What Are the Alternatives Now That Spain's Golden Visa Is Dead?

Spain's Golden Visa program ended on April 3, 2025 — no new applications are accepted through any investment route. The three main alternatives are Spain's Digital Nomad Visa (requires ~€2,849/month income, no investment), Spain's Non-Lucrative Visa (requires ~€2,400/month passive income, no work allowed), and the Netherlands DAFT treaty (requires just €4,500 business deposit for US citizens). All three are more accessible for most Americans than a €500,000 real estate investment ever was.

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If you've been researching Spanish residency, you've probably encountered dozens of articles about the Golden Visa. Many of them are outdated. Here's the short version: Spain's Golden Visa program ended on April 3, 2025. No new applications are accepted through any investment route. It's done.

But the end of one program doesn't mean the end of opportunity. Spain has shifted from attracting passive capital to attracting productive talent — and the alternatives are arguably more accessible for most Americans than a €500,000 real estate investment ever was.

What Was Spain's Golden Visa?

Spain's Golden Visa launched in 2013 under Law 14/2013, during the depths of the country's economic crisis. The program offered residency to non-EU nationals who made qualifying investments in Spain. The most popular route was real estate investment of at least €500,000, though options also included business investment, government bonds, and bank deposits.

Over its 12-year run, Spain issued approximately 14,500–22,400 Golden Visas (figures vary by source and whether family members are counted). The real estate route accounted for roughly 94% of all applications. Chinese, Russian, British, American, and Ukrainian citizens were among the most frequent applicants.

The program brought in over €1 billion annually in foreign investment. Investors and their families received renewable temporary residence permits with the right to live, work, and travel freely within the Schengen Area.

Why Did Spain End the Golden Visa?

By the early 2020s, the criticism had become louder than the economic arguments.

Housing affordability. Spanish officials pointed to the Golden Visa as one contributor to rising real estate prices in cities like Madrid and Barcelona. With a housing shortage estimated at around 600,000 units in 2025, the government faced growing pressure to prioritize housing as a right rather than a speculative asset.

European trend. Spain wasn't acting in isolation. The UK and Ireland had already ended their investment-based residency programs. Portugal restricted its Golden Visa in 2023, eliminating the real estate route and limiting fund investments to €500,000+. Greece raised its thresholds dramatically, from €250,000 to up to €800,000 depending on the region.

Political momentum. Prime Minister Pedro Sánchez announced the plan to end the program in April 2024. After a legislative process that included a Senate veto, Congress overrode it in December 2024 with 177 votes in favor and 170 against. Organic Law 1/2025 was published in the Official State Gazette on January 3, 2025, with a three-month grace period ending April 3, 2025.

Applications submitted before the deadline continue to be processed under the original rules. Current Golden Visa holders can renew their permits. But no new applications are accepted as of April 2025.

Can Foreigners Still Buy Property in Spain?

This is worth stating clearly: foreigners can still purchase real estate in Spain. Non-residents enjoy the same property ownership rights as Spanish citizens. The end of the Golden Visa removed the automatic residency benefit — not the ability to buy.

Foreign buyers accounted for approximately 15% of all Spanish property transactions in 2024, totaling over 87,000 purchases. That activity continued even after the Golden Visa announcement, driven by Spain's climate, lifestyle, and rental yields that averaged around 6.5% by mid-2025.

Buying property in Spain still requires an NIE (foreigner ID number), a Spanish bank account, and legal representation. It just no longer comes with a residence permit attached.

What Replaced the Golden Visa?

Spain didn't close a door without opening others. The shift from investment-based immigration to talent-based immigration has produced several pathways that are, for many Americans, more realistic than the Golden Visa ever was.

Digital Nomad Visa (DNV)

For whom: Remote workers employed by foreign companies or self-employed professionals with primarily non-Spanish clients.

Cost to qualify: No investment required. You need to demonstrate income of approximately €2,849+ per month (200% of Spain's minimum wage, which adjusts annually).

Initial permit: One year (consulate) or three years (in-country application).

Tax advantage: Eligible employees can opt into the Beckham Law — a flat 24% tax rate on Spanish-sourced employment income up to €600,000 per year, for six years.

The comparison: The Golden Visa required €500,000+ in real estate. The DNV requires proof that you earn a middle-class income. For most American remote workers, this is dramatically more achievable. Our complete Spain Digital Nomad Visa guide covers the 2026 requirements, income thresholds, and the full document checklist.

Non-Lucrative Visa (NLV)

For whom: Retirees and others who want to live in Spain without working. You must demonstrate sufficient passive income or savings to support yourself.

Cost to qualify: No investment in the Golden Visa sense. You need to prove financial self-sufficiency — typically around 400% of Spain's IPREM indicator (approximately €2,400/month for a single applicant).

Key restriction: You cannot work in Spain on this visa. Income must come from pensions, investments, savings, or other passive sources. Not sure which one fits? Our NLV vs. DNV comparison breaks down the key differences — including who can work and who can't.

Duration: One year, renewable.

The comparison: Retirees who would have used the Golden Visa as a lifestyle play — buy a nice apartment, get residency — can often achieve the same outcome with an NLV, minus the €500,000 minimum investment. You can still buy property; it just isn't the residency mechanism.

Netherlands DAFT (For Entrepreneurs)

For whom: American entrepreneurs who want to start a business in Europe.

Cost to qualify: A maintained deposit of €4,500 in a Dutch business bank account. That's it for the financial requirement. The Netherlands' DAFT visa is another option worth exploring — no income requirement, just a €4,500 business investment and a US passport.

The comparison: The Golden Visa's €500,000 investment vs. DAFT's €4,500 deposit. The DAFT only applies to American citizens (and citizens of a few other treaty nations), but for those who qualify, it's one of the most accessible European residency pathways that exists.

Portugal Golden Visa (Restructured)

For whom: Investors willing to commit €500,000+ to qualifying Portuguese investment funds (real estate route eliminated in 2023).

The comparison: If you specifically want a Golden Visa-style program, Portugal's still exists — but only through fund investments, not direct real estate purchases. The minimum stay requirement is just seven days per year, making it attractive for people who want EU residency without full relocation.

What Does This Mean for Americans?

The end of Spain's Golden Visa is part of a Europe-wide recalibration. The message from governments across the EU is increasingly clear: we want people who work, create, and contribute — not just people who invest passively.

For Americans, this shift is actually favorable. The programs that replaced Golden Visas — Digital Nomad Visas, entrepreneur treaties, talent-based permits — align much better with how most people actually want to live. You don't need half a million euros. You need a remote job, a viable business idea, or a stable retirement income.

The barrier to European residency hasn't gone up. It's changed shape. And for most people reading this, the new shape is more accessible than the old one. If you're weighing Spain against other European pathways, our side-by-side comparison of Spain, Portugal, and the Netherlands covers income, taxes, and long-term residency.

Ready to prepare your documents? Our platform generates your complete visa application package — pre-filled forms, cover letters, and a step-by-step checklist. Start your free assessment →

Frequently Asked Questions

Can existing Golden Visa holders still renew their permits?

Yes. If you received a Golden Visa before April 3, 2025, you can continue to renew your permit under the original rules. The law only prohibits new applications — existing holders are grandfathered in. Applications submitted before the deadline are also still being processed.

Can you still get Spanish residency by buying property?

No — purchasing property no longer grants residency. You can still buy real estate in Spain as a foreigner (the same property rights apply), but you'll need a separate visa pathway for residency. The most common alternatives are the Digital Nomad Visa (if you work remotely) or the Non-Lucrative Visa (if you have passive income).

What is the cheapest way to get European residency now?

The Netherlands DAFT visa requires only a €4,500 business deposit — the lowest financial barrier of any major European residency pathway. However, it's only available to US citizens. Spain's Digital Nomad Visa requires no investment at all, just proof of ~€2,849/month income. Portugal's D8 requires ~€3,680/month income with no investment.

Does Portugal still have a Golden Visa?

Yes, but it's restricted. Portugal eliminated the real estate investment route in 2023. The remaining options require €500,000+ in qualifying investment funds, €500,000 in business capital investment, or €250,000 in arts/culture support. The minimum stay requirement is just seven days per year.

How does Spain's Digital Nomad Visa compare to the Golden Visa?

The DNV requires approximately €2,849/month in income (no investment) versus the Golden Visa's €500,000 minimum investment. The DNV also offers the Beckham Law tax benefit — a flat 24% rate for up to six years — which the Golden Visa did not include. The main tradeoff: the DNV requires that you actually work remotely, while the Golden Visa had no work requirement.

Is Spain still a good option for retirement without the Golden Visa?

Absolutely. Spain's Non-Lucrative Visa is specifically designed for retirees and requires approximately €2,400/month in passive income — far less than the Golden Visa's €500,000 investment. You can still buy property in Spain; the NLV just separates the residency decision from the real estate decision, which many financial advisors consider healthier anyway.

Spain's investment-based residency program ended in April 2025, but work-based and retirement-based pathways remain fully available. The path to Spain is now through talent, not just capital.

Sources:

• Organic Law 1/2025 (BOE-A-2025-76, January 3, 2025)
• Law 14/2013 (Spain's original Golden Visa framework)
• Global Citizen Solutions, "Spain Eliminated the Golden Visa" (2025)
• JURO Spain, "Spain Golden Visa: What Happened & Alternatives" (2026)
• Gulf News, "Spain scraps golden visa: Why it ended" (2025)
• Klevvera Law, "Alternatives to the Golden Visa in Spain" (2025)
• Balearic Properties, "Abolition of Golden Visas — Legal Implications" (2025)
• Terreta Spain, "Golden Visa Spain: End of Program 2025"
• Idealista / Fotocasa (Spanish real estate market data, 2024–2025)