On April 3, 2025, Spain officially put an end to its golden visa program—formally known as the residency-by-investment permit—marking the closure of a policy that has been in place since 2013. The decision follows the publication of Ley Orgánica 1/2025 in January, which gave a three-month deadline for ending key articles (63 to 67) of Ley 14/2013, the legal framework that enabled non-EU nationals to obtain Spanish residency through significant investments, particularly in real estate.
The golden visa was initially introduced during the financial crisis under Prime Minister Mariano Rajoy’s government to attract foreign capital, especially through the purchase of properties worth €500,000 or more. While it did succeed in bringing in billions of euros in investment, the current government argues that the policy is no longer in Spain’s best interest—particularly due to concerns over housing affordability and speculative real estate purchases by non-residents.
Mariano Rajoy in 2018
Between 2013 and early 2025, nearly 16,000 golden visas were granted. While that number only represents about 0.3% of Spain’s total residential transactions during that time, their impact was more noticeable in specific markets such as Barcelona, Marbella, and parts of the Balearic Islands, where these types of purchases made up as much as 10% of all home sales in certain municipalities.
Why Now?
The end of the program reflects shifting priorities. Spain’s Prime Minister Pedro Sánchez’s administration has emphasized housing accessibility for locals, citing a surge in foreign non-resident buyers—especially from countries like the UK, China, Russia, and several Latin American and Gulf nations—since 2022.
In some cases, these buyers weren’t planning to live in Spain but used property purchases as a gateway to European mobility and legal residency. The government now sees this as contributing to a speculative housing bubble and placing further pressure on already-stressed local housing markets.
Key Stats at a Glance
- Visas issued through property purchases (2013–2023): 14,576
- Peak year: 2023, with over 3,270 golden visas granted
- Average investment (2016–2023): Around €951,000 per applicant
- Top provinces for investment: Barcelona, Madrid, Málaga, Alicante, Valencia, and the Balearic Islands
Golden Visa Statistics (2016–2023): Residence Permits for Non-EU Nationals via Real Estate Investment
Visas granted for the purchase of properties worth more than €500,000
| Year | Golden Visas Issued | Investment (€ Millions) | Average Investment (€) |
|---|---|---|---|
| Global | 10,528 | €10,014.26 M | €951,203 |
| 2016 | 461 | €419.49 M | €909,947 |
| 2017 | 947 | €2,362.75 M | €2,494,983 |
| 2018 | 998 | €754.24 M | €755,750 |
| 2019 | 861 | €610.27 M | €708,792 |
| 2020 | 632 | €526.80 M | €833,544 |
| 2021 | 997 | €838.18 M | €840,698 |
| 2022 | 2,017 | €1,728.78 M | €857,105 |
| 2023 | 3,273 | €2,518.02 M | €769,332 |
| 2024* | 342 | €255.74 M | €747,785 |
* Data as of January 31, 2024
Source: Ministry of Housing and Urban Agenda (MIVAU)
For those who already obtained a golden visa, renewals will still be processed under the rules in place at the time of the original application. However, new applicants are no longer eligible to apply under this scheme.
What Are the Alternatives?
With Spain closing the door on golden visas, many are asking: Where else can you go?
One of the most natural alternatives is the Portugal Golden Visa, which, although recently reformed, still offers a pathway to residency through investment—but with a stronger focus on non-real-estate options such as investment funds, scientific research, or cultural heritage.
Want to learn more? Check out our webinars on the Portugal Golden Visa and discover whether it could be your best plan B.
What’s Next for Non-EU Investors in Spain?
Spain isn’t just pulling the plug on golden visas. Prime Minister Sánchez also floated the idea of increasing taxes for non-resident, non-EU buyers—potentially up to 100% of the property value in some scenarios—although no concrete legislative proposals have been announced yet.
Meanwhile, political parties like ERC are pushing for even tighter restrictions, such as requiring five years of prior residence in Spain before being allowed to purchase property.
These moves suggest a broader shift in Spanish policy, moving away from foreign investment in real estate as a tool for economic growth, and toward more resident-focused housing and immigration strategies.
Conclusion
The golden visa era in Spain is officially over. While the program helped bring in billions in foreign investment and granted thousands of non-EU nationals access to Spanish residency, it also fueled debates around housing affordability and local displacement. Now, Spain joins a growing list of countries that have scrapped or tightened their investor visa programs in the name of transparency, security, and social equity.
For investors seeking a European foothold, Portugal’s golden visa may now represent the most viable and attractive alternative.
