Spain ends golden visa for real estate investors from April 2025

Key Takeaways

• Spain’s golden visa ends for real estate investors on April 3, 2025, closing residency via property purchase.
• Those with approved applications before April 3, 2025, retain their residency rights under the previous rules.
• Alternative Spanish visas include digital nomad, non-lucrative, entrepreneur, highly qualified worker, and student options.

Spain’s decision to end its golden visa program has created a major shift in how people from outside the European Union (EU) can move to the country using real estate investment. This change, effective April 3, 2025, shuts down a pathway that had drawn thousands of investors hoping for Spanish residency through buying property. If you are wondering what this means for future homebuyers, property professionals, or those looking for ways to live in Spain, you’ll find a clear picture below. We’ll explore why the government made this choice, who gains or loses, and what you can do next if Spain is still your dream destination.

What Was Spain’s Golden Visa?

Spain’s golden visa was created in 2013, during a tough period after the global financial crisis. The government wanted to attract money from outside Europe to help the country recover. The visa did this by making it easy for non-EU nationals to get residency if they invested at least €500,000 in real estate. Importantly, this amount had to be free of loans—buyers could not use a mortgage to reach the €500,000 minimum.

Other ways to gain residency included putting large sums into Spanish government debt or companies. However, most people used the real estate option, as it allowed investors and their close family to get a residence permit that offered many of the same rights as locals, including access to Spain’s health and education systems.

Between 2013 and 2025, about 15,000 people used this golden visa. Most investors came from China, Russia, the United States, the United Kingdom, Ukraine, Iran, Venezuela, and Mexico.

Why Did Spain End Its Golden Visa Program?

There were several reasons behind the end of the golden visa based on real estate investment:

• Housing Shortage: Spain is currently missing around 600,000 homes, a gap that grows each year. This shortage has pushed rental prices up by over 11% across the country. In cities like Madrid, the climb is even steeper, making it very hard for local people to find affordable homes.
• Speculation Concerns: There is a growing feeling in the country that homes should not just be seen as investment tools for the wealthy. Prime Minister Pedro Sánchez spoke against the idea, saying that “housing is not a speculative investment tool but a constitutional right.”
• Limited Impact on the Housing Market: The numbers show that golden visa holders were not the biggest buyers—only about 2% of recent homes sold in Spain were bought through this scheme. But the public discussion was more about symbolism. Leaders thought the country could not justify letting wealthy outsiders buy their way in while so many Spaniards struggled to find a place to live.

Who Wins With the End of the Golden Visa?

Ending the golden visa for real estate changes things for many, both inside and outside Spain.

Local Homebuyers and Renters

With fewer very wealthy investors competing for the best properties, local buyers and renters could now have an easier time finding homes in Spain’s most popular areas. The end of the program may slow the rapid climb of home prices and stop rents from going up as quickly.

Competing Countries in Europe

Other countries still offer their own versions of the golden visa. Greece, for example, lets people get residency by investing as little as €250,000 in property. Malta and some others have their own routes for investors. These countries may now attract many of the buyers who would have otherwise chosen Spain.

Policymakers Supporting Housing Reform

Those in government who argue that homes should be protected for residents—rather than being treated like stocks—see this as a victory. The move supports laws and social policies that aim to make housing more affordable for everyday people.

Who Loses Out?

Not everyone is happy with the decision:

Foreign Buyers Hoping for Residency

If you are a non-EU citizen and want to use real estate to get Spanish residency, this door is now closed. You cannot apply for the golden visa just because you buy property after April 3, 2025. People who dreamed of a quick path into the country using the program will need to find other options.

Luxury Real Estate Agents and Related Businesses

Agencies and professionals who helped wealthy overseas buyers find property in Spain will likely see fewer big sales. Related sectors, like high-end builders, lawyers, and consultants, might also lose some business.

People Who Missed the Deadline

If you started your golden visa application but didn’t submit it by April 3, there is no way to get under the old rules. However, if you finished your paperwork and sent it before this date, the government has said your case will be considered as usual.

“For those who have already submitted…before [April] your cases will be processed under existing legal framework.”

What Happens If You Already Have a Golden Visa?

Those who already have a golden visa tied to real estate do not lose their residency. Your current permit will still be good. When it comes time for renewal, as long as you still own the property and meet the original rules, your permit will be renewed. People who sent in their application before the cut-off date will also have their cases handled normally.

What Can You Do Now? Alternatives for Living in Spain

If Spain is still your top choice, there are other ways for non-EU citizens to live in the country. The golden visa’s real estate pathway may be gone, but these options might fit your situation:

1. Digital Nomad Visa

This visa is for people who work remotely for companies outside Spain. If you have a job or business that isn’t based in Spain and have a degree or professional background, you can apply. It’s best for freelancers, or those working online, wanting to enjoy life in Spain while earning money from abroad.

2. Non-Lucrative Visa

This option fits people who have enough income or savings—usually at least €30,000 per year—to support themselves without working in Spain. It’s popular among retirees and wealthy individuals who want to live in Spain for the long term but do not plan to take a job or run a business there.

3. Entrepreneur or Startup Visa

If you want to start a business in Spain, you may qualify for this visa. You need to show a plan for a new business that will bring jobs or new ideas to the Spanish economy.

4. Highly Qualified Worker Visa (Also Called the EU Blue Card)

If you have been offered a high-paying job (over €56,000 per year), you may be able to get a work visa under this special category. This is meant to bring skilled professionals into Spain.

5. Student or Researcher Visas

If you want to study or do research at a recognized school or university, you can apply for a student or researcher visa. This route is open to anyone who gets accepted by a Spanish institution.

Important Reminders

• Buying real estate in Spain no longer automatically allows you to live there.
• Every visa type has its own paperwork and income rules.
• For complex cases or if you want to be sure you choose the right path, it is wise to get qualified advice.

For the full list of visa types and exact requirements, you can visit the official Spanish government immigration website.

Short visits for tourism or brief business trips (up to three months) are still allowed with a Schengen visa. This has not changed.

What Might Happen Next Across Europe?

Spain’s recent move follows a wider trend in Europe. Portugal, which had a similar program, also closed its golden visa to real estate investors before Spain did. This may signal that more countries in the region could choose to tighten or scrap their own investor residency programs in the future.

Countries like Greece and Malta may see a rush in demand, as investors look for remaining back doors into the European Union. If you are thinking about acting, it’s important to check the latest news because governments can change their rules with little warning.

Not Just About Investment—Focus on Living Abroad

Some people used Spain’s golden visa mainly as a way to move money or gain a passport, but many truly wished to build a life in the country—perhaps retiring, starting a family, or soaking up the culture. The end of the golden visa has changed the real estate route, but Spain is still open to newcomers who want to study, work, build a business, or retire.

If your goal is to experience Spanish life, there are still several permitted options. It’s important, however, to match your visa application with your true intentions, whether working, studying, or settling down for retirement.

VisaVerge.com’s investigation reveals that a number of investors are now closely watching other countries for similar changes, and experts recommend moving quickly if you find a country with a program that fits your needs.

Summary Table: Key Points

Final Thoughts—Planning Your Next Steps

If you planned to use Spain’s golden visa and invest in real estate for residency, this route is closed to new applicants as of April 3, 2025. Existing visa holders and those who applied before this date remain protected by the old rules. Spain now joins a broader European trend of tightening its doors to investor-focused migration, especially when tied to property markets.

That said, Spain continues to offer a wide range of other visas for people who want to make the country their home through work, study, starting a business, or enjoying their retirement savings. Countries with their own golden visa programs may now become much more popular and may also change their rules soon.

The most important thing is to start early, stay up to date with legal changes, and make sure you understand the criteria for any new program or visa you want to pursue. If Spain’s sun, lifestyle, and culture still call to you, there are still practical ways to make your move happen—just not through real estate investment anymore.

For more in-depth news, detailed updates, and real-world answers about moving abroad, you can follow trusted sources like VisaVerge.com or visit Spanish government pages for the latest on visa requirements and programs. Always check official sources before making plans or investments, as rules can change quickly and may differ from region to region.

This new phase in Spain’s approach to foreign investment and residency is likely to spark more debate about housing, fairness, and who gets to call Spain home. For now, anyone hoping to invest in Spanish real estate can still look to the property market for business or personal reasons—but not as a guaranteed ticket to residency. If a Spanish life is your dream, explore your options and map your journey carefully.

Learn Today

Golden Visa → A residency permit for non-EU nationals who invest a minimum of €500,000 in Spanish real estate without mortgage loans.
Non-Lucrative Visa → A Spanish residency option for individuals with sufficient passive income or savings, not permitting local employment or business ownership.
Digital Nomad Visa → A visa for remote workers employed by companies abroad, allowing them to live in Spain while working online.
EU Blue Card → A special visa for highly paid, skilled non-EU professionals, enabling long-term work and residence in Spain or other EU states.
Speculation Concerns → Fears that housing is used as an investment tool, raising prices and reducing access for local residents, influencing policy changes.

This Article in a Nutshell

Spain will end its golden visa linked to real estate investment on April 3, 2025, signaling a significant immigration shift. While current holders remain protected, new applicants lose this pathway. Alternative visas, like digital nomad and non-lucrative, remain open. Spain’s decision reflects a broader European trend toward fewer investor residency opportunities.
— By VisaVerge.com

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