What Happened to Spain’s Golden Visa?

Sponsored by Klev&Vera International Law Firm.

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Spain’s Golden Visa provided non-EU investors with a special residency permit. However, immigration laws regarding the program underwent changes as the President of the Spanish government announced the end of the Golden Visa. As of April 3, 2025, applications for the Spanish Golden Visa are no longer available. 

What Was the Spanish Golden Visa?

Introduced in September 2013, the Spanish Golden Visa provided investors from all over the world an opportunity to obtain a residency permit. Fields of investment included real estate, financial assets and business. Spain’s Golden Visa was a unique residency option for investors from all over the world. There were numerous advantages of this program that attracted investors, including: 

• Fast-track procedure: 20 working days for residence permit initial approvals and renewals.
• Apply within Spain: Initial applications and renewals were done without leaving the country.
• Long Duration: Investors’ residence permits were issued for three years and renewed for five.
• Skipping the minimum stay: There was no obligation to live in Spain to renew residency, unlike holders of any other types of permits. It could be a significant advantage if one had concerns about tax residency.
• Freedom of travel in the Schengen area: Allowed travel anywhere in the Schengen area with no extra paperwork to do.
• Right to work in Spain: Golden Visa holders could work or run a business in Spain with no extra paperwork to do. Additionally, adult family members could as well.

What Changed Regarding the Golden Visa?

As of April 3, 2025, the option to apply for a Golden Visa in Spain was officially discontinued, according to Constitutional Act 1/2025 on Measures for the Efficiency of the Public Justice Service. Pending applicants who applied before April 3rd and met the established requirements could still receive their residency.

Based on the current wording of the law, only real estate investors appear to retain the right to renew their permits upon expiry, as the legal text does not refer to other types of investors. In cases where the renewal criterion is not met, the current holders of Golden Visas will have their residence permits terminated upon their date of expiration.

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What Are the Alternatives to the Golden Visa?

In light of this scenario, both current Golden Visa holders and prospective applicants may naturally seek clarity on what alternative options are available in order to have residency in Spain. Exploring alternative options requires careful consideration of several factors to determine which route best aligns with an individual’s specific circumstances. 

The two most common alternatives to the Golden Visa are the Digital Nomad Visa and the Non-Lucrative Visa. The key difference between these two types of permits lies in whether you want to continue working or whether you prefer to retire or take a gap year. Furthermore, other residency options are available, including a Visa for Highly Qualified Professionals, a General Work Permit, an Entrepreneur Visa, a Self-Employment Work Permit and a Student Visa. Each of the alternatives is discussed below.

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Digital Nomad Visa

The Digital Nomad Visa is a common alternative that allows foreigners to work for a foreign company or manage their own foreign business while residing in Spain. This requires all work to be completed remotely. The additional requirements are as follows:

• Applicants must have a labor or professional relationship for a minimum of three months from the date of the application with the foreign company or companies with which said relationship is maintained.
• The foreign company or group of companies with which the worker maintains a labor or professional relationship must have real and continuous activity for at least one year.
• Authorization from the employer or, if self-employed, terms and conditions of professional activity, which is done exclusively remotely.
• Degree or equivalent professional experience of at least three years.

The validity of a residency permit through this alternative depends on certain circumstances. If an individual applies from Spain, they will receive a three-year residence card. If an individual applies at a Spanish Consulate located abroad, they will receive a one-year residence visa. In both scenarios, if the employment relationship or social security coverage is for a shorter duration, then the validity of the visa will equally reflect that same duration. This type of visa is renewable within sixty calendar days prior to its expiration.

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Non-Lucrative Visa

The Non-Lucrative Visa is another common alternative to residency in Spain. This visa is intended for foreigners who wish to reside in Spain without carrying out remunerated activities. Therefore, it is ideal for those who wish to retire or take a gap year in the country.

The core requirement for this visa is that the applicant must demonstrate sufficient financial resources to support themselves, and if applicable, their family members as well. Spain’s Public Multiple Effects Income Indicator (IPREM) is used to determine how much financial support must be demonstrated. Each applicant must demonstrate 400% of the IPREM amount, and an additional 100% of the IPREM per accompanying member. For example, currently each applicant must demonstrate €2,400 per month and an additional €600 per month for each accompanying member. 

Apart from some specific cases, generally an individual cannot apply for the Non-Lucrative Visa from within Spain. This visa must be initiated from abroad, specifically through the Spanish Consulate corresponding to the applicant’s nationality or legal residence. The visa is initially granted for one year and, upon renewal, is extended for a further two years, provided that all requirements continue to be met.

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Other Alternatives for the Golden Visa

While the Digital Nomad Visa and the Non-Lucrative Visa are the most common alternatives to the Golden Visa, there are still other options available. This includes a Visa for Highly Qualified Professionals, a General Work Permit, an Entrepreneur Visa, a Self-Employment Work Permit and a Student Visa. These alternatives reflect Spain’s continued commitment to offering diverse residency pathways. 

The information below briefly addresses the purpose and requirements of each of these visas.

Visa for Highly Qualified Professionals

This visa serves individuals who have a job offer in Spain for a technical or managerial role with a minimum salary of €40,100, or €54,200 for directors, or less for individuals under the age of 30. A university degree or relevant professional experience in the area is required. The visa can be requested from Spain or through a Spanish Consulate abroad and allows family members to join as well. It is valid for three years, renewable and linked to the employer.

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General Work Permit

The General Work Permit allows individuals who do not qualify for the Highly Qualified Professionals Visa to live and work in Spain through a valid job offer. The core requirement is that the job offer must be from Spain’s catalogue of hard-to-fill occupations. Employers must apply within Spain for the employee. General work permits are valid for one year, and upon renewal, valid for four years. 

Entrepreneur Visa

The Entrepreneur Visa is for individuals who want to live and work in Spain through innovative-creative business projects with high-growth potential and value in certain sectors. These sectors may include technology, research, science, the digital economy or the creative sector. Among other requirements, the core requirement is that the business plan must be approved by the ENISA Agency as an innovative activity of special economic interest for Spain. This visa can be applied for in or outside of Spain and is valid for three years with an option of renewal on expiration. 

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Self-Employment Work Permit

The Self-Employment Work Permit serves individuals who are not eligible for the Entrepreneur Visa but would like to develop any business and activity that already exists in the Spanish market. For this visa, applications must be submitted through the Spanish embassy or consulate in your home country. Upon approval of the visa, the visa becomes valid for one year and further renewal is extended up to four years.

Student Visa

The student visa is for those individuals who typically would like to study, as well as other options of volunteer services and training activities. Studying requires enrollment in a full-time higher education institution which results in a degree, diploma or certificate. The visa is valid for the duration of the study course with permission of renewal according to the type of studies. 

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Final Thoughts and Next Steps

While the Golden Visa once stood out as a flexible and efficient option for international investors, the recent legislative changes mean that applicants must now consider alternative immigration pathways that align with their personal and professional plans. From digital professionals to retirees and entrepreneurs, Spain continues to offer a diverse range of residency options, each with its own requirements and advantages.

Understanding the nuances of each visa category and navigating the application process requires careful legal analysis and strategic planning. With the end of the Golden Visa, individuals interested in residing in Spain can still find viable solutions within the existing immigration framework to achieve their long-term residency goals.

The experienced immigration lawyers at Klev&Vera are prepared to assist clients in selecting the most suitable visa, managing the application process, and ensuring a smooth and successful transition to life in Spain.

For over 15 years Klev&Vera has specialized in attending the legal needs of international clients in Spain. Klev&Vera’s multilingual team of lawyers and paralegals have many years of experience in big law firms, the public sector and international projects. If you are looking for professional legal advice you can contact them at the Klev&Vera office in Barcelona.

Sponsored by Klev&Vera International Law Firm.

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