Spain's investor visa, commonly known as the golden visa, ended on 3 April 2025 under Organic Law 1/2025, closing the €500,000 real estate route that had run since 2013. Applications submitted before that date remain valid. Spain's Digital Nomad Visa, requiring €2,849 a month in 2026, is now the primary non-EU residence route.
TL;DR · LAST REVIEWED 10 July 2026
- Spain's investor visa, or golden visa, ended on 3 April 2025, following Organic Law 1/2025, published in the Official State Gazette (BOE) on 3 January 2025.
- The closed route required a minimum €500,000 real estate investment, or alternative routes including €1 million in Spanish company shares, a €1 million bank deposit, or €2 million in Spanish treasury bonds.
- Applications submitted before 3 April 2025 continue to be processed and existing visa holders retain renewal rights under the rules that applied when they first qualified.
KEY FACTS
- Spain's investor visa, or golden visa, ended on 3 April 2025, following Organic Law 1/2025, published in the Official State Gazette (BOE) on 3 January 2025.
- The closed route required a minimum €500,000 real estate investment, or alternative routes including €1 million in Spanish company shares, a €1 million bank deposit, or €2 million in Spanish treasury bonds.
- Applications submitted before 3 April 2025 continue to be processed and existing visa holders retain renewal rights under the rules that applied when they first qualified.
- The stated reason for closure was housing affordability, following government findings that the large majority of golden visas were linked to real estate purchases in high-demand cities.
- Spain's Digital Nomad Visa, with a 2026 income threshold of €2,849 a month, is now the primary non-EU residence route into Spain, alongside the non-lucrative visa for those with passive income.
What Spain's golden visa was
Spain's investor visa, introduced under Law 14/2013 on support for entrepreneurs and their internationalisation, allowed non-EU nationals to obtain Spanish residency in exchange for a qualifying investment. The most commonly used route by far was real estate: a minimum €500,000 purchase, which could be a single property or several combined. Alternative, far less commonly used routes existed alongside it, including a €1 million investment in shares of Spanish companies, a €1 million bank deposit or investment fund, or a €2 million investment in Spanish government bonds. The visa granted an initial one or two-year residence permit, renewable in five-year increments provided the underlying investment was maintained, with eligibility for permanent residence after five years and Spanish citizenship after ten, subject to the ordinary naturalisation requirements. Family members, including a spouse and dependent children, could be included in the same application. Since its 2013 launch, Spain issued more than 14,500 golden visas linked to real estate before the route closed, with applicants concentrated among nationals of China, Russia, the United Kingdom, the United States, Ukraine, Iran, Venezuela and Mexico.
Why the route closed
The Spanish government's stated justification centred on housing affordability rather than security or EU pressure, distinguishing it from the reasoning behind Malta's, Cyprus's or Bulgaria's closures. Prime Minister Pedro Sánchez argued that around 94 out of every 100 golden visas granted were tied to real estate purchases concentrated in already stressed housing markets, particularly Madrid, Barcelona and coastal areas including the Balearic Islands, and that this contributed to reduced housing availability and rising prices for residents who lived, worked and paid tax in those areas. The government framed the closure as treating housing as a fundamental right rather than, in its words, a speculative business. The reform, published as Organic Law 1/2025 on 3 January 2025, gave a three-month transition period, with the real estate route closing to new applications on 3 April 2025.
What happens to people who already hold, or had applied for, a golden visa
The closure included a transitional protection clause. Applications submitted before 3 April 2025 continue to be assessed and decided under the rules that applied at the time of submission, rather than being caught by the new law. Investors who already held a valid golden visa before the closure keep their existing rights: they can continue to renew, provided they still hold the underlying qualifying investment and continue to meet the original programme conditions, including at least one visit to Spain during each visa period. Renewal is not automatic and still requires demonstrating the investment remains in place, but no new qualifying period or higher threshold applies to those grandfathered under the earlier rules. Foreign nationals, including UK citizens, remain free to purchase Spanish property without restriction; what changed is only that doing so no longer, by itself, confers a route to Spanish residency.
The Digital Nomad Visa as the practical replacement
For non-EU nationals who do not qualify for residency through employment, family reunification, or the non-lucrative visa, Spain's Digital Nomad Visa has become the most commonly used remaining route, particularly for UK citizens working remotely. It is a fundamentally different mechanism, built around a monthly income requirement from remote work, €2,849 a month in 2026, rather than a lump-sum investment, and it does not by itself lead to citizenship in the way the closed golden visa route did, though continuous legal residence under it does count toward the standard long-term residence and citizenship timelines. Full detail on eligibility, the 2026 income threshold, fees and the Beckham Law tax regime available to qualifying employees is covered in the dedicated Digital Nomad Visa guide linked below; this page does not repeat that depth.
What remains elsewhere in the EU
Spain's closure is part of a broader European pattern rather than an isolated Spanish decision. Portugal removed the real estate investment option from its own golden visa programme in an earlier reform, though it continues to offer residency through fund investment, research funding and other non-property routes. Greece continues to run a real estate-based golden visa, though on a tiered system where the minimum investment now varies by region, commonly cited in the €250,000 to €800,000 range depending on the zone, figures that should be confirmed against current Greek guidance given how frequently regional tiers are revised. Ireland closed its Immigrant Investor Programme entirely to new applicants in February 2023. Taken together with Malta's July 2025 closure of its citizenship-by-investment route, the direction across the EU over the past several years has been consistently toward narrowing or eliminating investment-linked residency and citizenship routes rather than expanding them.
RELATED GUIDES
DISCLAIMER
This article is editorial information, not immigration, legal, tax or investment advice. Rules, thresholds and fees change and should be verified against the official sources cited below before acting. Kael Tripton Ltd receives no fee, commission or referral payment in connection with any programme described on this page.
Frequently asked questions
When exactly did Spain's golden visa end?
The real estate investment route ended on 3 April 2025, following Organic Law 1/2025, which was published on 3 January 2025 and gave a three-month transition period before the closure took effect.
Can I still buy property in Spain as a foreign national?
Yes. There is no restriction on foreign nationals, including UK citizens, purchasing Spanish property. What changed is that a qualifying property purchase no longer, by itself, grants a route to Spanish residency.
What happens if I already have a Spanish golden visa?
Existing holders keep their rights and can continue to renew, provided they maintain the underlying qualifying investment and meet the original programme conditions. Applications submitted before 3 April 2025 continue to be processed under the rules that applied when they were submitted.
What is the main alternative for UK citizens who wanted Spanish residency through investment?
Spain's Digital Nomad Visa, based on remote work income rather than a lump-sum investment, is now the most commonly used non-EU residence route, alongside the non-lucrative visa for those relying on passive income rather than employment.
Do other EU countries still offer golden visas through real estate?
Greece continues to run a tiered real estate golden visa. Portugal has removed the real estate option from its own programme but retains fund-based and other non-property routes. The overall European trend has been toward closing or narrowing these routes.
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