Summary: Spain's Golden Visa — the programme that granted residency to non-EU nationals buying property worth €500,000 or more — was abolished on 3 April 2025 under Organic Law 1/2025. Buying property in Spain no longer grants residency. Investors who obtained their visa before that date keep it and can still renew. Around 22,430 Golden Visas were issued between 2013 and 2025. This guide explains what changed, what it means for current holders, the residency routes that remain open in Spain, and the European alternatives still tied to property investment in 2026.
What Changed on 3 April 2025
The investor-residency scheme was repealed by the twenty-first final provision of Organic Law 1/2025, published in Spain's Official State Gazette (BOE) on 3 January 2025. The law emptied Articles 63 to 67 of Law 14/2013 — the legal basis for investor visas and residence authorisations for non-EU nationals. A three-month transition period (vacatio legis) meant the programme remained open until 3 April 2025, after which the administration stopped accepting new applications based on:
- Purchase of real estate worth €500,000 or more.
- Investment in Spanish public debt.
- Large deposits in Spanish financial institutions.
- Acquisition of shares in Spanish companies through significant investment.
The government justified the move on housing-affordability grounds — the stated aim was to avoid adding pressure to already-tense markets — and the decision aligned with a broader European retreat from residency-by-investment schemes. Spain followed Portugal, which closed its property route in 2023, with Ireland and the Netherlands ending their own programmes in 2023 and 2024 respectively.
What Happens to Visas Already Granted
One of the legitimate concerns of international capital was the risk of retroactivity. The law took a protective approach that has stabilised the position of existing holders. Its transitional provision establishes that every investor visa and residence authorisation granted before 3 April 2025 remains fully valid for the period it was issued for.
More importantly, holders keep the right to renew their permits — in successive five-year periods — provided they continue to meet the original requirements:
- Continued ownership of the investment that gave rise to the permit (the property or other qualifying asset).
- No criminal record.
- Full private health insurance.
In other words, an investor who bought a property and obtained their Golden Visa before April 2025 is not forced to divest, and can maintain residency indefinitely while holding the asset. This grandfathering clause has been a key factor in preventing any sell-off in enclaves such as Marbella, Ibiza or Barcelona.
The Routes Still Open to Live in Spain in 2026
Abolishing the investment route did not close Spain to the international high-net-worth resident. Several alternatives remain, each with its own requirements, advantages and tax consequences.
Non-Lucrative Visa (NLV)
This is the route most commonly used by international buyers since the Golden Visa ended. It is governed by Royal Decree 1155/2024, in force since 20 May 2025. Unlike the Golden Visa, the NLV requires no specific capital investment — what it requires is proof of sufficient financial means to live in Spain without working in Spanish territory.
The threshold is calculated on the IPREM (Public Multiple-Effect Income Indicator), frozen at €600 per month for 2026. Consulates require 400% of the IPREM for the main applicant:
- Main applicant: €2,400 per month / €28,800 per year.
- Each accompanying dependent: an additional 100% of the IPREM (around €7,200 per year).
For a buyer already acquiring a multi-million-euro property, the financial threshold is trivial. The significant point is the tax implication: the NLV carries an expectation of effective residence in Spain (more than 183 days a year), which triggers Spanish tax residency and taxation on worldwide income under personal income tax (IRPF), plus the wealth tax or the temporary solidarity tax on large fortunes where applicable.
Digital Nomad Visa
Created by Law 28/2022, this visa is designed for professionals working remotely for non-Spanish companies. It allows residence in Spain while maintaining employment with foreign clients or employers — an attractive option for younger executive profiles combining remote work with a second home in Spain, though it is not designed for the traditional passive investor.
The Beckham Regime (impatriate tax regime)
For those who accept Spanish tax residency but want to mitigate the tax burden in the early years, Article 93 of the income tax law allows qualifying newcomers (broadly, people who have not been Spanish tax residents in the previous five years) to be taxed as non-residents on foreign-source income for the year of the move and the following five. It is not a residency route in itself, but an optimisation tool combined with another legal residence route.
Non-real-estate investment routes
The repeal removed the property route, but the rest of Law 14/2013 keeps other investor routes alive: Spanish public debt of €2,000,000 or more; shares in Spanish companies of €1,000,000 or more; a bank deposit of €1,000,000 or more; or a business project deemed of general interest for employment or innovation. These channels remain valid but are rarely the optimal solution for the typical exclusive-property buyer, whose primary motivation is the asset itself rather than a financial or business investment.
European Alternatives to the Spanish Golden Visa in 2026
With Spain out of the real-estate residency market, the investor seeking a European permit tied to a property purchase faces a narrower map than five years ago. These are the real options in 2026.
Greece: the last major EU real-estate route
Greece has capitalised on the retreat of Spain and Portugal to become the leading European destination for residency through property investment. Its programme, reformed in 2024, now operates a tiered system by zone:
| Tier | Minimum | Where it applies |
|---|---|---|
| Tier 1 (high-demand zones) | €800,000 | Attica (Athens), Thessaloniki, Mykonos, Santorini and islands with over 3,100 inhabitants. Minimum property size: 120 m². |
| Tier 2 (rest of the country) | €400,000 | Residential or commercial property outside Tier 1 zones. |
| Tier 3 (conversion) | €250,000 | Limited to converting commercial or industrial assets into housing, or restoring listed buildings. |
The programme grants a residence permit renewable in five-year periods with no minimum physical-presence requirement. Between April 2024 and April 2025 alone, Greece processed more than 14,000 new applications.
Portugal: property route closed, funds remain
Portugal removed real estate from its ARI (Residence Permit for Investment) programme in October 2023 as part of the "Mais Habitação" package. The routes still active in 2026 are exclusively financial or business-based: regulated investment funds with no direct or indirect real-estate exposure from €500,000; a capital transfer to a Portuguese bank of €1,500,000; or the capitalisation of operating companies creating and maintaining at least ten local jobs, from €500,000. Portugal keeps the tax appeal but has lost the operational simplicity of a direct property purchase.
Italy: the Investor Visa for Italy
Italy runs a more exclusive, institutionally oriented programme capped at 500 visas a year: €2,000,000 in Italian government bonds; €500,000 in shares of operating Italian companies; €250,000 in certified innovative startups; or €1,000,000 in a philanthropic donation to a public-interest project. The Italian system does not, in any case, allow property purchase as a route to residency.
Hungary: property route abolished in 2025
Hungary relaunched its Guest Investor Programme in 2024 with three options, including direct property purchase at €500,000 — but that route was abolished on 15 January 2025. The current options are €250,000 in funds regulated by the National Bank of Hungary (with at least 40% of the portfolio in Hungarian residential assets) or a €1,000,000 donation to universities or public research bodies. The programme expressly bars applicants and capital from Russia and Belarus.
Cyprus and Malta
Cyprus maintains a permanent-residence programme with a minimum €300,000 investment (in new property, business capital or funds), plus a requirement to demonstrate over €50,000 a year in foreign passive income. Malta operates its Permanent Residence Programme with a high cost structure: a minimum €375,000 property purchase plus administrative and government contributions. Following the 2025 ruling of the EU Court of Justice, Malta permanently closed its citizenship-by-investment scheme.
Comparative Table — European Programmes (2026)
| Country | Direct real-estate route | Minimum | Notes |
|---|---|---|---|
| Spain | No (abolished April 2025) | — | Only non-real-estate routes at very high thresholds |
| Greece | Yes | €250,000 – €800,000 | Tiered by zone and property type |
| Portugal | No (closed October 2023) | — | Funds with no real-estate exposure only |
| Italy | No | — | Cap of 500 visas/year; capital or donation |
| Hungary | No (abolished January 2025) | — | Funds or donation; geopolitical bans |
| Cyprus | Yes | €300,000 | Requires verifiable foreign passive income |
| Malta | Yes (permanent residence) | €375,000 + fees | Significant sunk costs |
What This Means for the International Buyer Eyeing Spain
The repeal has not slowed foreign investment in Spanish exclusive property. Land Registry data for 2024 and early 2025 confirm that foreign nationals bought close to 100,000 homes in Spain — a record in absolute terms — with 10.8% of those purchases above €500,000, also a series high. The international exclusive buyer in Marbella, the Costa del Sol, Ibiza, Barcelona or the Balearics does not decide primarily to obtain a residence permit, but for structural reasons: climate, international healthcare and education, legal security of title, air connectivity, depth of the resale market and a long track record of appreciation.
For this profile, the Golden Visa worked as a complementary convenience — it allowed buyers to keep tax residency in their home country while freely using the Spanish property as a second home. Its disappearance calls for more sophisticated planning:
- If you want to live in Spain: the Non-Lucrative Visa is the natural channel, with the assumption of Spanish tax-resident status and prior wealth planning.
- If you only need the property as a second home and no permit: disciplined management of non-resident status, respecting the 90 days within any 180-day period in the Schengen area.
- If you prioritise European residency over a specific location: a comparative analysis of Greece (real estate), Portugal (funds), Italy (capital or donation) or Malta (permanent residence) based on your patrimonial, tax and family profile.
In every scenario, the decision requires individual legal and tax planning before signing any deed. The ownership structure (personal, Spanish company, foreign company, trust), the projected tax residency and the applicable double-taxation treaties materially shape the net outcome. For the practical mechanics of buying, see our guide on buying property in Spain as a foreigner.
Frequently Asked Questions
Is the Spanish Golden Visa still available for new applications in 2026?
No. The residency-by-property-investment programme was repealed by Organic Law 1/2025 with effect from 3 April 2025. Since that date, Spain has not accepted new applications based on a property purchase.
What about holders who obtained their Golden Visa before the repeal?
They keep their residence authorisation for its original term and retain the right to renew it as long as they maintain the investment and meet the general requirements (no criminal record, health insurance). The repeal was not retroactive.
Can I get Spanish residency by buying property in 2026?
Not directly. Buying property no longer grants residency. You can still buy freely as a foreigner, and combine the purchase with alternative routes such as the Non-Lucrative Visa, which requires proof of sufficient means rather than a specific investment.
What is the main European alternative for property plus residency?
Greece. Its programme remains operational in 2026 with thresholds of €250,000, €400,000 or €800,000 depending on the zone and property type. Portugal closed its real-estate route back in October 2023.
Did the repeal affect exclusive property prices in Spain?
No. Registry data and specialist consultancies show that prime-segment prices reached record highs during 2025, with year-on-year increases in areas such as Marbella and the Balearics. International demand has proven structurally inelastic to the immigration programme.
Considering a move or an investment in Spain? Our advisors guide international buyers through property selection and connect them with specialist legal and tax partners for the right residency route. Request a personalised consultation.
Main sources:
- BOE — Organic Law 1/2025, of 2 January
- Royal Decree 1155/2024 — Immigration Regulation
- Colegio de Registradores de España — Registral Property Statistics
- European Commission — Investor Citizenship and Residence Schemes
This article is for information only and reflects the legal framework as of 2026. Residency, investment and tax-planning decisions require individual advice from qualified professionals in each jurisdiction. Assets Golden does not provide legal or tax advice.
