The End of the Spanish Golden Visa
Spain is set to abolish its golden visa program, closing the route to residency that has been available to real estate investors since 2013.
Nestlers Group Editorial Team
Immigration Advisory Team
The Spanish government will abolish the provision that grants residency visas based on real estate investment, commonly known as the golden visa. This mechanism has allowed foreigners investing over 500,000 euros in real estate in Spain to obtain residency permits, without factoring in debts or mortgages against that amount.
Where the golden visa came from
Golden visas were introduced in 2013, during the financial crisis, as a way to attract foreign investors at a time when the Spanish real estate market was struggling in the aftermath of the housing bubble. Between 2013 and 2022, the Spanish government estimates that around 6,200 golden visas were granted since the program's introduction.
Why the program is being phased out
Spanish Prime Minister Pedro Sánchez has emphasized the need to phase out golden visas, framing housing as a right rather than a speculative venture. The government had considered either eliminating or toughening the golden visa scheme, as the 500,000 euro threshold was seen as inadequate in major Spanish cities, where such amounts no longer represent luxury real estate.
In recent years, reliance on real estate investment as a route to residency had grown considerably, which in turn raised concerns about the program's effect on housing availability and prices in the cities where investment was concentrated.
What this means for investors and employers
The end of the golden visa program means that real estate investment will no longer serve as a standalone route to Spanish residency. Investors and companies that previously relied on this pathway for relocating key personnel or securing residency for high-net-worth individuals will need to consider alternative routes, such as work permits, entrepreneur visas, or other investment-based programs that remain in place. Nestlers Group will continue to monitor how Spain's immigration framework evolves as this transition takes effect.
Sources: Government of Spain
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