Spain Golden Visa 2026: What Changed and What Comes Next for Investors

Spain's Golden Visa made headlines in April 2025 when the government closed the real estate investment route. If you've been researching investment residency in Spain and are wondering what's left — this article covers what actually changed, what routes still exist, and how investors are structuring residency in 2026.

What exactly changed in April 2025?

The Spanish government eliminated the Golden Visa route based on real estate purchase — the route that allowed non-EU nationals to obtain Spanish residency by purchasing property worth at least €500,000. This route was the most popular Golden Visa pathway, used primarily by buyers from China, Russia, the UK, and the US.

The closure was driven by housing affordability concerns. Prime Minister Pedro Sánchez announced that the programme was contributing to housing price inflation in Madrid, Barcelona, and coastal areas, pricing out Spanish residents.

Applications submitted before the closure date were allowed to be processed under the old rules.

What Golden Visa routes remain in 2026?

The non-property Golden Visa routes were not abolished. These remain available:

• Financial investment (€1 million): Investment in Spanish company shares or bank deposits in Spanish financial institutions.
• Spanish government bonds (€2 million): Purchase of Spanish public debt.
• Business project: Investment in a "business project of general interest" — this is fact-specific and must be approved by the Spanish Economic and Trade Office. Creates jobs or has significant economic impact.
• Investment funds (€1 million): Investment in Spanish closed-end investment funds or capital risk funds.

These routes are significantly less popular than the property route was, and they require larger capital commitments. In practice, they are used mainly by high-net-worth individuals from countries where EU residency has substantial value.

Can I still buy property in Spain as a foreigner?

Yes — completely. The end of the Golden Visa property route does not restrict property purchase in any way. Foreigners can still buy property in Spain as before.

The key change: purchasing property no longer automatically gives you residency. You will still need a valid visa and residence basis if you want to live in Spain.

Property purchases still carry significant tax implications — particularly for non-residents. See our Real Estate & Investment service page for details.

Alternatives for people who wanted the Golden Visa property route

For people who wanted to invest in Spanish property and gain residency, the landscape has changed. Here are the main alternatives in 2026:

• Digital Nomad Visa: If you work remotely with an income of ~€2,646+/month, you can get legal residency without investing anything. This is the most popular new route for working-age expats. Read our Digital Nomad Visa tax guide.
• Non-Lucrative Residence Visa: For people with passive income (pensions, investment income, rental income) who don't need to work in Spain. Requires proving financial self-sufficiency — approximately €28,000/year for a single person.
• EU Long-Term Residence: If you've been a legal resident in an EU country for 5 years, you can transfer that status to Spain relatively easily.
• Arraigo: If you've been in Spain for several years already (including without documentation), arraigo routes provide a path to regularisation.

Tax implications of becoming a Spanish resident investor

Regardless of which route you use to gain residency, once you spend 183+ days in Spain you become a Spanish tax resident — with obligations to declare worldwide income and assets.

For investors, this means:

• Foreign investment income (dividends, interest, capital gains) is taxable in Spain
• Foreign real estate must be declared in Modelo 720 if over €50,000
• The Beckham Law may apply if you're a newly arrived investor — worth exploring

Get a consultation before you establish residency — the tax planning decisions made at the point of arrival have long-term consequences. International Tax consultation.