The elimination of the investor visa in Spain, commonly known as the Golden Visa, marks a turning point in immigration policy aimed at attracting foreign capital. This visa, regulated by Law 14/2013 on support for entrepreneurs, allowed individuals to reside in Spain in exchange for making a significant investment, especially in real estate. However, with the entry into force of Organic Law 1/2025, from April 3, 2025, it is no longer possible to apply for new permits under this scheme, and Articles 63 to 67 of the aforementioned law have been repealed.
We will explain what legal visa alternatives are available following the termination of the investor visa, their requirements, and which profiles may benefit from each option.
What Does the Definitive Elimination of the Golden Visa Mean?
The process began with the government’s announcement in April 2024, but it wasn’t until the publication of Organic Law 1/2025 on January 2 that its formal repeal was established. From April 3, 2025, no new applications based on real estate, financial, or business investments can be submitted, unless the application was already registered before that date.
However, individuals who already obtained a visa or residence permit as investors before April 3, 2025, will be able to keep their permit until it expires. In addition, only those who invested in real estate will be able to renew their permit—at least according to the current interpretation of the law. Investments in government bonds, funds, deposits, or shares are not covered under the new scheme as a basis for renewal.
What Options Are Available After the Golden Visa Disappears?
Although the Golden Visa has been abolished, the Spanish legal system offers several residence and visa authorizations, both for professionals and individuals with assets. Let’s look at the most viable alternatives:
1. Non-Lucrative Residence Permit
The non-lucrative residence permit, regulated in Articles 61 and following of Royal Decree 1155/2024, allows individuals to reside in Spain without engaging in any economic activity. It is particularly suitable for people with personal wealth or passive income, such as pensions, rental income, or dividends.
Main requirements:
- Possess stable and sufficient financial means equivalent to 400% of the monthly IPREM (approximately €2,400 in 2025), plus an additional 100% for each dependent.
- Hold private health insurance with full coverage in Spain.
- Have no criminal record.
This visa must always be applied for from the applicant’s country of origin through the Spanish consulate. It is initially granted for one year and can be renewed for two-year periods. After five years of continuous residence, the individual may apply for long-term residence.
Who is it suitable for?
People with stable wealth or income (e.g., from rent, pensions, or investments) who wish to live in Spain without working.
2. Digital Nomad Visa
The Startup Law introduced the visa for international remote work, known as the digital nomad visa—an increasingly popular option.
It is designed for foreigners who wish to work remotely for companies located outside Spain or as freelancers with international clients.
Requirements:
- A contract with a foreign company or a freelance relationship with verifiable income.
- Minimum of three years of professional experience or a university degree.
- Private health insurance or Social Security coverage from the country of origin (or registration with RETA if working as a freelancer).
It can be applied for either from abroad or from within Spain if the applicant is legally present. The initial authorization lasts three years and can be renewed for two more years.
Additionally, individuals under this regime may benefit from the special tax regime for inbound workers.
For more information on this type of visa, you can read our article “How to Apply for the Digital Nomad Visa in Spain: Step-by-Step Guide”.
3. Residence as a Highly Qualified Professional
Law 14/2013 continues to allow residence authorization for highly qualified professionals, as established in Article 71.
Requirements:
- A job offer from a Spanish company for a technical or managerial position.
- Minimum annual salary: €40,077, or €54,142 for executives (with exceptions for those under 30 years of age).
- Proof of a university degree or demonstrable professional experience.
This permit has an initial duration of three years and is processed by the Large Companies and Strategic Groups Unit (UGE-CE).
4. Entrepreneur Visa (Startup Visa)
Another valid option under Law 14/2013 (Articles 69 and 70) is the residence authorization for entrepreneurs, aimed at those promoting innovative business activities of special economic interest.
Requirements to consider:
- Submit a viable business project that offers added value to Spain.
- Obtain a favorable report from ENISA or the Directorate-General for International Trade and Investments.
- Provide proof of sufficient financial resources to launch the business.
This permit is valid for three years, is renewable, and leads to long-term residence after five years. Like other strategic interest authorizations, it is processed through the UGE-CE.
Is it a good alternative?
Yes—especially if the holder of a former Golden Visa wishes to transform their real estate investment into an active business project.
5. Self-Employment Residence Authorization
If the business project does not meet the innovation criteria for the entrepreneur visa, you can opt for the self-employment residence permit.
Requirements:
- Submit a detailed business plan.
- Meet professional and licensing requirements.
- Possess the necessary financial means to launch and sustain the business.
This option is attractive for individuals who wish to start a business in Spain, such as an agency, consultancy, private clinic, etc.
Which Is the Best Alternative?
The best option depends on the applicant’s profile, goals, and legal situation:
- If you have wealth and don’t wish to work: non-lucrative residence.
- If you want to invest or actively start a business: entrepreneur or self-employment residence.
- If you work remotely for a foreign company: digital nomad visa.
- If you have a qualified job offer: residence for highly qualified professionals.
In conclusion, the elimination of the Golden Visa does not mean that Spain is closing its doors to foreigners who wish to live in the country. On the contrary, the current legal framework offers a range of visa options tailored to different professional, personal, and financial circumstances.
What matters most is identifying which of these alternatives best fits your situation and preparing your application with specialized legal advice to help assess your profile and manage the administrative procedure—maximizing your chances of success.
