Golden Visa

For many years Spain attracted wealthy international buyers with a special programme — the Golden Visa. By investing €500,000 or more in Spanish property, investors obtained a residence permit and freedom of movement throughout the Schengen Area. In April 2025, however, the programme was officially closed. Here we explain what this means in practice and which alternatives exist today. At Granfield Estate, a licensed real estate agency (RAICV1663) and member of Asivega, we help our clients navigate the current options for obtaining residency and buying property on the Costa Blanca.

What Was the Spanish Golden Visa

The Golden Visa programme for investors was introduced in Spain in 2013 under Law 14/2013 on support for entrepreneurs (Ley 14/2013). It allowed non-EU nationals to obtain a residence permit (residencia de inversor) by meeting one of the following conditions:

• Purchase of property worth at least €500,000 (excluding taxes)
• Investment of at least €1,000,000 in shares of Spanish companies or a bank deposit
• Purchase of Spanish government bonds worth at least €2,000,000
• Setting up a business that created jobs or used innovative technologies

The programme covered not only the investor but also their family: spouse, children and dependent parents. Golden Visa holders could travel freely within the Schengen Area, work in Spain and, after 10 years of residence, apply for citizenship. More than 90% of applicants chose the property purchase route.

Cancellation of the Programme: What Happened in 2025

On 3 April 2025 the Spanish government officially closed the Golden Visa programme: Organic Law 1/2025 (Ley Orgánica 1/2025) repealed the investor visa provisions of Law 14/2013. The main reason was pressure on the housing market: large-scale purchases of high-end property by foreign investors had pushed prices up and reduced housing affordability for local residents.

What this means in practice:

• New applications for an investor visa through property purchase are no longer accepted.
• The investment routes via shares, deposits and government bonds are also closed to new applicants.
• Existing Golden Visa holders keep their status and can renew their residence permit under the standard rules.

Alternatives to the Golden Visa in Spain in 2025

The cancellation of the Golden Visa does not mean the path to Spanish residency is closed. Several realistic alternatives exist, each with its own requirements.

Non-Lucrative Visa (Visa No Lucrativa)

This is the most popular option for those who want to live in Spain without working in the local labour market. Requirements:

• Proof of stable income or savings: roughly €28,800 per year for the main applicant, plus around €7,000 for each family member
• No employment in Spain under a local work contract
• Initial application through the Spanish consulate in your country of residence
• Initial term of 1 year, then two consecutive 2-year renewals, after which permanent residency becomes available

Many property buyers on the Costa Blanca choose exactly this route: buy an apartment or house in Spain and relocate permanently while living on passive income.

Digital Nomad Visa

Introduced in Spain in 2023 specifically for remote employees and freelancers working for foreign employers or clients. Requirements:

• Remote work for a company or clients outside Spain (up to 20% of income may come from Spanish sources)
• At least 3 years of experience in your current field, or a university degree
• Income of at least 200% of the Spanish minimum wage (around €2,650 per month)
• Health insurance and a clean criminal record

The visa is issued for 1 year and can be extended for up to 3 years. An important bonus is the option to apply the special tax regime (Ley Beckham), under which income is taxed at 24% instead of the standard 45% rate for high earners.

Residency Through an Employment Contract

If you have a job offer from a Spanish employer, this is a direct route to a work permit and residency. The process requires the employer's involvement and takes several months, but it is a reliable option for professionals with in-demand skills (IT, medicine, engineering).

Student Visa with a Later Switch to Residency

Studying at a Spanish university or language school qualifies you for a student visa; after graduation you can switch to a residence permit through employment or by starting your own business.

How to Buy Property in Spain in 2025 Without a Golden Visa

The cancellation of the Golden Visa does not affect the right of foreigners to buy property in Spain. Citizens of any country can purchase residential or commercial property (read more about the taxes involved) without any restrictions — this right is not tied to holding a visa or residence permit. Buying property no longer grants an automatic right to residency, but owning a home in Spain can be a strong supporting argument when applying for a non-lucrative visa.

Granfield Estate — a licensed real estate agency (RAICV1663) and member of Asivega — helps clients buy property on the Costa Blanca — Torrevieja, La Mata, Orihuela Costa — with full legal support: property due diligence, NIE registration, bank account opening, assistance at the notary and transfer of utility contracts.

Granfield Estate
Av. Bélgica 1, C.C. Parquemar, La Mata, 03188 Torrevieja (Alicante)
Tel: +34 865 44 33 33

Frequently Asked Questions

Can I still apply for a Golden Visa in Spain?

No. As of April 3, 2025, the program is closed to new applicants. Existing holders can renew their status, but new applications are not being accepted.

Do I need to sell the property purchased for the Golden Visa?

No. The property remains your ownership. The cancellation of the program does not obligate you to sell the property.

What is the minimum budget for purchasing property in Spain in 2025?

The entry threshold depends on the region. In Costa Blanca (Torrevieja, Orihuela Costa), you can find apartments starting from €80,000–€120,000, villas from €250,000. A budget of €500,000 is no longer a mandatory requirement — this was the threshold for the Golden Visa, which is now no longer in effect.

Does purchasing property provide grounds for a non-lucrative visa?

Indirectly — yes. Owning property confirms the availability of housing and ties to Spain, which is a plus when considering the application. However, it is not sufficient on its own: you also need to confirm income and insurance.

Frequently Asked Questions

Is the Golden Visa in Spain really canceled?

Yes. On April 3, 2025, the Spanish government officially closed the Golden Visa program. New applications are not being accepted — neither through property purchases nor through investments in stocks, deposits, or government bonds. The main reason was pressure on the housing market and decreased housing availability for local residents.

What will happen to those who already have a Golden Visa in Spain?

Current holders of the Golden Visa will not be affected. They retain their status and can renew their residence permit on standard terms. The cancellation only affects new applicants — everyone who received an investor visa before April 2025 continues to enjoy all its benefits.

Can I still obtain a residence permit in Spain by purchasing property?

There is no longer a direct link between purchasing property and obtaining a residence permit. However, having your own housing in Spain is a strong argument — browse available properties — when applying for a non-lucrative resident visa or other types of visas, confirming your ties to the country and financial stability.

What is the best alternative to the Golden Visa for those who want to live in Spain?

The most popular alternative is the non-lucrative resident visa (Visa No Lucrativa). It is suitable for those who want to live in Spain without working for a local employer: retirees, passive income owners, rentiers. For freelancers and remote workers, the digital nomad visa introduced in 2023 is optimal.

What income is needed for a non-lucrative resident visa in Spain?

The current minimum is about 400% of the Spanish IPREM indicator per month, which amounts to approximately €2,400 per month (€28,800 per year) for one applicant. For each additional family member, about €600 per month is added. Income can be confirmed through pensions, dividends, rental income, bank savings, or a combination of these. Contact Granfield Estate for guidance on your residency options.