As of today, Spain has officially scrapped the possibility of obtaining a residence permit through the purchase of high-value property — a scheme widely known as the Golden Visa.
Introduced in 2014, the Golden Visa allowed non-EU nationals to gain legal residency in Spain by making specific investments, most notably purchasing real estate worth at least €500,000. According to the Spanish government, the decision to end the scheme responds to growing concerns over housing speculation and the need to improve local access to affordable housing, especially in high-demand urban areas.
A response to the post-crisis economy
This programme was born in the wake of the financial crisis, with the aim of attracting foreign capital into Spain. The legal basis for the Golden Visa was the Entrepreneurs Support Act of 2013, which offered residency to non-EU investors in exchange for significant contributions to the Spanish economy. These investments included property acquisitions, government bonds worth €2 million or more, and shares in Spanish companies or investment funds starting at €1 million.
Why the programme was so appealing
What made the scheme especially attractive was the flexibility it offered: applicants were not required to spend a minimum number of days in Spain to maintain their residency. For many high-net-worth individuals, this meant a secure foothold in Europe without the need to relocate permanently.
The political shift behind the reform
However, times have changed. The current government believes that, although the Golden Visa may have served a purpose in the past, its contribution to rising property prices — particularly in already saturated markets — can no longer be overlooked. The Minister for Housing recently made it clear that the priority now is to guarantee access to housing for Spanish residents in cities facing serious affordability challenges. The decision to eliminate the programme was approved in Parliament in late 2024 with broad political support.
What happens to existing holders
Importantly, the measure does not apply retroactively. Anyone who already holds a Golden Visa will be allowed to keep their residence permit. Similarly, applications submitted before April 3rd, 2025, will still be processed under the previous legislation.
Who benefited most — and where
Over the past decade, more than 22,000 Golden Visas have been issued. The majority of applicants have come from China, Russia, Ukraine and, more recently, the UK following Brexit. Unsurprisingly, most investments were concentrated in high-demand regions such as Barcelona, Madrid, Málaga, Alicante, the Balearic Islands, Girona, and Valencia — accounting for over 90% of all applications.
What options are still available
While this reform marks the end of an era, it doesn’t close the door to those looking to live legally in Spain. There are still several alternatives that remain active and attractive, depending on each individual’s goals and profile. These include the Non-Lucrative Residence Visa, which suits retirees or those with passive income; the Digital Nomad Visa, created for remote workers; and permits for Highly Qualified Professionals joining Spanish or international companies based in Spain.
Why legal guidance matters more than ever
At ARC Legal, we’ve been guiding investors, professionals, and families through Spain’s immigration system for years. With this legal shift, having the right legal advice becomes more important than ever. Choosing the best option — and doing it right from the beginning — can make all the difference between a smooth transition and costly delays.
If you’re considering moving to Spain after this reform, or if you’ve already started a Golden Visa application and aren’t sure how the change affects you, feel free to reach out. We’ll be happy to help.