas could expose the EU to security risks, money laundering and tax evasion.

Spain passed an amendment to Law 14/ 2013 on September 27 last year. The publication on 3rd January 2025 of Organic Law 1/2025 introduced further measures which gave a three-month grace period to repeal amendments – that period ended on 3rd April, officially ending the investment visas.

The closure of the scheme is not expected to impact Spain’s property market, predicted to grow 4% in 2025.

Spain now joins a growing list of countries – including Ireland, the Netherlands and Austria – that have pulled back from similar schemes due to transparency and security concerns, especially since the outbreak of war in Ukraine.

7 alternative residency pathways for investors

Here are seven residency options still available for those looking to move to Spain:

Non-Lucrative Visa:

• Who it’s for: Financially independent individuals or retirees who don’t need to work in Spain.
• Main requirement: Stable passive income—such as pensions, dividends or rental income.
• Other requirements: Must not engage in any professional activity in Spain.
• Key benefits: Allows full-time residence in Spain and access to the Schengen Area.
• Limitations: Doesn’t permit working or running a business locally.

Digital Nomad Visa:

• Who it’s for: Remote workers, freelancers or business owners working primarily with non-Spanish clients.
• Main requirement: Minimum monthly income of around €2,520.
• Other requirements: Must prove a foreign employer or client base.
• Key benefits: You can live in Spain while benefiting from the Beckham Law’s 15% tax rate for 5 years.
• Limitations: Only 20% of income can come from Spanish clients.

Entrepreneur Visa:

• Who it’s for: Founders planning to launch an innovative business of “general interest” to Spain.
• Main requirement: Approved business plan reviewed by the Spanish authorities.
• Other requirements: Demonstrate potential for job creation and innovation.
• Key benefits: Fast-track residency and Beckham Law tax perks.
• Limitations: Approval process can be subjective and time-consuming.

EU Blue Card:

• Who it’s for: Highly skilled professionals with a job offer in Spain.
• Main requirement: Higher education and a salary 1.5x above the national average.
• Other requirements: Employment contract with a Spanish company.
• Key benefits: Access to the Beckham Law and freedom of movement across EU member states.
• Limitations: Requires an existing job offer before applying.

Spanish Residency through Company Incorporation:

• Who it’s for: Investors or business owners willing to start or run a Spanish company.
• Main requirement: Set up and register a business (typically an SL company).
• Other requirements: Provide a viable business plan and sufficient funding.
• Key benefits: You can reside and work in Spain while benefiting from the Beckham Law.
• Limitations: Requires active involvement in the company and meeting business obligations.

Family Reunification:

• Who it’s for: Spouses, children or dependent relatives of Spanish or EU citizens.
• Main requirement: Proof of relationship and financial support.
• Other requirements: Sponsor must already hold legal residency in Spain.
• Key benefits: Easier path to residency with family rights and Beckham Law eligibility.
• Limitations: Only applies to direct relatives, and sponsor must meet income thresholds.

Self-Employed Visa (Autónomo):

• Who it’s for: Freelancers or solo entrepreneurs looking to work in Spain legally.
• Main requirement: Viable business plan and projected income.
• Other requirements: Registration with tax and social security offices.
• Key benefits: Allows full control of work and access to Beckham Law benefits.
• Limitations: More paperwork (e.g. presenting a viable business plan) and higher taxes compared to other paths.

Moving to Spain will affect your tax situation depending on your income, assets and country of residence.

It’s a good idea to speak with an immigration or tax advisor to understand your best options before making the move.