Spain Golden Visa Closed: What Replaced It?

Spain's golden visa is closed: the residency-by-real-estate program was repealed and stopped accepting new applications as of April 3, 2025. The good news is that several legitimate routes to living in Spain remain open, and other European residency programs serving a similar purpose are still available. This guide looks at what the closure means, which Spanish visas replaced the golden visa, and the realistic alternatives across the continent, from the perspective of an independent advisor. The dates, amounts, and conditions cited here reflect the period this article was written; confirm current details with an advisor before acting.

Why did Spain close its golden visa?

Spain launched its golden visa in 2013 to attract foreign capital during the recovery from its economic crisis. The most popular route granted residency to the investor and their family in exchange for a real estate purchase of 500,000 euros. After more than a decade, the government ended the scheme, arguing it had pushed housing prices in cities such as Barcelona, Madrid, and Malaga beyond the reach of local residents.

The decision was part of a broader housing policy package. The relevant law was approved in early 2025, and the real-estate-based residency route closed as of April 3, 2025. The rule does not cover applications filed after that date.

Spain is not alone in this shift. Portugal closed its real estate route, Ireland ended its investor program entirely, and the general trend across Europe is moving away from residency granted purely for buying property, toward criteria such as contribution to the local economy, entrepreneurship, or investment in qualifying funds. Spain's decision should be read as part of this wider policy change across the continent, and that context matters when weighing which programs are likely to remain sustainable in the long run.

What happens to existing golden visa holders?

The closure is not retroactive. Investors who obtained a golden visa before April 3, 2025 keep their rights, as long as the renewal conditions set out in the legislation continue to be met. Anyone holding a valid card can still renew their residency and, over time, progress toward long-term residence or citizenship.

That said, renewal rules, property holding requirements, and possible tax obligations vary from case to case. If you already hold a golden visa, it is worth reviewing your renewal timeline and holding conditions with an advisor, since implementation details can be updated.

Applicants who started the process shortly before the closure but had not yet received a decision face a situation that depends on the stage their file had reached. If you are in this kind of transitional position, your file's status and options need to be assessed individually. General information will not answer that question; a case-by-case review will.

The routes that replaced Spain's golden visa

Even though the golden visa closed, Spain kept several residency options that serve different profiles. These visas work on a different logic than investment-for-residency; they are generally based on stable income, remote work, or entrepreneurship. The three most commonly asked about are below.

Digital nomad visa

Introduced in 2023, the digital nomad visa targets professionals who work remotely for companies outside Spain or for clients based abroad. Applicants must show that the majority of their income comes from non-Spanish sources. The minimum income required was, at the time of writing, roughly twice Spain's minimum wage; the current threshold should be confirmed before applying. Family members can be included in the application.

Non-lucrative residence visa

The non-lucrative visa is for people who can support themselves in Spain through passive income or savings, without working. It suits retirees and financially independent families, similar in logic to a retirement visa. Because it does not permit active employment in the country, the applicant's means of support must rely on passive items such as rental income, investment returns, or a pension. The minimum passive income required is tied to an official benchmark known as the IPREM, which is updated regularly.

Entrepreneur and highly qualified professional visas

Spain also maintains separate residency routes for entrepreneurs presenting an innovative business plan and for highly qualified professionals. These options suit applicants aiming to create genuine economic activity or employment in the country, and require the business plan to be approved by the relevant authorities.

Golden visas versus income-based visas: the difference

Many investors who were considering the golden visa find the post-closure options confusing. Clarifying the difference makes it easier to choose the right route.

The golden visa granted residency because you invested a set amount of capital in the country; it did not ask about your income or where you worked. The visas that replaced it instead ask you to document steady income and your means of support, rather than a one-time asset transfer. In short, the focus has shifted from a single capital outlay to sustainable income that can support you while living in the country.

This can open a more accessible door for professionals who do not have significant capital but do have a stable remote income. Conversely, for a family whose means come from investment returns and who do not plan to work in Spain, the non-lucrative visa may be the better fit. Choosing the right door depends on the balance between the capital and the income you actually have.

Alternatives to a golden visa in Europe

If your goal is European residency through investment, Spain stepping back does not mean every door has closed. Several programs working on a similar logic remain open across the continent. The comparison below is a rough summary of the leading options; amounts and conditions reflect the period this article was written and should be confirmed before applying.

Country	Typical investment threshold	Leading route	Note
Greece	250,000 to 800,000 euros	Real estate	Threshold varies by region
Portugal	From 500,000 euros	Qualifying funds or other investments	Real estate route removed
Hungary	From 250,000 euros	Qualifying fund / investment	Program relaunched in 2024
Malta	Combined contribution and investment	Residency program	Detailed due diligence required

Each of these residence permit based programs carries different holding periods, physical presence expectations, and tax consequences. Greece still runs Europe's best known real-estate residency program, but because thresholds have risen in popular areas, what you pay can differ noticeably by location. In high-demand spots such as Athens, Thessaloniki, and popular islands, the threshold sits at the higher tier, while it can remain lower elsewhere.

Portugal, despite closing its real estate route, continues to attract interest through its structure of investing in qualifying funds while preserving a path to residency and, over time, citizenship. Hungary, for its part, relaunched its program in 2024 with qualifying fund and investment options. These three countries have absorbed part of the demand that shifted away from Spain. Malta offers a residency program that combines contribution and investment and requires detailed due diligence. Investors seeking a stronger passport and mobility rather than direct residency may also want to look at citizenship by investment programs outside Europe.

It is worth underlining an important distinction here: most of these programs grant residency, not a passport directly. The move to citizenship becomes possible only once the country's required residency period, language, and integration conditions are met, and only if the relevant application is approved. Knowing from the outset that timelines and requirements differ by country, and can be updated over time, is key to making a realistic plan.

What to weigh before deciding

Choosing a program based on the investment amount alone is a common mistake. The real cost and suitability become clear only once you weigh the following points as well.

• Source of funds: Every serious program requires you to document that the investment amount comes from a legal, traceable source.
• Due diligence: Applicants and family members undergo a thorough review that assesses both criminal and financial background.
• Physical presence: Some visas require staying in the country for a set period each year; others are far more flexible.
• Tax residency: Staying in a country beyond a certain period can trigger tax residency, and its effect on your personal planning should be assessed in advance.
• Long-term goal: It helps to clarify from the start whether your aim is residency alone, or eventually permanent residence or citizenship.

Because these factors vary from program to program, it is important to weigh your choice with an independent perspective that is not tied to a single country. At Golden Visa Partners, we help identify the route that genuinely fits your budget and goal, without being tied to any one country or developer.

The process usually begins with a suitability review: your goal, family structure, and financial profile are assessed. The suitable program is then selected, documents and source-of-funds evidence are prepared, the application is filed, and due diligence proceeds. The timeline varies by country and by how complex the file is, so a firm schedule can only be given once we look at your specific case. Sharing all costs and steps transparently from the outset is the surest way to avoid surprises.

Frequently Asked Questions

Has Spain's golden visa really closed completely?

Yes. The golden visa program, which granted residency through real estate and other qualifying investments, closed to new applications as of April 3, 2025. New applications through this route are no longer accepted after that date.

Is my existing golden visa cancelled?

No. The closure is not retroactive. Visas obtained before that date remain valid as long as renewal conditions continue to be met. Even so, it is recommended to confirm your renewal and holding rules with an advisor.

How can I live in Spain without investing?

The digital nomad visa suits remote-working professionals, while the non-lucrative visa suits those who can support themselves through passive income without working in Spain. Separate residency routes also exist for entrepreneurs and highly qualified employees.

Which European countries still offer a golden visa now that Spain has closed its program?

Countries such as Greece, Portugal, and Hungary continue to run investment-based residency programs, each structured differently. Thresholds, holding periods, and physical presence expectations differ between them, and conditions should be confirmed before applying.

Do these programs lead to citizenship?

Most residency programs offer the possibility of applying for permanent residence or citizenship once specific time periods and conditions are met, but this is not automatic and varies by country. Separate citizenship-by-investment programs also exist for those seeking citizenship directly.

How do I know which program fits me?

Your budget, family situation, flexibility around physical presence, and long-term goal are the deciding factors. For an independent assessment, you can contact us for a free initial consultation.

Disclaimer: This article is for general informational purposes only and does not constitute legal, tax, immigration, or investment advice. Programs and amounts may change; confirm current details and your personal eligibility with a qualified advisor before taking any action.