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Last Updated on 30th January 2025

In a recent announcement, the Spanish government confirmed that the so-called golden visa will cease to exist within the next three months, with an official cessation date of 3rd April 2025, following a decision to eliminate the investment visa altogether.

While existing applications, and those already approved, will remain valid, the implications are that expatriates intending to move to Spain through the golden visa must either expedite their application with a very tight deadline or choose an alternative visa route.

Below, we’ve summarised the reforms, how they could influence your financial planning and expected investments as part of your move to Spain, and some of the other potential visas that remain open to new applicants.

The End of the Spanish Golden Visa

Following a slim majority vote, the investor visa will be terminated this year, albeit with considerable controversy after the Spanish Senate vetoed the bill in December. Those hoping to apply in the interim three months can secure Spanish residency through varied investments and contributions, with most opting to purchase qualifying real estate in Spain worth €500,000 or more.

The challenges around the visa mirror those in other countries. Critics argue that influxes of wealthy foreign national investors have contributed to soaring house prices and shortages, leading the government to debate whether to allow the scheme to continue.

While many had speculated that the reforms would settle on a compromise and retain the visa with fewer investment options, such as investing €1 million in Spanish shares or funds or €2 million in government bonds, the news has clarified that all forms of the investment visa will be closed.

The statute, which was formally published in the Official State Gazette on 3rd January 2025, means that:

  • All Spanish investment visas will cease to exist in their entirety.
  • Existing and pending applications will proceed as normal, based on the laws and regulations in force at the time of submission. Investors with valid visas will be unaffected, and their residency permits’ validity period will not be changed.
  • Renewal applications for investors already resident in Spain will be processed according to the laws that applied when the initial approval was granted.

The deadline for final applications is 3rd April 2025, and although this is a very limited window of opportunity, it seems that only the initial submission, including evidence of the acquisition of eligible properties worth the threshold, must be made by the deadline to be considered.

Alternative Ways to Secure a Visa to Support a Planned Move to Spain

Last year, 780 investors obtained a Spanish residency permit through the investment visa route, making considerable contributions to the economy. However, the issues around housing affordability have outweighed the benefits.

Now, those planning a relocation will need to consider different options, while noting that this announcement by no means implies that expatriates are unwelcome, or that any other visas will be impacted or reformed.

Depending on your circumstances and requirements, you may wish to consider one of the following:

  • The Non-Lucrative Residency Visa: Designed for financially self-sufficient expatriates or retirees who wish to live in Spain but do not expect to rely on state benefits. Visa holders cannot work for the first year in Spain and must demonstrate that they have liquid assets or savings worth at least €2,400 a month or €28,800 a year.
  • A Digital Nomad Visa: Allows freelancers, professionals, and employees to relocate, provided at least 80% of their income arises from activities outside of Spain.
  • Family reunification visa routes: Available if you have relatives who are either EU citizens or have an existing Spanish residency permit.
  • The Entrepreneur Visa: Grants residency rights to foreign nationals who intend to contribute to Spain’s economic interests through entrepreneurial or innovative activity. Applicants must have sufficient financial resources to cover their living costs and all accompanying family members.

Each visa has varied durations, conditions and renewal terms, but all enable applicants to relocate to Spain with a partner, spouse or dependent children while noting that minimum income and financial requirements increase accordingly with each additional person included on the application.

How Selecting Another Route to Spanish Residency After the Closure of the Investment Visa May Impact Your Finances

Part of the appeal of the investment visa was that, for those already intending to buy a home in Spain and who would have expected to spend the €500,000 investment threshold, the visa represented a simplified way to secure a residency permit. However, much may depend on the reason for your move and the types of visas you might qualify for.

Many expatriates, for example, choose to retire to Spain to enjoy the warm climate, relaxed pace of life, and high living standards. They may be eligible for the non-lucrative visa without this having a sizable impact on their relocation plans or affecting the type and location of the property they decide to purchase.

In its current form, the investor visa costs between €4,000 and €5,000 in fees and charges paid at the time of applying, in addition to the investment made or the costs of the property purchase. In contrast, the non-lucrative visa application fee, usually paid at the Spanish Consulate, is £516 per person for 2025, which may mean that an alternative visa requires a slightly more modest budget.

As always, the right way forward is to consider all the options open to you and seek professional support to ensure you understand what the closure of the investor visa means for you and how best to adapt your plans around this.

For further information about any aspect of your financial planning and wealth management ahead of, during or after a relocation to Spain, the impacts of the closure of the golden visa on your personal circumstances, or independent guidance to assist with your relocation plans, you are welcome to contact any of the local Chase Buchanan teams within Spain or our UK Administration Centre.

We recognise that sudden reforms can disrupt your plans, but with the right assistance, we will ensure you are equipped to make informed decisions and successfully complete your move.

*Information correct as at January 2025