Spain's golden visa has ended: what residence alternatives does a foreign investor have?

No, since 3 April 2025 the Spanish golden visa can no longer be applied for. Organic Law 1/2025, of 2 January, on measures for the efficiency of the public justice service, emptied of content articles 63 to 67 of Law 14/2013, which regulated the investor visa and residence authorisation, with effect from that date. Anyone who already held one, or had an application pending, keeps their rights; anyone who has not yet filed an application needs to look at a different authorisation.

What was the golden visa, and why can it no longer be requested?

The golden visa was the residence route that article 61.1.a) of Law 14/2013 reserved for investors, within the international mobility section that also covers entrepreneurs, highly qualified professionals, researchers and teleworkers. Articles 63 to 67 regulated, respectively, the investor residence visa, how to prove the investment, the effects of the visa, the residence authorisation and its duration.

The twenty-first final provision, paragraph one, of Organic Law 1/2025 left those five articles "without content." The BOE's own consolidated text marks each of them as "without content" with effect from 3 April 2025, three months after the law was published on 3 January of that year. Since that date, no new application for residence by investment is accepted in Spain, whether through real estate, public debt, shares in Spanish companies or investment funds: the repeal did not distinguish between routes, because it struck down the articles that regulated the figure as a whole, not one particular variant of it.

If you already hold a golden visa, what happens to your visa or residence?

It remains valid until the period for which it was issued ends. Organic Law 1/2025 itself introduced two transitional provisions into Law 14/2013 to protect situations that had already arisen. The first transitional provision allows anyone who had filed their application before the repeal took effect to receive the visa or authorisation under the rules in force when they filed it, even if the decision arrives after 3 April 2025.

The second transitional provision covers anyone who already held the visa or authorisation: it remains valid for the period for which it was issued, and if renewal is requested, that renewal is processed under the rules in force on the date the initial authorisation was granted, not under the new ones. The repeal has no retroactive effect on rights already recognised.

Alternative 1: can entrepreneur residence work for an investor?

It works if, beyond investing, you are going to run or develop the activity, not if you are only putting in passive capital. Article 69 of Law 14/2013 grants a three-year residence authorisation, renewable for two, to anyone seeking to start, develop or manage an economic activity as an entrepreneur in Spain. Article 70 requires that activity to be innovative or of special economic interest for Spain and to have a favourable report from ENISA, which the Unit for Large Companies requests automatically and which must be issued within ten working days, assessing the applicant's profile, the business plan and the added value for the Spanish economy.

Unlike the golden visa, which rewarded the investment itself, this route requires real involvement in the project: article 70.2.a) expressly assesses the applicant's professional profile and their involvement in the project, not just the capital contributed.

Alternative 2: highly qualified professional and the EU Blue Card

The highly qualified professional route is not designed for an investor who will not work, but for someone joining a Spanish company with a higher qualification. Article 71 of Law 14/2013 allows a company that needs to bring in a foreign professional with a higher qualification or experience to apply, on their behalf, for a residence authorisation with two variants: the EU Blue Card under article 71 bis, for qualifications of at least three years or five years of equivalent experience, and the national variant, for a qualification equivalent to at least level 1 of the Spanish Qualifications Framework for Higher Education or at least three years of equivalent professional experience. Article 71 bis was added by article 32.6 of Law 11/2023, of 8 May, which transposed the EU Blue Card Directive into Spanish law.

For an investor who controls or will run the receiving Spanish company, fitting into this route requires proving a real employment or professional relationship with a higher qualification, not simply holding shares.

Alternative 3: non-lucrative residence — can you live off your assets in Spain?

Yes, if you are not going to work here and you prove sufficient means. An investor who is not looking to run a business in Spain but to reside off their assets can apply for temporary non-lucrative residence under articles 60 to 63 of Royal Decree 1155/2024, which requires showing 400% of the monthly IPREM for the main applicant and 100% for each family member, without carrying out any salaried or professional activity in Spain. We cover this route in more detail, and how it compares with the telework visa, in our guide on digital nomad visa or non-lucrative residence.

Does buying property in Spain still give any right of residence?

No, not on its own. Buying a home or any other property in Spain, after the repeal of articles 63 to 67 of Law 14/2013, does not generate any right of residence or visa: that consequence disappeared together with the golden visa itself, which was precisely the figure that linked real estate investment to residence. A foreign national who buys a home still needs one of the ordinary authorisations — non-lucrative, entrepreneur, highly qualified professional or telework visa — to reside in Spain, regardless of whether they own property here.

Frequently asked questions

Can I still file a golden visa application if the investment has already been made?

No. The repeal of articles 63 to 67 of Law 14/2013 affects every application filed from 3 April 2025 onwards, regardless of when the investment was made. Only those who had filed their application before that date keep the previous procedure, under the first transitional provision.

Can my family keep residing if I held a golden visa?

In principle yes, while they remain valid. The second transitional provision keeps "visas and authorisations for investors" that were valid on 3 April 2025 for the period for which they were issued; unlike the first transitional provision, it does not name family members expressly, so their authorisations should be checked together with the investor's.

How we help with the end of the golden visa at RCM Legal

Some investors, once the golden visa disappeared, rule out moving to Spain without checking whether another authorisation can fit their project just as well: someone who will run a real economic activity fits entrepreneur residence, someone joining a company with a high qualification fits the EU Blue Card, and someone who simply wants to reside off their assets fits non-lucrative residence. The difficulty is not a lack of routes, but choosing the one that matches what you will actually be doing in Spain, because each one requires different evidence.

At RCM Legal, our immigration lawyers in Murcia review a foreign investor's situation, determine which residence authorisation best replaces the golden visa in their case, and handle the application before the Unit for Large Companies and Strategic Groups or the consular office. Tell us about your investment or relocation project in Spain.