On 3 April 2024, Spain officially closed applications for the investor residence permit — the mechanism that had allowed non-EU nationals to obtain residency by purchasing real estate worth at least €500,000. The Golden Visa era in Spain, at least in its property form, is over.
For international buyers who had built acquisition strategies around the residency-through-property pathway, this requires a rethink. But Spain remains highly accessible for most buyer profiles — the routes just look different now.
Why the Golden Visa Was Scrapped
The Spanish government's stated rationale was to address housing affordability concerns, particularly in high-demand coastal and urban markets where foreign investor demand was cited as a driver of price inflation. Portugal and Ireland had made similar moves in preceding years.
Notably, the visa was only closed for real estate investment. Other investment routes — Spanish government bonds, listed company shares, and capital investment in business projects — remain available, though rarely used in practice.
The Digital Nomad Visa: The Most Accessible New Route
Introduced in 2023, the Digital Nomad Visa (technically the International Telework Visa) has quickly become the most popular route for internationally mobile professionals. Key criteria:
- Work remotely for a non-Spanish employer or as a freelancer with primarily non-Spanish clients
- Demonstrate income of at least 200% of the Spanish minimum wage (approximately €2,650/month in 2025)
- Clean criminal record and adequate health insurance
- No requirement to purchase property — rent is perfectly acceptable
The visa is initially granted for one year (extendable to three, then five), and grants access to Beckham's Law — the flat-rate income tax regime that caps Spanish tax on qualifying income at 24%.
Non-Lucrative Residency: The Passive Income Route
The Non-Lucrative Residence Visa (NLV) predates the Golden Visa and remains fully available. It's designed for retirees, pensioners, and individuals with sufficient passive income:
- Demonstrate income of approximately €2,400/month (400% of IPREM), plus 100% for each additional family member
- You cannot work or conduct business in Spain under this visa
- No minimum property investment required
The NLV does not grant access to Beckham's Law, meaning holders who cross the 183-day residency threshold are taxed on worldwide income at progressive rates from day one. Tax planning before arrival is therefore critical.
The Remaining Investment Routes
| Route | Minimum Investment | Notes |
|---|---|---|
| Spanish Government Bonds | €2 million | Rarely used; yield not compelling |
| Listed Company Shares / Investment Funds | €1 million | More flexible; requires active management |
| Business project of general interest | No fixed minimum | Assessed case by case; must create jobs or have economic significance |
Buying Property Without a Visa Requirement
One important point: there is no restriction on non-EU nationals buying property in Spain. Any individual can purchase Spanish real estate — the Golden Visa simply no longer provides a route to residency in return.
Many international buyers are continuing to acquire Spanish property without seeking residency, purely as an investment or holiday home. The tax obligations apply regardless of residency status.
Planning Your Path
The right route depends on your income profile, working situation, and long-term intentions in Spain. What's consistent across all routes is that pre-arrival structuring pays dividends. The moment you establish residency, the Spanish tax net expands. Getting advice before you register — not after — is the standard we recommend.
This article is for informational purposes only and does not constitute legal or immigration advice. Visa rules change; verify current requirements with a qualified immigration specialist.