Spain's investor residence scheme, widely known as the golden visa and in place since 2013, was abolished with effect from 3 April 2025. The change was made by Organic Law 1/2025 of 2 January 2025. One of the final provisions of this law on the efficiency of the justice system emptied articles 63 to 67 of Law 14/2013 on support for entrepreneurs, which governed the investor visa, of all content. The law was published in Spain's Official State Gazette (BOE) on 3 January 2025 and came into force three months later.
What was the golden visa?
Under the old system, foreign nationals could obtain residence for themselves and their families by making an investment of a certain size in Spain. The best-known option was buying property worth at least €500,000. Others included €2 million in government bonds, €1 million in company shares, investment funds or bank deposits, and a business project of general interest. An important feature of this permit was that it did not require the holder to live in Spain on a continuous basis.
What does the abolition cover?
The law abolished not only the property route but all the articles on the investor visa. Since 3 April 2025, no new visa or residence application can be made on the basis of investment.
The transitional rules are:
- Investors and family members who applied before 3 April 2025 can receive their visa or permit under the rules in force on the date of their application
- Investor visas and permits valid on that date remain valid for the period for which they were issued
- Renewal applications for existing permits are assessed under the rules in force when the initial permit was granted
Buying property in Spain is, of course, still possible; but a purchase no longer gives a right of residence on its own.
Which routes remain open?
For people with investments or assets, the following options can be considered:
- Entrepreneur residence: under article 70 of Law 14/2013, it is granted for a business activity that is innovative or of particular economic interest to Spain. A favourable report from ENISA, a state-owned body, is required; it assesses the applicant's profile and involvement in the project, the business plan and its financing, and the value the project will add to the economy. The application is made to the Large Companies and Strategic Groups Unit (Unidad de Grandes Empresas y Colectivos Estratégicos).
- Passive income (non-lucrative) residence: for people who want to live in Spain without working. As of 2025, applicants must show income or savings of 400% of the IPREM per month (€2,400) plus 100% (€600) for each dependent family member, covering the full period of the permit; health insurance is also required. Investment income such as rent, dividends or interest can be used to meet this requirement.
- Self-employment (cuenta propia) permit: for people who will set up a business in Spain and work in it themselves; a business plan, sufficient investment for the activity and professional qualifications are required.
- Highly qualified professional permit and digital nomad permit: these are based on professional profile and income rather than investment, and may suit investors who work as executives or carry on their work remotely.
Key differences between the options
Unlike the golden visa, most of these routes require you to actually live in Spain. For example, renewing a passive income permit requires having genuinely resided in Spain for more than 183 days during the year. There is therefore no direct equivalent to the golden visa for people who plan only to invest and spend most of the year in another country.
The second difference is tax. Someone who spends more than half the year in Spain generally becomes tax resident there and is taxed on their worldwide income. An investor with income or assets in Türkiye needs to plan their tax position in both countries together, whichever permit they choose.
The third difference is long-term status. Time spent on these permits can, provided the conditions continue to be met, count towards long-term residence after five years and, later, towards a citizenship application.
What should current golden visa holders do?
- Note the expiry date of your permit and the renewal window; as a rule, renewal is requested before the permit expires
- Keep the property, bank and company records up to date to show that the investment is still in place at the time of renewal
- If you are thinking of selling or reducing the investment, assess the effect on renewal in advance
- Bear in mind that family members' permits depend on the main permit, so their situation needs to be planned at the same time
When to get advice
Moving from investor residence to another type of permit depends directly on a person's income, profession and how much time they will spend in Spain. People renewing an existing golden visa, people planning to sell their investment, people who want to use company or rental income from Türkiye in a Spanish application, and people preparing a business plan for entrepreneur residence should compare their options before applying. For the tax side, the opinion of a qualified tax adviser in Spain should also be sought.
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This article is for general information and is not legal advice. Legislation and case law may have changed since it was written.