Spain Golden Visa Program 2025: Investment Routes, Changes & Benefits

The Spain Golden Visa has long been one of Europe’s most attractive residency-by-investment programs, allowing non-EU citizens to obtain legal residence in exchange for investing in the Spanish economy. Designed to attract foreign capital, it offered pathways through property purchases, business investments, or financial instruments.

However, 2025 marks a critical turning point. The Spanish government has introduced sweeping reforms that effectively end much of the traditional Golden Visa structure. The new policy reflects growing concerns about housing affordability and speculative real-estate investment. While existing investors remain protected, new applicants now face a completely different environment.

This article provides a specialist-level overview of the Spain Golden Visa Program as it stands in 2025—its investment routes, the impact of recent reforms, eligibility criteria, and the benefits still available to qualifying investors.

In April 2025, Spain officially abolished the core framework of its Golden Visa program. The decision ended over a decade of investor residency through property purchases and similar routes. The reform targeted the real-estate option in particular, which was believed to contribute to rising property prices in major cities like Madrid, Barcelona, and Málaga.

The repeal means that no new applications for the traditional Golden Visa are accepted after April 2025. However, those who already hold a valid visa or submitted an application before the cutoff remain protected under a “grandfathering” clause. This ensures that previous investors can continue renewing their residence permits under the conditions that existed when their visas were approved.

Thus, while the Golden Visa as a national program has been terminated, its effects are far from over. Thousands of investors remain within the system, and the rules governing them continue to carry significant importance in 2025 and beyond.

Before the termination, the Spain Golden Visa offered several routes to residency based on financial contributions. Understanding these is essential for anyone maintaining or renewing their status.

Real Estate Investment (now closed)

The most popular route required investors to purchase Spanish property valued at a minimum of €500,000, free of mortgage or liens. The property could be residential, commercial, or a combination of both. Investors often used this pathway for its dual benefit—residency plus potential rental or appreciation returns.

However, this option has been completely abolished as of April 2025. No new applications can be submitted through real estate purchases, though those already holding residence permits from property investments remain valid.

Capital Investments and Financial Instruments

Beyond real estate, Spain offered several capital-based options that remain relevant for existing investors:

• Bank Deposits: At least €1,000,000 deposited in a Spanish financial institution.
• Corporate Shares or Equity: A minimum investment of €1,000,000 in Spanish companies—either listed or private.
• Investment Funds: €1,000,000 or more in units of Spanish-based investment or venture capital funds.
• Government Bonds: A conservative option requiring €2,000,000 invested in Spanish public debt.

These options were popular among investors who preferred liquid or diversified portfolios over physical real estate.

Business and Entrepreneurial Projects

A flexible but complex route allowed investors to qualify by launching or funding projects that were considered of “general interest” to Spain.
To qualify, the project had to demonstrate clear economic and social value, such as job creation, regional development, or technological innovation.

This route had no fixed minimum capital requirement but was subject to a rigorous evaluation of the project’s viability and impact. Applicants typically needed a detailed business plan and proof of capacity to fund and sustain the enterprise.

Even before the reforms, Spain’s Golden Visa required compliance with a set of eligibility and procedural requirements. These continue to apply for holders renewing their status.

Basic Eligibility:

• The applicant must be 18 years or older.
• Must be a non-EU, non-EEA, and non-Swiss citizen.
• Must have a clean criminal record in Spain and previous countries of residence.
• Must hold private or public health insurance valid in Spain.
• Must demonstrate sufficient financial means to support themselves and dependents without working in Spain.
• All documentation must be properly translated into Spanish and legalized.

Family Inclusion:
The Golden Visa extended to immediate family members, including:

• The spouse or registered partner (including same-sex partnerships).
• Children under 18 years, or dependent adult children.
• Dependent parents of the main applicant or spouse.

All family members enjoyed the same residency rights, including the ability to live, work, and study in Spain.

Application Process:

• Make the qualifying investment (property, bonds, or capital deposit).
• Obtain a NIE (Número de Identificación de Extranjero), Spain’s foreigner identification number.
• Open a Spanish bank account to facilitate fund transfers.
• Submit the application either at a Spanish consulate abroad or within Spain.
• Provide biometric data and undergo background checks.
• Once approved, receive a one-year residence permit, renewable every two years as long as the investment is maintained.
• After five years, holders can apply for permanent residency, and after ten years, for Spanish citizenship, subject to language and integration requirements.

A major attraction of the program was that it did not require continuous residence in Spain. Investors could maintain their status while living mostly outside the country, provided they upheld their investment.

Despite its closure, the Golden Visa remains one of the most impactful investor migration programs Spain has ever implemented. Its benefits are still applicable to existing holders and worth understanding in depth.

1. Freedom of Movement

Holders enjoy visa-free travel within the Schengen Area, offering mobility across 27 European countries. This benefit applies equally to family members.

2. Right to Reside, Work, and Study

The visa grants full legal residence, enabling holders to live in Spain, seek employment, start a business, or enroll in educational institutions.

3. Pathway to Permanent Residence and Citizenship

After five years of renewals, investors can apply for permanent residency, and after ten years, they may qualify for citizenship—provided they meet language and integration standards.

4. Inclusion of Family Members

One of the strongest features was its family inclusivity, extending residence rights to spouses, children, and dependent parents.

5. Minimal Stay Requirement

Unlike many other European residency programs, Spain’s Golden Visa did not demand full-time residence in the country. Maintaining the investment was sufficient to keep the status valid.

6. Diversified Investment Choices

Investors could choose between property, financial instruments, or entrepreneurial ventures, aligning their visa route with personal financial strategies.

7. Long-Term Security

For existing holders, Spain continues to honor the rights granted under the program, ensuring continuity and legal security for those who invested under previous laws.

While attractive, the program also faced growing criticism and structural issues that eventually led to its closure.

• High Entry Thresholds: With minimum investments starting at €500,000 and reaching €2 million for some routes, it was primarily limited to high-net-worth individuals.
• Real Estate Market Distortion: The influx of foreign buyers was blamed for driving up property prices in urban centers, prompting social and political backlash.
• Regulatory Uncertainty: Sudden legal reforms highlighted the risk of policy volatility in residency-by-investment schemes.
• Tax Implications: Residency status could expose holders to Spanish tax obligations on worldwide income if they spent over 183 days a year in the country.
• Maintenance of Investment: Failing to sustain the qualifying investment could lead to visa cancellation.
• Long Citizenship Timeline: A minimum of ten years was required for naturalization, longer than in many other European countries.

With the traditional Golden Visa closed, Spain has pivoted towards alternative residency paths that align with its current immigration strategy.

1. Grandfathering for Existing Holders

Investors who already hold a Golden Visa or submitted applications before April 2025 remain under the old regulations. Their renewals and rights are fully preserved as long as the original investment continues to meet requirements.

2. Entrepreneur and Startup Visas

Spain continues to encourage foreign entrepreneurship. The Entrepreneur Visa remains available for those launching innovative businesses that contribute to job creation or technological progress.

3. Digital Nomad Visa

Introduced in 2023, this visa targets remote workers earning income from non-Spanish companies. It allows residence for up to five years and is increasingly seen as a modern alternative for mobile professionals.

4. Non-Lucrative Visa (NLV)

Ideal for retirees or individuals with passive income, the NLV grants residence rights without the need for employment or investment. Applicants must show sufficient financial means and health coverage.

5. European Alternatives

Investors seeking similar programs may look to other EU nations that still maintain Golden Visa schemes, such as Greece, Malta, and Luxembourg, each offering varied benefits and thresholds.

• Existing Holders: Maintain investments, renew on time, and plan for permanent residence or citizenship.
• New Investors: Explore entrepreneurial, digital nomad, or passive-income visas instead of traditional property routes.
• High-Net-Worth Individuals: Consider portfolio diversification through Spain’s fund-based or corporate investment opportunities.
• Tax Planning: Engage advisors early to manage residency and tax exposure, especially for global income.
• Monitor Policy Evolution: Spain may introduce new innovation-focused or sustainability-linked visa routes in the coming years.

Conclusion

The Spain Golden Visa Program of 2025 marks the end of an era in European investor immigration. While the traditional real-estate-based model has been abolished, Spain continues to value foreign investment through innovation and entrepreneurship.

For current holders, the path forward remains secure under transitional protections. For prospective investors, Spain’s evolving visa framework offers new routes that balance national interests with individual opportunities. The era of passive investment-based residency may be ending—but the door to Spain’s dynamic economic landscape remains open for those ready to contribute more actively to its future.