Spain's Golden Visa: Legal Status, Exact Cut‑off (organic Law 1/2025) and Practical Alternatives

What This Page Delivers

The Golden Visa Spain real‑estate route, which for over a decade allowed non‑EU nationals to obtain Spanish residency by purchasing property worth at least €500,000, is no longer available to new applicants. Organic Law 1/2025 (Ley Orgánica 1/2025) removed the residence‑by‑real‑estate‑acquisition provisions of Law 14/2013 with effect from 3 April 2025. Existing holders retain rights under transitional rules, but the window for new applications under this route has closed.

This page is written for high‑net‑worth individuals, property investors, and immigration advisors who need authoritative, primary‑source confirmation of the legal position, together with actionable guidance on renewals for legacy holders and the practical alternatives that remain open in 2025–2026.

Below you will find:

• Legal cut‑off and legislative detail: exactly which provisions changed and when.
• Who is affected: prospective applicants, existing holders, and edge cases.
• Step‑by‑step alternatives: Digital Nomad visa, Non‑Lucrative visa, Entrepreneur visa, and remaining investor routes.
• Comparison table: side‑by‑side eligibility, costs, and timelines.
• Renewal playbook for legacy holders: Mercurio filing, evidence requirements, and risk mitigation.
• FAQ: concise answers to the most common questions.

Legal Status of the Golden Visa in Spain: Organic Law 1/2025 and the Rules That Changed

Short Legal History

Spain’s investor‑residence programme was introduced by Law 14/2013 of 27 September (Ley de apoyo a los emprendedores y su internacionalización). Articles 63 to 67 of that law created several investor‑residence categories, the most popular of which was the acquisition of real estate valued at €500,000 or more. For over a decade, this route attracted tens of thousands of non‑EU buyers and became widely known as the “Golden Visa.”

Exact Cut‑Off: 3 April 2025

Disposición final vigésima primera (21.1) of Organic Law 1/2025 of 2 January left Articles 63 through 67 of Law 14/2013 “sin contenido” (without content) with effect from 3 April 2025. The legal effect is unambiguous: from that date, no new authorisations may be granted under the residence‑for‑investors‑by‑acquisition‑of‑real‑estate route.

It is important to distinguish the real‑estate route from other investor modalities originally created under Law 14/2013 (capital‑markets investment, public debt, business projects). The scope of the removal and its impact on each modality is discussed in the alternatives section below.

Government Rationale and Policy Context

The Spanish Government confirmed the closure through an official press note issued on 3 April 2025, citing concerns about the programme’s effect on housing affordability and speculative foreign investment in residential property markets. The closure forms part of a broader package of housing‑policy measures aimed at reducing upward pressure on property prices in major Spanish cities.

Who Is Affected

The repeal of the real‑estate Golden Visa Spain route has immediate consequences for three distinct groups:

• Prospective applicants: Any non‑EU national who planned to obtain Spanish residency through a property purchase of €500,000 or more can no longer do so. Applications filed after 3 April 2025 under the real‑estate head of Article 63 will not be admitted.
• Intermediaries and property developers: Agents, developers, and advisory firms that marketed Spanish property as a gateway to EU residency must re‑align their offerings and client expectations.
• Existing visa and authorisation holders: Individuals who already hold a valid investor visa or residence authorisation issued before the cut‑off retain their rights under transitional provisions in the consolidated text of Law 14/2013. They may renew their authorisations provided they continue to meet the applicable conditions (see the renewal section below).

Edge Cases and Pending Applications

Applications that were formally lodged but not yet decided before 3 April 2025 occupy an uncertain transitional space. Administrative and consular processing timelines vary, and the treatment of applications submitted close to the cut‑off date may depend on individual circumstances and the date of formal registration. Anyone in this position should seek immediate legal review to establish whether their application was validly admitted before the deadline.

Step‑by‑Step Alternatives to the Real‑Estate Golden Visa

The closure of the property route does not mean that Spain has become inaccessible to international investors and mobile professionals. Several well‑established and recently modernised residence pathways remain available. Below, we map each alternative to the investor or relocator profile it best serves.

Alternative 1: Digital Nomad / Telework Visa

Spain’s digital nomad visa, formally known as the international telework visa, was introduced under Law 28/2022 of 21 December (Ley de Startups). It allows non‑EU nationals who work remotely for employers or clients based predominantly outside Spain to live and work legally in the country.

Key features:

• Eligibility: Applicants must demonstrate an employment or professional relationship with companies outside Spain, or that at least 80% of their income originates from non‑Spanish sources. Self‑employed freelancers with international clients may also qualify.
• Duration: The initial visa is typically valid for up to one year, convertible to a residence authorisation of up to three years, with further renewals possible.
• Income evidence: Consulates typically require proof of a regular income (via employment contract, invoices, or bank statements). Exact thresholds vary by consulate, but the income must be sufficient to support the applicant without recourse to public funds.
• Tax considerations: Holders may elect a special tax regime (related to the “Beckham Law” provisions) during the first years of residence. This is a complex area that requires personalised tax advice.
• Limitations: The applicant must not have been a resident in Spain during the five years preceding the application. The visa does not permit conventional employment with a Spanish company.

For full eligibility criteria and a document checklist, see our Spain Digital Nomad Visa guide.

Alternative 2: Non‑Lucrative Visa

The non‑lucrative visa (visado de residencia no lucrativa) is aimed at individuals who wish to live in Spain without engaging in any economic or professional activity. It is popular among retirees and financially independent individuals.

The regulatory framework is set out in Real Decreto 1155/2024 of 19 November, which updated the implementing regulations of Ley Orgánica 4/2000. Key points:

• Financial threshold: The main applicant must demonstrate means equivalent to at least 400% of the IPREM (Indicador Público de Renta de Efectos Múltiples) on a monthly basis. Additional amounts are required for dependants. The IPREM is updated annually; applicants should verify the current figure at the time of filing.
• Health insurance: Comprehensive private health cover with a Spanish insurer (no co‑pays, full coverage) is mandatory.
• Work prohibition: Holders may not work or carry out professional activities in Spain during the validity of this visa.
• Pathway: After continuous legal residence, holders can transition to long‑term residency under general immigration rules.

A detailed breakdown is available in our Non‑Lucrative Visa full guide.

Alternative 3: Entrepreneur / Startup Visa

Also created by Law 28/2022 (Ley de Startups), the entrepreneur visa enables non‑EU nationals to move to Spain to launch or manage an innovative business project.

• Business plan requirement: The applicant must present a business plan that meets innovation, scalability, or public‑interest criteria. The plan is assessed by the competent authority (the Oficina Nacional de Emprendimiento, ONE).
• Favourable opinion: A positive assessment from ONE is a prerequisite for the visa application.
• Timeline: From business plan submission to visa issuance, the process typically takes two to six months, depending on consular workload and the complexity of the business proposal.
• Conversion: The initial authorisation can be converted to a standard residence permit and ultimately to long‑term residency.

Read more in our Entrepreneur & Startup visa Spain overview.

Alternative 4: Other Investor Routes (Non‑Real‑Estate) and Cross‑Border Options

Law 14/2013 originally created multiple investor modalities beyond real estate, including investment in Spanish public debt, shares in Spanish companies, bank deposits, and business projects of general interest. The consolidated text of Law 14/2013 now shows which paragraphs of Articles 63–67 were left without content and which, if any, remain operative. The practical availability of these non‑real‑estate investor modalities is in flux: some may remain formally in the legislation but face administrative or interpretive uncertainty. A thorough legal review is essential before relying on any remaining investor route under Law 14/2013.

Cross‑border investor residency: Investors who require EU residency and are no longer served by the Spanish golden visa may consider programmes in other jurisdictions. Industry observers note that Portugal’s Golden Visa (restructured in 2023 to exclude direct real‑estate investment), Greece’s investor‑residence programme, and Malta’s residence schemes remain available, each with distinct minimum thresholds, processing times, and pathways to citizenship. Given the different legal frameworks involved, a multi‑jurisdictional case review is strongly recommended; see our EU investor residency comparison for more information.

Process/How‑To: Application Steps for Each Alternative

Universal Pre‑Application Checklist

1. Identity documents: Valid passport with at least 12 months remaining; certified copies.
2. Criminal records, police clearance certificates from the country of nationality and any country of residence in the previous five years, apostilled and translated.
3. Health insurance: Comprehensive private health insurance with a Spanish provider (no co‑pays, no exclusions).
4. Evidence of funds: bank statements, investment certificates, or employer contracts demonstrating the financial capacity required for the chosen route.
5. Tax residence review: Assess current and future tax residence status; determine whether the Beckham regime or any double tax treaty applies.
6. Notarised translations and certified legal representation. All foreign‑language documents must be officially translated into Spanish. Where procedural rules require legal representation, appoint a qualified Spanish immigration lawyer.

Digital Nomad Visa Application Steps

1. Eligibility screening: Confirm that at least 80% of income originates outside Spain and that you have not been a Spanish tax resident in the previous five years.
2. Prepare employer/contract evidence, employment contract, service agreements, or invoices showing the international nature and duration of the professional relationship.
3. Proof of income: Bank statements for the previous 3–6 months demonstrating regular income above the applicable threshold.
4. Arrange health insurance. Obtain a policy from a Spanish insurer compliant with immigration requirements.
5. Consular application or in‑Spain conversion. File at the Spanish consulate in your country of residence, or (if already legally in Spain on another visa) apply for a status change.
6. Mercurio submission and follow‑up. In‑Spain applications are processed through the Mercurio electronic system. Register (or have your lawyer register on your behalf), upload documents, and track status.
7. Attend biometric appointment / collect TIE. Once approved, attend the designated appointment to provide biometrics and receive your Tarjeta de Identidad de Extranjero.

Legal basis and guidance for this process is set out in ONE’s official startup‑law guidance page.

Non‑Lucrative Visa Application Steps

1. Calculate IPREM multiple. Verify the current annual IPREM value and calculate 400% for the main applicant plus the required increment per dependant.
2. Gather bank statements and income proof. Show liquid assets or passive income (pensions, investments, rental income from abroad) meeting the threshold.
3. Obtain health insurance. full private medical cover with a Spanish insurer.
4. Consular appointment. Book and attend an appointment at the Spanish consulate with jurisdiction over your place of residence. Submit completed application, supporting documents, and applicable fees.
5. Visa issuance. Await consular decision (typically one to three months). Once issued, the visa is usually valid for 90 days for entry into Spain.
6. Arrival and TIE application. Enter Spain within the visa validity period, then apply for your TIE at the competent Oficina de Extranjería within 30 days of arrival.

Entrepreneur / Startup Visa Application Steps

1. Draft business plan. Prepare a detailed business plan demonstrating innovation, economic impact, and viability in Spain.
2. Submit to ONE for accreditation. File the business plan with the Oficina Nacional de Emprendimiento for a favourable opinion.
3. Receive a favourable report. ONE issues a binding opinion (typically within 10–20 business days).
4. Consular/administrative filing. With the favourable report, apply for the entrepreneur visa at the Spanish consulate, or (if eligible) apply in‑country.
5. Visa decision. The consulate processes the application (typical timeline: two to six months including ONE assessment).
6. Enter Spain and activate. Travel to Spain within the validity window.
7. Obtain TIE and begin business operations. Register with the relevant authorities, obtain your NIE/TIE, and commence commercial activity.

Comparison Table: Golden Visa (Closed) vs Alternatives

The following table compares the now‑closed real‑estate Golden Visa Spain route with the principal alternatives on eligibility, minimum financial requirements, typical processing time, and pathway to long‑term residency.

Key Requirements and Eligibility Checklists

Each route has distinct documentary and financial requirements. Below is a condensed checklist for the three main alternatives:

• Digital Nomad Visa: Valid passport; employment contract or freelance evidence with non‑Spanish source of income (≥80%); proof of sufficient income; private health insurance; clean criminal record; no prior Spanish tax residency in the last five years.
• Non‑Lucrative Visa: Valid passport; financial proof of at least 400% IPREM (main applicant) with additional amounts per dependant, as defined in RD 1155/2024; comprehensive private health insurance; clean criminal record; no intention to work in Spain.
• Entrepreneur Visa: Valid passport; favourable report from ONE on business plan; evidence of adequate funding for the project; clean criminal record; private health insurance.

Important note on IPREM thresholds: The IPREM is updated annually by the Spanish Government. Financial eligibility thresholds expressed as multiples of the IPREM (such as 400% for the non‑lucrative visa) will therefore change in absolute euro terms each year. Applicants should always verify the current IPREM value at the time of application. Consulate‑specific variations in the application of these thresholds are also possible.

Family inclusion: Most routes permit the inclusion of qualifying family members (spouse and minor children), subject to additional financial evidence and documentation. The precise rules vary by visa category and are set out in the applicable regulations.

Renewal Guidance and Legacy Holder Playbook

Who Is a Legacy Holder?

A legacy holder is any non‑EU national who was granted a valid investor visa or residence authorisation under the real‑estate provisions of Law 14/2013 before 3 April 2025. This includes individuals whose authorisations were granted but not yet activated (i.e., the visa was issued but the applicant had not yet entered Spain or collected a TIE). The consolidated text of Law 14/2013 preserves rights under transitional provisions for these holders.

Step‑by‑Step Renewal Process

1. Check your expiry date. Review the validity period of your current authorisation or visa. Begin preparing renewal documentation well in advance (ideally 60 days before expiry).
2. Prepare evidence of maintained investment. If your original authorisation was based on property ownership, you will generally need to demonstrate that you still own the qualifying asset. Gather updated property registry extracts (nota simple) and, where applicable, evidence of maintained value.
3. Compile supporting documentation: valid passport, proof of health insurance, clean criminal record (if required), evidence of continued compliance with any residency conditions.
4. Submit renewal via Mercurio. The Mercurio electronic platform is the primary submission channel for residence authorisation renewals in Spain. Your lawyer can register and file on your behalf.
5. Alternative filing if Mercurio is unavailable: If the Mercurio system does not accept the specific procedure type (which can occur during transitional periods), file directly with the Oficina de Extranjería by electronic or in‑person registration, preserving evidence of the filing date.
6. Await the decision and collect updated TIE. Once the renewal is approved, attend the biometric appointment and collect the new residence card.

Risks and Mitigation

The removal of the real‑estate golden visa route creates some interpretive uncertainty for renewals, particularly where administrative bodies may be unfamiliar with the transitional rules or where procedural guidance has not been updated. Legacy holders should be aware of the following:

• Administrative interpretation There is a risk that local Extranjería offices may incorrectly treat the route as fully extinct, including for renewals. Legal representation is strongly advised to assert transitional rights.
• Mercurio system limitations If the platform does not list the investor‑renewal procedure, use the alternative filing route and document your submission carefully.
• Appeals If a renewal is refused, Spanish administrative law provides for administrative review (recurso de alzada or reposición) and, ultimately, judicial remedies before the Contencioso‑Administrativo courts.

Closing Summary

The real‑estate Golden Visa Spain route closed definitively on 3 April 2025 under Organic Law 1/2025. New applicants cannot obtain residency through property purchase. Legacy holders should act promptly to secure renewals under transitional rules and should ensure they have competent legal representation in case of administrative difficulties. For everyone else, the landscape of Spanish residence options Digital Nomad visa, Non‑Lucrative visa, Entrepreneur visa, and remaining investor modalities offers viable pathways, each with distinct eligibility criteria and timelines. Multi‑jurisdiction planning may also be appropriate for investors seeking EU residency flexibility. A professional legal review of your individual circumstances is the recommended next step.

This content is for informational purposes and does not constitute legal advice. For case‑specific guidance, contact a qualified immigration lawyer through Global Law Experts.

Sources

• BOE Ley 14/2013 de 27 de septiembre (consolidated text), Articles 63–67
• BOE Ley Orgánica 1/2025, de 2 de enero (BOE‑A‑2025‑76)
• BOE Ley 28/2022, de 21 de diciembre (Ley de Startups)
• BOE Real Decreto 1155/2024, de 19 de noviembre
• La Moncloa Nota de prensa: fin de la Golden Visa (3 April 2025)
• Ministerio de Inclusión Migraciones: Mercurio and Extranjería guidance
• ONE Oficina Nacional de Emprendimiento: Ley de Startups guidance