SPAIN HAS ELIMINATED THE GOLDEN VISA
Since 2013, the golden visa allowed foreigners to obtain a residence permit by investing from €500,000 in Spanish real estate or business. But the authorities announced the closure of this program:
- Application closing date: April 3, 2025.
- Legal basis: Ley Orgánica 1/2025 of January 2, excluding articles 63 a 67 from Law 14/2013 “Support for Entrepreneurs and their Internationalization”.
Main reasons for the repeal
- Housing affordability. The inflow of investors in Barcelona and Madrid has led to an increase in prices in the secondary and primary markets.
- Limited multi-effect. Despite millions of euros of investment, job growth and economic development in the regions has been lower than expected.
Transitional provisions for current participants
If you have already obtained a Golden Visa or applied before April 3, 2025:
- Existing visas will remain valid until their expiration date.
- All applications registered before the closing date will be processed under the existing rules.
- Visa renewals are subject to the regulations that applied when original authorization was issued.
Visa issuance statistics (2013-2023)
- 2013-2022: 11,303 visas issued.
- 2023: 3,273 visas approved with an average investment of €657,204 per applicant.
- Top investor countries: China, Russia, UK, USA, Ukraine, Iran, Venezuela, Mexico.
Alternatives after the program ends
After the Golden Visa program is closed, investors may consider the following residency options:
Visa for startups and entrepreneurs
Requirements:
- Innovative business plan with economic benefit to the country.
- Sufficient financial resources to implement the project.
- Approval from the state authorities.
Advantages: legal employment in your own company and business management.
Residence permit without the right to work (residencia no lucrativa)
Requirements:
- Annual income of 400% IPREM , from €28,000 (plus surcharges for family members).
- Private health insurance valid in Spain.
- No employment or professional activity.
For whom: pensioners, individuals with passive income.
Digital Nomad Visa
Advantages:
- Remote work for foreign clients or as a freelancer.
- Ability to live in Spain without changing employers.
- Access to the infrastructure and quality of life of a European country.
How to prepare for the change
- Explore alternatives. Choose the right visa: startup, non-lucrative, or digital nomad.
- Consult with an immigration lawyer. Laws are regularly updated, so it is important to have professional support when preparing your application package.
Conclusion
The elimination of the Golden Visa reflects Spain's desire to achieve balance between attracting foreign investments and protecting the real estate interests of locals. Investors will have new ways to obtain residency through entrepreneurship, passive income or remote work.
