Spain Golden Visa Programme — Residency by Investment Guide 2026

Programme Overview

Spain's investor residency programme — the Visado de Residencia y Trabajo para Inversores (Investor Residence and Work Visa), informally known as the Spanish Golden Visa — was introduced in 2013 under Law 14/2013 to stimulate foreign investment during Spain's post-financial-crisis recovery.

The programme gained rapid popularity, particularly the real estate route which allowed €500,000 in Spanish property to qualify for EU residency. In April 2024, the Spanish government announced plans to abolish the real estate investment route as part of a broader housing policy response, citing concerns about affordable housing in Barcelona and Madrid. The legislation went further than the original announcement: Organic Law 1/2025 abolished the entire Golden Visa programme — every investment route, not just real estate — with effect from 3 April 2025.

The Spain Golden Visa is now closed to new applications. No new investor residence applications have been accepted since 3 April 2025. Applications filed and confirmed before that date continue to be processed under the rules in force at the time of submission, and existing permit holders retain their rights, subject to professional legal advice on long-term renewal. The investment routes described below are therefore presented for historical reference only; they are no longer available to new applicants.

Investment Routes (Historical — Closed to New Applicants)

1. Company Shares (Equity Investment) — €1,000,000

• Minimum €1,000,000 investment in shares of Spanish companies
• The company must be registered and operating in Spain
• The investment must be made via direct equity acquisition (not through a fund or vehicle that holds shares)
• The investor must demonstrate that the investment creates or maintains employment and contributes to scientific or technological innovation, or to socio-economic development

2. Investment Funds / Venture Capital — €1,000,000

• Minimum €1,000,000 investment in Spanish investment funds or venture capital funds
• The fund must be registered with the CNMV (Comisión Nacional del Mercado de Valores, Spain's securities regulator)
• Suitable for investors seeking a managed financial investment without direct business management obligations

3. Spanish Government Bonds — €2,000,000

• Minimum €2,000,000 in Spanish government bonds (Deuda Pública)
• Bonds must be held for a minimum of five years
• The capital is returned at bond maturity; the "cost" is the opportunity cost on the capital plus processing fees

4. Bank Deposit — €1,000,000

• Minimum €1,000,000 in a Spanish bank deposit
• Must be maintained in a Spanish authorised financial institution
• Subject to conditions around deposit structure and availability

5. Real Estate — €500,000 (abolished — no longer available)

The real estate route, when it was open:

• Minimum €500,000 in Spanish real estate (the qualifying investment had to be free of mortgages and charges — i.e. you could not leverage the investment; the €500,000 had to be your own unencumbered funds)
• Residential or commercial property in any region of Spain
• One or multiple properties (combined value had to meet the threshold)
• No specific holding period was mandated in the original legislation, though residence renewal required the investment to be maintained

Popular real estate locations for golden visa applicants included Madrid (Salamanca, La Moraleja), Barcelona (before municipal restrictions), the Costa del Sol (Marbella), and Valencia.

This route — and the programme as a whole — was abolished on 3 April 2025 under Organic Law 1/2025. Buying property in Spain remains fully open to foreign nationals, but a purchase no longer confers any residency entitlement.

Benefits of the Spanish Golden Visa (Historical)

The following described the programme while it was open. It is retained for reference and for existing holders; the routes are no longer available to new applicants.

Residency Rights

The initial visa allowed entry to Spain; this was converted to a two-year residency permit, renewable for five-year periods as long as the qualifying investment was maintained. GV holders received:

• The right to live and work in Spain
• Schengen Area freedom of movement without a visa
• Family reunification for spouse, children under 21, and dependent adult children
• Dependent parents may also be included in certain circumstances

Minimum Time in Spain

There is no minimum time requirement to renew the golden visa — investors do not need to spend any specific number of days in Spain to maintain their residency permit. This is one of the programme's defining advantages for investors who wish to maintain their primary residence elsewhere.

Note: Spending 183+ days per year in Spain triggers Spanish tax residency, which has significant implications (see below). Most golden visa holders deliberately limit their Spanish days to below this threshold.

The Beckham Law Tax Regime

One of Spain's most powerful attractions for relocating executives, professionals, and investors is the Régimen Especial para Trabajadores Desplazados a Territorio Español — widely known as the Beckham Law (named after the footballer David Beckham, whose relocation to Real Madrid in 2003 was an early high-profile use of the regime).

Key terms:

• Flat income tax rate of 24% on Spanish-source income up to €600,000 per year
• Income above €600,000 is taxed at 47%
• All non-Spanish-source income is exempt from Spanish tax during the regime
• Applicable for the year of arrival plus the following five years (six tax years total)
• Must not have been Spanish tax resident in the preceding five years
• Must relocate to Spain for employment, professional services, or — since 2023 amendments — as a digital nomad or "passive income" investor in certain circumstances

The Beckham Law was originally designed for inbound employees and company directors. The 2023 extension of the regime (under the Startup Act) broadened access to entrepreneurs, remote workers, and certain investor categories — making it relevant to a wider range of golden visa applicants.

For an executive earning €300,000 from a Spanish employer, the Beckham Law results in a 24% rate vs a standard Spanish marginal rate of 45–47% — a saving of approximately €60,000–€70,000 per year. For investors with non-Spanish foreign income (dividends, foreign rental income, foreign business profits), the exemption on foreign income under the Beckham Law is extremely valuable.

The Beckham Law requires physical relocation to Spain and actual Spanish tax residency — it is not available to golden visa holders who spend fewer than 183 days in Spain.

The Citizenship Pathway

After 10 years of legal Spanish residence, applicants may apply for Spanish citizenship. Requirements include:

• Continuous legal residence for 10 years
• Clean criminal record
• Basic Spanish language proficiency (A2–B1)
• Integration exam (cultural and civic knowledge)

Accelerated routes: Citizens of former Spanish territories — including all Latin American nations (21 countries), the Philippines, Equatorial Guinea, and Sephardic Jews — can apply for Spanish citizenship after only two years of legal residence. For qualifying nationals, the Spanish golden visa followed by two years of residency represents one of the fastest EU citizenship pathways available.

Spain's Expat Cities

The golden visa programme sits within Spain's broader appeal as a destination:

• Madrid: Finance, tech, and creative industries hub; strong international school provision; temperate climate
• Barcelona: Mediterranean lifestyle; second-largest city; municipal rental regulations since 2024 have constrained some property strategies
• Málaga/Costa del Sol: Growing tech hub; high quality of life; strong British and Northern European expat community; more affordable real estate
• Valencia: Low cost of living by European standards; strong culture; City of Arts and Sciences; growing tech and startup scene

Compliance Caveats

The Spanish Golden Visa was abolished in full on 3 April 2025 under Organic Law 1/2025 and is closed to new applications. Buying property in Spain remains open to foreign nationals, but no longer confers any residency right. If you are an existing Golden Visa holder, take qualified Spanish legal advice on your renewal position.

Spain's Beckham Law terms, eligibility criteria, and rate structures are subject to legislative change. The Spanish government has adjusted the regime multiple times. Tax planning under the Beckham Law should be managed by a qualified Spanish tax adviser.

All information in this guide reflects publicly available programme terms as of 2026. This guide does not constitute legal, tax, financial, or investment advice.

How Global Investments Can Help

Global Investments advises high-net-worth individuals and families on European residency by investment. With the Spanish Golden Visa now closed, we can:

• Confirm the current position for existing holders and applications filed before 3 April 2025
• Compare the active alternatives — Portugal, Greece, and others — for your specific planning objectives
• Introduce qualified Spanish immigration lawyers and Beckham Law tax specialists for lifestyle-based Spanish relocation (Non-Lucrative Visa, Digital Nomad Visa)
• Plan the Spanish citizenship timeline, particularly for nationals eligible for the two-year accelerated path
• Position Spain within your broader European residency and tax strategy

To discuss your objectives in light of the Golden Visa's closure, contact our European residency advisory team.