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Programme Officially Closed
All investment routes under the Spain Golden Visa (Law 14/2013) were repealed on 3 April 2025. No new applications can be submitted. Existing permit holders should consult a qualified immigration lawyer regarding renewal rights under transitional provisions.
Written by the US GO EU Spain immigration team, in consultation with Spanish immigration attorneys · Last updated July 2026
Apr 2025
Date all investment routes were simultaneously repealed — real estate, capital transfer, business, and public debt routes all closed
€500k
The former real estate minimum — the most-used route, cited as a primary driver of housing affordability concerns leading to closure
Closed
New applications are not being accepted. This page is a historical reference — see alternatives below for active EU investment residency options
Why the Spanish Government Terminated the Programme
The Spanish government formally announced the termination of the Golden Visa programme, specifically targeting its impact on housing affordability in major cities. The real estate route — which required a minimum €500,000 investment in Spanish property — was identified as a contributor to housing price pressures in Barcelona, Madrid, and other urban centres. Law 14/2013, which established all investment routes, was repealed simultaneously on 3 April 2025. No transitional extension was offered for new applications.
What the Programme Offered (Historical)
Key Programme Features — Now Closed
Initial 2yr Permit · Schengen Access · Family Inclusion · 5yr Permanent Residency · 10yr Citizenship
The programme granted: an initial 2-year residence permit (renewable on maintaining investment), visa-free Schengen Area travel, family inclusion for spouse, dependent children, and dependent parents, a 5-year path to permanent residency, and Spanish citizenship eligibility after 10 years of legal residence — subject to language and culture tests. All of this is now historical — no new applications can be filed.
Active Alternatives in Spain
What Investors Can Do Now
Non-Lucrative Visa · Digital Nomad Visa · Entrepreneur Visa
While the Golden Visa is closed, Spain offers three active pathways for financially independent individuals and remote workers: the Non-Lucrative Visa (NLV) for those with passive income of €28,800+/year (NLV renewal now also requires spending 183+ days/year in Spain, reinstated in 2025); the Digital Nomad Visa for remote workers earning approximately €34,000+/year as of 2026 (200% of Spain's minimum wage, indexed annually); and the Entrepreneur Visa for innovative business projects vetted by the Spanish government. Each has distinct requirements. We can guide you toward the most suitable option for your profile.
Spain Golden Visa: Historical Investment Options
The following routes were available prior to closure on 3 April 2025. This information is provided for historical reference only. None of these routes can be used to file a new application.
| Former Route | Former Minimum & Notes (Historical) |
|---|---|
| Real estate CLOSED — no longer available |
Minimum €500,000 in one or more Spanish properties with no mortgage on the qualifying portion. The most widely used route — and the primary target of the closure, cited as a driver of housing affordability concerns in Barcelona, Madrid, and other cities. Cannot be used for new applications. |
| Capital transfer CLOSED — no longer available |
Minimum €1,000,000 deposit in a Spanish financial institution. A passive, banking-based route with no property ownership. Repealed simultaneously with all other routes on 3 April 2025. |
| Business investment CLOSED — no longer available |
Minimum €1,000,000 in Spanish company shares or bank deposits — distinct from the capital transfer route by targeting company equity. Repealed on 3 April 2025. |
| Public debt CLOSED — no longer available |
Minimum €2,000,000 in Spanish government bonds — the highest-threshold route and the least commonly used. Repealed on 3 April 2025. |
| Current status Fully terminated |
All routes under Law 14/2013 were repealed simultaneously. No new applications can be filed under any investment category. Existing permit holders should consult a qualified Spanish immigration lawyer regarding renewal rights and transitional provisions applicable to their specific situation. |
The Spain Golden Visa closure is a significant development for investors considering European residency — but it does not close the door to Spain or to Europe. Alternative Spanish pathways remain open, and comparable EU programmes in Portugal, Greece, and Latvia continue to offer compelling options for the same investor profiles.
US GO EU — Spain Golden Visa Programme Update
Spain Residency Options That Remain Open
Non-Lucrative Visa (NLV) — For Passive Income Earners
Spain’s Non-Lucrative Visa remains fully open and is the most direct replacement pathway for retired investors or those with substantial passive income. Requires proof of annual income of at least €28,800/year (400% of Spain’s IPREM) for the main applicant, plus €7,200/year per dependent. Must purchase from a Spanish-regulated insurer with comprehensive coverage. Leads to permanent residency after 5 years and citizenship after 10. See the Retire in Spain guide for the full NLV requirements and process.
Digital Nomad Visa — For Remote Workers & Freelancers
Spain’s Digital Nomad Visa (introduced under the Start-Up Law) is designed for remote workers and freelancers earning from non-Spanish sources. Requires a minimum income of approximately €34,000+/year as of 2026 (200% of the Spanish minimum wage, which rose in January 2026 and is indexed annually — confirm the current figure before applying), a higher education degree or 3+ years' relevant experience, proof of remote employment or freelance contracts with non-Spanish clients (at least 80% of activity must serve clients outside Spain), and health insurance. Offers a 1-year initial permit (convertible to a 3-year residence permit, renewable), the right to live and work remotely in Spain, and Schengen Area access. Notably, DNV holders can also opt into the Beckham Law's flat 24% tax rate. A viable option for location-independent Americans who want to live in Spain without the investment threshold of the former Golden Visa.
EU Investment Residency Alternatives — Portugal, Greece, Latvia
For investors specifically seeking European residency through capital investment, several comparable EU programmes remain fully active: Portugal’s Golden Visa (fund subscriptions from €500,000, 7-day minimum stay, 5-year path to citizenship); Greece’s Golden Visa (real estate from €250,000, zero minimum stay, EU residency for the family); Latvia’s Investor Visa (four routes from €50,000 share capital to €280,000 bank deposit, fast processing). We can assess which programme best matches your investment profile, residency objectives, and family situation. Compare all active Golden Visa programmes →
If You Already Hold a Spain Golden Visa
Transitional Provisions Apply — Consult a Lawyer Immediately
The Spanish government’s closure of the Golden Visa programme included provisions for existing permit holders, but the precise terms of transitional rights depend on the date of your initial approval, your current renewal cycle, and the specific investment route you used. Do not assume your renewal rights are automatic. Consult a qualified Spanish immigration lawyer immediately to understand your specific status and timelines.
Your Existing Rights May Still Be Valid
Permit holders who obtained their Golden Visa before the closure date retain rights under the Law as it stood at the time of their grant. These rights do not necessarily expire on 3 April 2025. However, the renewal process, the ongoing investment maintenance requirement, and the pathway to permanent residency and citizenship all require specialist legal review in light of the closure.
Path to Permanent Residency May Still Be Achievable
If you have held your Golden Visa for close to 5 years, you may still be eligible to apply for permanent residency under Spanish law — which, once granted, is independent of the investment-based programme. This is a time-sensitive opportunity. Spanish immigration lawyers with experience in the closure’s transitional provisions can assess your specific position and advise on the steps required.
We Connect You with Spanish Immigration Law Specialists
We work with vetted Spanish immigration lawyers who have specific expertise in the 2025 closure and its transitional provisions. Whether you are an existing permit holder assessing your options or an investor who was planning to apply before the closure, we can connect you with the right specialist for your situation — at no cost for the initial referral consultation. You can also check LocalVouch for attorneys other American investors have personally recommended.
What You Need to Know
The closure is definitive — no new applications under any investment route
All routes under Law 14/2013 — real estate, capital transfer, business investment, and public debt — were repealed simultaneously on 3 April 2025. There is no partial closure or grandfathering for applications in progress that had not been formally approved before the closure date. If you were in the process of applying or had a pending application, consult a Spanish immigration lawyer immediately to understand your specific legal position.
Existing permit holders retain rights — but must act on renewals carefully
Investors who obtained their Golden Visa permit before the closure date retain legal rights under the law as it existed at the time of their grant. Renewal rights, ongoing investment maintenance obligations, and the pathway to permanent residency and citizenship remain available — but must be navigated carefully in the context of the programme’s termination. Seek specialist legal advice before your next renewal date.
Spain still offers excellent residency pathways for passive income earners and remote workers
The closure of the Golden Visa does not close Spain to Americans. The Non-Lucrative Visa (€28,800+/year income, but note the reinstated 183-day/year minimum stay for renewal) and the Digital Nomad Visa (€34,000+/year remote income as of 2026) remain fully active — and for many investor profiles, they are more practically aligned with actual lifestyle goals than the former investment route. Unlike the Golden Visa's minimal presence requirement, both current alternatives require genuine physical residence in Spain. See our Retire in Spain guide for the NLV full process.
Portugal, Greece, and Latvia offer active alternatives at comparable or lower thresholds
For investors specifically seeking residency through capital investment, comparable EU programmes remain active: Portugal’s Golden Visa (funds from €500,000), Greece’s Golden Visa (real estate from €250,000, zero minimum stay), and Latvia’s Investor Visa (multiple routes from €50,000 to €280,000). Each offers Schengen access — which Spain’s former Golden Visa also provided. We can help you identify the best fit. Compare active programmes →
Prior real estate investments in Spain remain yours — the residency benefit ends, not the property
If you invested in Spanish real estate under the former Golden Visa programme, the closure of the programme does not affect your property ownership. Your real estate investment remains valid. What changes is the residency pathway — which is why existing permit holders must engage a specialist to understand how to maintain or transition their legal status in Spain, independently of their property holding.
The Portugal Golden Visa is right for you if
- →You want EU residency and Schengen freedom without relocating from the US.
- →You seek a credible, well-regulated European programme with a 5-year path to an EU passport.
- →You want to cover your entire family — spouse, children, and dependent parents — under a single investment.
- →You value asset diversification into a stable, EU-regulated market alongside your residency objective.
The Portugal Golden Visa offers a compelling path to EU residency — but its successful execution depends on precise investment compliance, correct application structuring, and navigating evolving regulations. We connect you with trusted, on-the-ground experts in Portugal: from selecting the optimal investment pathway to ensuring your application is flawless and your renewal process is managed correctly.