Spain’s Golden Visa — which since 2013 allowed non-EU nationals to obtain residency by investing €500,000 or more in property — was officially terminated on 3 April 2025 under Organic Law 1/2025. It is no longer possible to apply for new Golden Visa residency through property purchase in Spain.
However, this does not close the door on living in Spain. Several robust and achievable pathways to Spanish residency remain open — and for many buyers, they are actually more suitable than the Golden Visa ever was. Crucially, you can still buy a property in Spain without restriction; property purchase simply no longer automatically grants residency. This guide explains what happened, what it means for property buyers, and which residency options are available in 2026.
What Happened to Spain’s Golden Visa?
Spain’s Golden Visa programme was introduced in 2013 to attract foreign investment following the financial crisis. It allowed non-EU nationals to obtain a 2-year renewable residency permit by making a qualifying investment — most commonly a property purchase of €500,000 or more. Nearly 9,000 visas were issued in its final five years, the vast majority through property.
The programme was terminated by the Pedro Sánchez government primarily due to concerns that it was contributing to housing price inflation, particularly in Madrid and Barcelona. Organic Law 1/2025, effective from 3 April 2025, repealed the relevant articles of the 2013 legislation.
What this means for existing holders:
- Existing Golden Visa holders retain their permits and can continue to renew
- Applications submitted before 3 April 2025 continue to be processed normally
- The 5-year path to permanent residency remains open for existing holders
What this means for new buyers:
- Property purchase no longer grants residency automatically
- You can still buy a property in Spain with no restrictions on foreign ownership
- Residency must now be obtained through one of the alternative visa routes
Buying a property still strengthens other visa applications by demonstrating accommodation
The 4 Best Residency Alternatives for 2026
Non-Lucrative Visa (NLV) — Best for retirees and passive-income buyers
Best for: Retirees, pension holders, investors with passive income who do not intend to work in Spain.
Income requirement: Approx. €2,400/month for principal applicant (400% IPREM 2026) + percentage per dependent. Private health insurance required.
- Does NOT allow you to work in Spain — passive income only
- Must spend at least 183 days per year in Spain (requirement reinstated in 2025)
- Valid 1 year initially, renewable for 2-year periods
- Leads to permanent residency after 5 years, citizenship after 10 years
- Most popular route for British, American, and Northern European retirees
Owning a property in Spain significantly strengthens this application
Digital Nomad Visa (DNV) — Best for remote workers and freelancers
Best for: Remote employees of non-Spanish companies, freelancers with predominantly foreign clients, tech professionals, and consultants. Income requirement: Minimum €2,760/month (200% of Spanish minimum wage, 2026 level). University degree or 3 years of professional experience required.
- Beckham Law tax benefit: DNV holders may qualify for a flat 24% income tax rate (vs standard 47% top rate) for up to 6 years — a major financial advantage vs the NLV
- At least 80% of professional activity must be for clients or employers outside Spain
- Can apply from within Spain (UGE-CE) or via consulate — typically 3–8 week processing
- Valid 1 year initially, renewable for up to 3 years then 2 more
- Leads to permanent residency after 5 years
Fastest-growing visa route in Spain — particularly popular among Americans and British nationals working in tech and consulting
Entrepreneur / Startup Visa — Best for business founders
Best for: Innovative business founders, startup entrepreneurs, those establishing a Spanish branch of an international company.
Income requirement: No fixed income minimum, but a viable business plan and positive report from Spanish Economic and Trade Office required
- Business must be considered innovative or economically beneficial to Spain
- Application assessed by ENISA (National Innovation Company)
- Beckham Law can also apply — same tax advantage as DNV
- If your international company has a Spanish branch, you may qualify via this route
The most complex application process of the four options
Other EU Golden Visa Countries — If the investment-based model was the appeal
Best for: Buyers who specifically wanted the property-investment-for-residency model and are open to other EU countries Income requirement: Varies by programme — Portugal from €250k (fund investment), Greece from €250k (property)
- Portugal Golden Visa: Still active — investment through funds or venture capital from €500k. No longer through direct property. Schengen access. Path to EU citizenship.
- Greece Golden Visa: Property investment from €250k–€800k depending on area. Still fully active. Growing popularity post-Spain closure.
- Malta: Higher threshold (€300k+ property), stricter qualifying conditions, but EU citizenship pathway.
Note: the EU Commission has recommended phasing out “golden passport” schemes — all programmes may face future restrictions
What This Means for Buying a Property in Marbella
Foreign buyers account for approximately 15% of all Spanish property transactions. This has not changed since the Golden Visa closure — underlying demand from lifestyle-driven buyers was never dependent on the residency programme.
There are no restrictions on foreign property ownership in Spain. You can buy a property in Marbella regardless of your nationality, and regardless of which visa type you hold or plan to apply for.
Practically, the Golden Visa closure changes one thing for buyers: you must now separate your property purchase decision from your residency strategy. These are now two independent processes:
- Property purchase: handled as before — NIE, lawyer, Reservation agreement, Contrato de Arras, notary completion
- Residency: apply separately for the NLV, DNV or other appropriate visa
- Owning a property still helps your visa application by demonstrating accommodation and financial stability
The practical advice: if you plan to spend significant time in Spain, consult an immigration lawyer alongside your property lawyer before signing any purchase contract. The two timelines — property completion and visa approval — need to be coordinated to avoid arriving in Spain without valid documentation. HOMEMADE Estate Marbella works with trusted immigration law specialists and can refer you to the right advisors for your specific nationality and residency requirements.
