The Spanish Golden Visa program, implemented in 2013 as part of the Entrepreneurs Support Law, was for many years one of the most popular ways for foreign investors to obtain legal residency in the country. However, after years of political and social debate surrounding it, the Spanish Government has announced that this visa option would be eliminated.
In this article, we will analyze everything related to the Golden Visa, from what it is and how it worked, what benefits it offered its holders and the repercussions its implementation had on the economy, what were the different reasons that led to its elimination, what are the implications for current holders and for future applicants who wished to access it, and what are the most effective alternatives still available now for those interested in investing or residing in Spain, following the disappearance of this popular and beneficial option.
The Golden Visa (or "golden visa") is a residency by investment permit that was aimed at non-EU citizens who made a significant investment in Spain, whether in the real estate market or other specified sectors. This program allowed these foreign investors and their families, if registered, to live, work, and study in the country, in addition to enjoying free movement within the Schengen Area, which includes several European Union countries.
The Golden Visa was created in 2013 under the government of President Mariano Rajoy, in the context following the post-2008 economic crisis. Its objective was to help reactivate the real estate market, which at that time was facing a surplus of unsold homes, and also to attract foreign capital to key sectors such as real estate, public debt, and various Spanish companies.
The Golden Visa granted an initial 2-year permit, which could then be renewed for a period of up to 5 years. Furthermore, it did not require staying more than 6 months a year in the country, making it ideal for investors who did not wish to settle permanently in Spain.
The Golden Visa guaranteed the right to free movement across 26 European countries, without the need for any additional visa.
With the Golden Visa, the holder could potentially access the special tax regime for new residents, which offered reduced taxes on foreign income.
With the Golden Visa, the holder's spouse, minor children, and dependent parents could obtain residency in Spain under the same application.
After 10 years of legal residency with the Golden Visa, holders could apply for Spanish citizenship, unlike other visa types that require 10 years of effective residency, where the person must remain in the country for more than 6 months a year.
You might be interested in our guide: Spanish real estate investment.
Currently, it is argued that the Golden Visa program has contributed to rising housing prices in cities like Madrid, Barcelona, Malaga, and Valencia, where foreign investors typically bought high-value properties. This reduced availability for local residents, and these areas have even become places with almost inaccessible rental values for many citizens.
You might be interested in: most expensive cities in Spain to live in.
Although the program attracted over 14,500 visas since 2013, its effect on job creation and economic development was less than anticipated. Most investments were concentrated in luxury real estate, rather than primary residential properties, thus failing to generate broad benefits for the national economy.
Some political groups and social organizations criticized the program, arguing that it only benefited wealthy investors while many Spaniards continued to struggle with housing access. They contended that it no longer served the country's current situation and that priorities should shift to benefit native Spanish citizens. Furthermore, the European Commission had also warned about the risks of money laundering and lack of transparency in such schemes.
The elimination of the Golden Visa primarily affects future applicants and investors currently in process. However, those who have completed their procedures will still be considered under the previously existing regulations. Current holders will have a means to protect their rights and can renew their permits according to the original conditions under which they applied for the Golden Visa.
The confirmed deadline was April 3, 2025, making this the last day to submit new applications for effective consideration under the program before its elimination.
Those who applied for the Golden Visa by April 3 can expect their applications to be processed under the previously governing regulations. Therefore, they still have the possibility of obtaining it for the main applicant, their family members included in the application, and enjoying the associated benefits.
Holders who already have the Golden Visa will be able to renew their permits according to the program's original rules, and family members included in the application will also be able to retain their rights.
Yes, renewals will be the only way to remain in this program, and they will be governed by the conditions under which the visa was initially granted, within the periods stipulated at the time of application.
Yes, those who already held the Golden Visa will be able to continue residing in Spain, as these investors can continue to renew under the same conditions.
No, as current holders can retain it under the same terms as when they applied, which includes all conditions related to family members they had included in the application.
Yes, provided they meet the necessary requirements, as there is a transitional clause that ensures all initial conditions are maintained for current Golden Visa holders.
Those who managed to submit their application by April 3, 2025, had to guarantee a minimum real estate investment of 500,000 euros in properties, a financial investment of 1 million euros in Spanish shares or funds and 2 million in public debt, or a business project that generates employment or promotes innovation.
This is a useful option for those wishing to create an innovative company in Spain; it requires an approved business plan and sufficient financial resources.
The non-lucrative residence visa can be useful for individuals with passive income, such as retirees, and requires proof of an annual income of 28,000 euros, plus a percentage for each included family member.
This permit is aimed at remote workers employed by companies outside Spain, allowing them to reside in the country while working online.
No, it only impacts the residence-by-investment program.
Yes, but the impact will be limited as Golden Visas accounted for less than 0.1% of these types of transactions.
Yes, but it will not come with the residency benefits previously granted.
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The elimination of Spain's Golden Visa clearly marks the end of an era in which the country attracted foreign investment in exchange for residency. While current holders will be able to retain their rights, future investors will need to explore other legal alternatives such as the entrepreneur visa or the digital nomad permit.
This decision reflects a shift in the country's immigration policies, where access to housing for local residents is now prioritized over speculative foreign investment. If you managed to obtain a Golden Visa, you belong to a select group, but if you couldn't, be sure to explore other options that can help you settle and invest in Spain.
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Calle Pilar Mateo
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1.167.964,69€
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