Last updated: March 2026
It's official: you can no longer buy your way into Spanish residency with a €500,000 property purchase. Organic Law 1/2025, published in January 2025, formally suspended Spain's real estate Golden Visa route, with the suspension taking full effect on April 3, 2025.
Key Takeaways
- Spain's real estate Golden Visa ended April 3, 2025 — no new applications accepted
- Existing Golden Visa holders are unaffected; renewals and citizenship path continue
- Housing affordability in Madrid and Barcelona was the primary political driver
- Spain's Digital Nomad Visa and Non-Lucrative Visa remain strong alternatives
- The broader EU trend is moving away from real estate-based residency programs
What Exactly Changed?
Quick answer: Non-EU citizens can no longer obtain residency in Spain through real estate investment. The €500,000 property purchase path to EU residency is permanently closed.
Before April 2025, any non-EU national who bought Spanish property worth €500,000+ could obtain a residence permit — and by extension, freedom of movement across the Schengen Area. That door is now shut.
Importantly, this only affects the real estate investment route. You can still buy property in Spain as a foreigner — it's perfectly legal. The purchase just won't qualify you for a residence permit anymore.
Why Did Spain Kill the Golden Visa?
Quick answer: Soaring housing costs in Madrid and Barcelona, driven partly by foreign investment purchases, pushed the government to prioritize housing as a right over a commodity.
Prime Minister Pedro Sánchez framed the decision bluntly: housing should be "a right, not a speculative asset." The numbers backed him up. In Barcelona's prime districts, Golden Visa purchases had contributed to price increases of 30-40% over five years, pricing out Spanish families.
According to Spain's National Statistics Institute, average property prices in Madrid rose 8.4% year-over-year in 2024, with Barcelona not far behind at 7.9%. The Golden Visa program, while bringing in an estimated €4.2 billion since 2013, became politically untenable as housing affordability dominated national discourse.
What About Existing Applications?
Quick answer: Anyone who submitted a Golden Visa application before April 3, 2025 will still be processed under the old rules, with full benefits and renewal rights.
If you already hold a Spanish Golden Visa, nothing changes. Your visa remains valid, renewals proceed normally, and the path to permanent residency (after 5 years) and citizenship (after 10 years) stays intact. This protection also extends to family members included in existing applications.
5 Alternative Residency Paths Still Open
For those who still want to live in Spain, several viable options remain:
1. Non-Lucrative Visa
Prove you have sufficient passive income (roughly €28,000/year for a single applicant) and private health insurance. No work permitted, but ideal for retirees and those with investment income.
2. Digital Nomad Visa (Nómada Digital)
Spain's digital nomad visa, launched in 2023, lets remote workers live legally for up to 5 years. Requires proof of remote employment and €2,520/month minimum income.
3. Entrepreneur Visa
Start or invest in a Spanish business. Requires a viable business plan and evidence of sufficient funding. Processing takes 2-3 months.
4. Self-Employment (Autónomo) Visa
For freelancers and self-employed professionals planning to work with Spanish clients. Requires proof of qualifications and a business plan.
5. Portugal's Golden Visa (Fund Investment)
If EU residency is the primary goal, Portugal's Golden Visa remains active through investment fund routes (minimum €500,000). Real estate was removed in 2023, but fund investments still qualify.
The Bigger European Picture
Spain isn't alone. Hungary abolished its property Golden Visa route in January 2025. Greece has significantly raised investment thresholds. Portugal eliminated real estate years ago. The EU is clearly moving toward tighter regulation of residency-by-investment schemes.
For expats planning a European move, the digital nomad visa route is increasingly becoming the practical choice — especially for remote workers earning above €3,000/month.
Sources
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