Spain Golden Visa in 2026: Closure of the Programme, Alternatives and the Pathway to EU Citizenship

Spain's Golden Visa programme, launched in 2013 under the Entrepreneurs Act (Ley de Emprendedores), was for over a decade one of Europe's most popular investor residency routes. However, the programme was abolished entirely on 3 April 2025, and investment-based residency is no longer available in Spain. Investors considering Spain in 2026 must understand that the Golden Visa is closed, and that the alternatives described below — chiefly the Non-Lucrative Visa and the Beckham Law tax regime — now serve those seeking a foothold in Spain.

The Golden Visa Closure: What Happened

In April 2024, Prime Minister Pedro Sánchez announced the government's intention to abolish the residential real estate investment route of the Golden Visa, citing housing affordability concerns. The legislation that followed went further than the initial announcement: rather than closing only the real estate route, Spain abolished the entire Golden Visa programme — including the government bond, company share, bank deposit and investment fund routes — with effect from 3 April 2025.

The official rationale was that the overwhelming majority of Golden Visas (according to the government, around 94%) had been linked to real estate investment in cities with stressed housing markets, and that ending the programme outright was the cleaner policy outcome.

Existing permits are protected. Investors who submitted complete applications before 3 April 2025, and those already holding a Golden Visa, continue under the previous rules and retain their residency and renewal rights. If you hold an existing permit, take specialist legal advice on maintaining and renewing it — but no new Golden Visa applications can be made.

No New Investment Routes Remain

There is no longer any investment-based residence permit in Spain. The thresholds that previously applied — €2,000,000 in government bonds, €1,000,000 in company shares, bank deposits or qualifying investment funds, and €500,000 in residential real estate — are of historical interest only and are no longer routes to residency.

For non-EU/EEA nationals (including UK nationals post-Brexit) who wish to establish residency in Spain, the relevant routes are now non-investment routes: principally the Non-Lucrative Visa for those with passive income, the digital nomad visa for remote workers, and standard work or entrepreneur visas. These are described below.

The Pathway to Spanish Citizenship

Spanish citizenship requires ten years of legal and continuous residency as a general rule. You must demonstrate genuine integration: Spanish language proficiency (DELE A2 minimum, higher in practice), knowledge of Spanish history and culture (CCSE exam), and renunciation of your prior citizenship in most cases.

Shorter routes for specific nationals:

• Iberoamerican nationals (Latin American countries where Spanish was the colonial language, plus the Philippines and Equatorial Guinea): two years of legal residency to qualify for naturalisation.
• Sephardic Jews: a special law allowed direct naturalisation without residency — this route closed in 2019, though descendants of those who registered may still have pending cases.
• Refugees: five years.

Once Spanish citizenship is obtained, you hold an EU passport with freedom of movement, the right to live and work across all 27 EU member states, and access to Schengen travel. For UK nationals post-Brexit who wish to restore EU mobility, Spanish citizenship after ten years of legal residence (now established via the Non-Lucrative Visa or another residence route rather than the closed Golden Visa) is one option — a long one, but achievable.

Note that Spain generally requires renunciation of prior citizenship on naturalisation, with exceptions for Iberoamerican nationals and a small number of other categories. UK nationals naturalising as Spanish citizens are typically required to renounce British citizenship. This is a major consideration that must be discussed with a specialist lawyer before starting the process.

The Non-Lucrative Visa: An Alternative for Passive Income Holders

For those who do not wish to make a large investment but have sufficient passive income, the Spanish Non-Lucrative Visa (NLV) is worth considering. It requires:

• Proof of passive income (from savings, investments, rental income, pensions, etc.) of at least €2,400 per month for a single applicant (figures vary by consulate — verify current requirements). Partners and dependants require additional income proof.
• No right to work in Spain under the NLV (passive income only).
• Annual renewal; after five years, it converts to a long-term EU residence permit.
• Physical presence in Spain is required — you must spend more than 183 days/year in Spain, which makes you a Spanish tax resident.

The NLV is particularly popular with British retirees and those with dividend or investment income who want to base themselves in Spain. However, Spanish tax residency means being subject to Spanish income tax on worldwide income — Spain is not a low-tax jurisdiction, and the rates are comparable to the UK. Tax planning before making the move is essential.

The Beckham Law: A Special Tax Regime for New Arrivals

Spain's "Beckham Law" (formally the Impatriates Tax Regime, or régimen especial de trabajadores desplazados) offers a significant tax incentive for qualifying individuals who take up employment or business activity in Spain. Key features:

• A flat 24% income tax rate on Spanish-source income up to €600,000 (above that, 47% applies).
• Income from foreign sources (dividends, rental income, capital gains from overseas assets) may be exempt from Spanish taxation in some circumstances, depending on the nature of the income.
• The regime applies for the year of arrival plus five subsequent tax years — six years in total.
• To qualify, you must not have been a Spanish tax resident in the previous five years.
• The regime now (post-2022 reform) also applies to remote workers employed by foreign companies, entrepreneurs, and certain investors — not only employees transferred to Spain.

The Beckham Law can dramatically reduce the Spanish tax burden in the early years of residency, making Spain considerably more attractive for HNW individuals relocating. However, its interaction with other countries' tax systems (including UK tax rules on departing residents) must be analysed carefully.

Spain and UK Post-Brexit Relations

Brexit fundamentally changed the position of British nationals in Spain. EU freedom of movement no longer applies to UK nationals, meaning:

• UK nationals need a visa to work in Spain, or the NLV/digital nomad visa for residency without local employment.
• UK nationals who were resident in Spain before 31 December 2020 and registered under the Withdrawal Agreement retain their existing rights.
• UK nationals who moved after 2020 must use the standard third-country visa routes.
• The 90-day rule applies to UK nationals visiting Spain on a tourist basis (90 days in any 180-day period across the entire Schengen area).

For UK nationals who spend significant time in Spain without formal residency, the 90-day Schengen limit is a real constraint. The NLV or digital nomad visa resolves this by giving legal residency status; the Golden Visa, which previously served this purpose, is no longer available.

Spain's Tax System: What to Expect

Spain is not a zero- or low-tax jurisdiction. Key features relevant to HNW investors:

• Income tax (IRPF): progressive rates rising to 47% at the state level, with regional surtaxes in some autonomous communities (Madrid rates are lower; Catalonia and Valencia higher).
• Capital gains tax: tiered savings-base rates from 19% up to 28%, with a 30% top band on net gains above €300,000 (under Ley 7/2024) — for 2026.
• Wealth tax (Impuesto sobre el Patrimonio): applied on worldwide net wealth for Spanish tax residents; rates vary by autonomous community. Madrid has historically applied a 100% bonus, effectively making it zero; other regions apply the standard rates.
• Inheritance and gift tax (ISD): levied at autonomous community level; rates vary significantly (Madrid and Andalucia are generous to heirs; other regions less so).
• Modelo 720: Spanish residents must disclose overseas assets worth more than €50,000 in overseas accounts, securities, real estate or life assurance. Failure to comply has historically attracted severe penalties — though EU courts ruled some penalty provisions disproportionate. Updated rules apply from 2023 for crypto assets (Modelo 721).

Professional Spanish tax advice is mandatory before relocating, particularly for those with complex international asset structures.

Comparing Spain to Portugal and Greece for EU Residency

Spain, Portugal and Greece all offer routes to EU residency through investment. Briefly:

• Portugal has the advantage of the IFICI/NHR tax incentive regime and faster current processing for some routes; citizenship is achievable after five years.
• Greece offers the lowest-cost real estate route (€400,000 outside key zones) for EU residency, with no minimum stay requirement.
• Spain offers the largest economy, best quality of life metrics for many, and the Beckham Law tax regime — but it no longer offers an investment-based residency route (the Golden Visa closed on 3 April 2025), citizenship takes ten years in most cases, and potential renunciation of prior citizenship is a major consideration.

The right jurisdiction depends entirely on your objectives, existing citizenship, income structure, and family situation. A global mobility adviser who covers all three markets is better placed to give you a recommendation than a specialist in any one country.

Compliance Considerations

Spain has been an active participant in automatic exchange of financial information (CRS/AEOI) since 2017. Spanish residents' overseas financial accounts are reported to Spanish tax authorities, and Spanish residents' Spanish accounts are reported to their countries of prior residence. Moving to Spain does not help you avoid tax in your home country if you have not properly terminated tax residency there.

Spain also has strict rules on exit taxation: Spanish tax residents who become non-resident may be subject to a "deemed disposal" charge on unrealised gains in shares and participations above a threshold if they have been resident in Spain for at least ten of the last fifteen years. Tax advice before departing Spain is as important as advice before arriving.

How Global Investments Can Help

Spain is a complex jurisdiction with excellent opportunities for internationally mobile HNW individuals — but it rewards those who plan carefully and penalises those who do not. Global Investments works with specialist Spanish immigration lawyers, tax advisers, and property professionals to help clients assess whether Spain is the right option for their circumstances, navigate the post-Golden-Visa residency routes (the Non-Lucrative and digital nomad visas), and structure their affairs to make the most of available regimes such as the Beckham Law.

We can also help you compare Spain against competing EU residency and citizenship programmes, so that your decision is based on a full picture of your options. Speak to our international mobility team to start the conversation.

This guide is for information purposes only and does not constitute legal or tax advice. Legislation and programme rules change frequently — always take current professional advice before making any investment or residency decision. Investment values can fall as well as rise.