Spain’s Golden Visa Ended: What It Means If You Want to Buy Now
Spain’s Golden Visa closed on 3 April 2025. Buying property no longer grants residency at any price. You can still buy freely — but if you want to live in Spain, the purchase and the residency are now two separate projects that need planning in the right order.
What exactly ended
For twelve years, a property purchase of €500,000 or more entitled a non-EU buyer to a residency permit, renewable, with family included and no minimum stay requirement. That entitlement no longer exists.
The government’s stated reason was housing: officials noted that the overwhelming majority of these visas were linked to real estate in markets already under pressure, and framed the closure as making housing “a right instead of a speculative business.”
The closure was announced in advance, which produced a rush of last-minute applications through late 2024 and early 2025 and a temporary spike in luxury transactions in Madrid, Barcelona and the coastal markets.
What did not end
Three things are frequently assumed to have changed and did not:
- The right to buy. Non-EU nationals purchase Spanish property on the same terms as before. No approval, no quota, no nationality restriction.
- Existing permits. Visas granted before the closure continue under their original terms, including renewals.
- Freedom to sell. Nothing changed about disposing of the property later.
The residency routes that remain
Non-lucrative visa
For people who can support themselves without working in Spain, evidenced by passive income or sufficient assets. It suits retirees and people living on investment income. It does not permit employment in Spain.
Digital nomad visa
For remote workers employed or contracted outside Spain, with a favourable flat tax treatment for qualifying applicants. It suits people whose income is portable and whose employer is abroad.
Ordinary work and family routes
Employment, self-employment and family reunification routes continue to operate as they always have and are unaffected by the Golden Visa closure.
The practical consequence: your residency route now determines your tax residence, and your tax residence determines what you pay on the property. That is the sequence to plan in — visa first, purchase structured around it — rather than buying and then working out the immigration question.
Why the order matters financially
Rental income taxation for property owners splits along EU/EEA lines. Owners resident outside the EU/EEA pay 24% on gross rent with no deductions; EU/EEA residents pay 19% on net income after deducting mortgage interest, repairs, management fees, IBI, insurance and depreciation.
Becoming Spanish tax resident, or holding an EU passport, moves you across that line. If a purchase is intended to generate rental income, the immigration question is not separate from the investment question — it is part of it.
Does this make Spain less attractive?
For buyers whose motivation was residency, yes, plainly. That door is closed and is unlikely to reopen.
For buyers whose motivation is the property itself, the change is mostly irrelevant. Marbella’s market data suggests this is the larger group: foreign buyers account for 63.14% of purchases, and in the segment above €2 million fewer than 10% involve financing. These are people buying a home or a base, not a visa.
There is also a second-order effect worth noting. With the speculative residency-driven demand removed, buyers who are in the market for the place rather than the permit face slightly less competition than they did in 2024.
What about the “100% tax”?
Frequently conflated with the Golden Visa closure, and entirely separate. The proposal to raise taxes on non-resident non-EU buyers by up to 100% of property value was announced in January 2025 and has never been voted on in Congress. It is not law and has no implementation date.
Frequently asked questions
When did Spain’s Golden Visa end?
3 April 2025, after twelve years of operation.
Can I still get residency by buying property in Spain?
No. No property purchase, at any price, grants residency since April 2025.
What happens to Golden Visas issued before the closure?
They remain valid under their original terms, including renewal.
Can non-EU citizens still buy property in Spain?
Yes, without restriction. Only the residency entitlement was removed, not the right to purchase.
Which visa should I apply for if I want to live in Spain?
Most commonly the non-lucrative visa, if you live on passive income, or the digital nomad visa, if you work remotely for a non-Spanish employer. Which fits depends on your income structure, and it is worth resolving before you buy rather than after.
General information as of September 2026, not immigration or tax advice. Visa requirements and thresholds change. Confirm your position with a Spanish immigration lawyer before making decisions that depend on it.
