Spain's real estate Golden Visa has effectively ended, marking a significant shift in residency-by-investment pathways. Non-EU buyers now have alternative routes including business investment, job creation, and D visas, though these require different financial commitments.
Spain's Golden Visa program, which once allowed non-EU investors to secure residency through property investment of €500,000 or more, has undergone substantial changes in 2025-2026. The Spanish government announced plans to phase out the real estate pathway, citing concerns about housing accessibility and foreign investment concentration. This represents a watershed moment for international property buyers seeking Spanish residency, requiring a complete reassessment of investment and relocation strategies.
Understanding these changes is crucial for anyone considering a move to Costa Blanca or elsewhere in Spain. While the traditional real estate route has closed, alternative pathways exist for those willing to explore different investment models or visa categories that still facilitate residency and may even align better with modern business environments.
Golden Visa Overview
The Spanish Golden Visa, formally known as the "Investor Visa," was introduced in 2013 as part of Spain's strategy to attract foreign investment during its economic recovery. The program allowed non-EU nationals to obtain a two-year renewable residency permit (TIE—Tarjeta de Identidad de Extranjero) in exchange for significant economic investment. The most popular route involved property investment of €500,000 or more, though alternative pathways existed including €1 million in business investment, €2.7 million in bond purchases, or job creation of at least 10 full-time positions.
At its peak, the Golden Visa attracted investors from China, Russia, the United States, and the Gulf States, driving substantial property transactions across Spain's premium markets including the Costa Blanca. The program offered several advantages: residency valid for up to four years, the ability to sponsor family members, and a clear pathway to permanent residency after five years if conditions were maintained. Many investors viewed it as a strategic hedge—purchasing premium property while securing European residency and potential EU citizenship after naturalization.
2026 Changes
In late 2024 and early 2025, the Spanish Socialist government announced its intention to effectively end the Golden Visa's real estate investment route, with implementation occurring throughout 2025 and 2026. This decision stemmed from political pressure around housing affordability, particularly in major cities, and concerns that foreign investment was inflating property prices and reducing stock for Spanish citizens and EU residents. The Spanish Ministry of Inclusion, Social Security and Migration confirmed that new applications for residency based on property investment are no longer being accepted as of early 2026.
Existing visa holders whose permits have not yet expired may retain their residency status, and those with active applications submitted before the cutoff may proceed. However, the clear policy direction indicates no renewal of this pathway. Spain's Minister for Territorial Transformation stated the move aimed to "prioritize Spanish housing access and prevent speculative foreign investment," reflecting broader EU-wide concerns about housing markets and foreign ownership concentration.
New Requirements
While the property investment route has closed, Spain continues to offer residency pathways for non-EU investors and business owners. The primary alternatives include: the D Visa (entrepreneur visa) for those starting a business or investing in Spanish companies with minimum capital requirements starting at €30,000; the Business Investment Visa requiring €1 million investment with job creation conditions; and the Passive Income Non-Lucrative Visa (now more restrictively applied) for retirees with sufficient income. Additionally, digital nomad visas and long-stay visas for property owners remain available in some autonomous communities, though these lack the residency pathway of the former Golden Visa.
For Costa Blanca buyers specifically, the Spanish government maintains its non-lucrative residency option for those with demonstrated passive income of approximately €27,792 annually (indexed to Spain's public income indicator). This visa doesn't require employment in Spain but does mandate economic self-sufficiency and may be revoked if the holder engages in commercial activities. Professional visas for employed individuals continue unchanged, making this an option for remote workers or those securing employment contracts with Spanish companies.
Investment Minimums
The defunct property investment Golden Visa required €500,000 minimum, though in exceptional cases, investments of €300,000 in properties in depressed areas or historic renovation projects could suffice. For those seeking alternative residency through business investment, current D visa requirements start at approximately €30,000 for small business ventures, though actual capital requirements depend on the business model and are assessed on a case-by-case basis by immigration authorities. The Business Investment Visa pathway requires €1 million with mandatory employment of at least 10 Spanish workers full-time.
By contrast, purchasing property for personal use as a non-EU resident remains unrestricted in terms of minimum investment amounts (though some communities impose nominal thresholds). Many foreign buyers who purchased property under the old Golden Visa system at €500,000+ are now reassessing whether property value appreciation and rental income justify ownership without the residency benefit. This has created market dynamics where properties originally purchased for visa purposes are now being evaluated purely as investment vehicles, affecting pricing in premium segments across the Costa Blanca.
Timeline
The transition away from the property-based Golden Visa has unfolded gradually. Initial announcements came in late 2024, with official policy implementation beginning in January 2026. The Spanish government provided a grace period allowing applications submitted before January 31, 2026 to proceed, though interpretation of this deadline has varied across regional consulates. Current holders whose permits are valid through 2027 or 2028 retain their status, and permit renewal appears possible for those demonstrating continued compliance with conditions.
For investors considering alternatives, timelines vary considerably. A business-based D visa can be processed within 2-3 months in many cases, while securing residency through employment generally requires job offer documentation and takes 4-6 weeks for visa issuance. The non-lucrative visa pathway typically involves consular applications requiring 4-8 weeks of processing. Those currently owning property in Spain can maintain ownership indefinitely regardless of visa status, and many non-resident property owners benefit from Spain's wealth tax exemptions for non-residents on Spanish property.
Benefits & Process
Despite the closure of the formal Golden Visa pathway, property ownership in Spain still offers substantial benefits for non-EU buyers. Property owners gain Schengen access for residency purposes, can sponsor family members through specific visa categories, and benefit from Spain's favorable property taxation for non-residents (who are exempt from the annual wealth tax—Impuesto sobre el Patrimonio—on Spanish real estate). For those pursuing alternative residency, the business D visa and entrepreneur routes provide similar residency benefits while potentially generating income through Spanish business operations.
The application process for remaining pathways begins with consultation with a Spanish immigration lawyer specializing in non-EU residency. Required documentation includes proof of financial resources, background checks, health certificates, and in most cases, proof of healthcare coverage. For property owners, the process involves establishing NIE (Spanish tax identification number), opening a Spanish bank account, and registering with local municipal authorities—steps that take 4-8 weeks collectively. Many Costa Blanca real estate agencies partner with immigration specialists to guide buyers through these processes, though legal representation is essential given Spain's complex immigration framework and frequent regulatory changes.
The Bottom Line
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