Spain golden visa and investor residency programmes in 2026

Spain’s investor residency landscape underwent a structural reconfiguration on 3 April 2025, when the government published Law 1/2025 in the *Boletín Oficial del Estado*, formally repealing the golden visa programme that had operated since 2013 under Law 14/2013. The repeal, announced by President Pedro Sánchez in April 2024 and confirmed through the legislative process tracked on the official portal of La Moncloa, closed the door to residency-by-investment for new applicants seeking the standard real estate, capital, and business investment routes. For high-net-worth individuals and their advisors evaluating European alternatives in 2026, the relevant question is no longer whether Spain offers a golden visa — it does not — but rather what non-lucrative residency, digital nomad, and entrepreneur visa pathways remain, what thresholds apply, and how the post-repeal environment compares with competing jurisdictions such as Portugal, Greece, and Malta. ## The golden visa repeal: what closed and when The repeal of Spain’s golden visa programme eliminated five investment categories that had collectively granted more than 14,000 residence permits since 2013, according to data published by the Ministry of Inclusion, Social Security and Migration. The most popular route — the €500,000 real estate investment — accounted for approximately 94% of all golden visa applications, with Chinese and Russian nationals representing the largest beneficiary groups in the programme’s final years. ### Categories eliminated by Law 1/2025 The law removed the following qualifying investment routes: an initial investment of €500,000 in Spanish real estate, free of encumbrances; a €1 million deposit in Spanish bank accounts or fixed-term deposits; a €1 million investment in Spanish public debt securities; a €1 million investment in shares or units of Spanish collective investment institutions; and a €1 million investment in shares of Spanish companies with a genuine business project. All five categories were repealed simultaneously, with no grandfathering for applications that had not been formally submitted before the law’s entry into force on 3 April 2025. ### Transitional provisions for pending applications Applications submitted before 3 April 2025 continue to be processed under the previous regulatory framework. Holders of existing golden visa permits retain their validity for the original two-year period and may apply for the subsequent five-year renewal, provided they meet the conditions under which the permit was originally granted. The government has not announced any accelerated revocation or audit programme targeting existing golden visa holders, though the political discourse surrounding the repeal — which Sánchez framed as a measure to address housing affordability — suggests that ongoing compliance with the original investment conditions will be scrutinised more closely than before the repeal. ## The non-lucrative residency visa: the primary alternative For high-net-worth individuals who do not intend to work in Spain, the non-lucrative residency visa (*visado de residencia no lucrativa*) has become the de facto primary pathway for investor-adjacent relocation. This visa, governed by Articles 61-63 of Royal Decree 557/2011, requires applicants to demonstrate sufficient financial means to support themselves and their dependents without engaging in gainful employment in Spain. ### Minimum income threshold and asset requirements The financial requirement for the non-lucrative visa in 2026 is tied to the *Indicador Público de Renta de Efectos Múltiples* (IPREM), which for 2025 stood at €600 per month (€7,200 annually). The main applicant must demonstrate liquid assets or guaranteed passive income equivalent to 400% of IPREM — €2,400 per month or €28,800 per year — plus an additional 100% of IPREM (€600 per month) for each dependent family member. In practice, immigration lawyers in Madrid and Barcelona advise clients to show assets of at least €50,000 for a single applicant and €75,000 for a family of four, though consular officers in jurisdictions with higher costs of living — such as London, Dubai, or Singapore — may request documentation demonstrating significantly higher liquidity. ### Passive income versus asset documentation The visa regulations explicitly require evidence of “sufficient economic means” derived from sources other than employment in Spain. Acceptable documentation includes pension statements, dividend receipts, rental income from properties outside Spain, bond yields, and bank statements showing a consistent balance above the threshold. Unlike the repealed golden visa, which required a minimum investment of €500,000 in real estate or €1 million in financial instruments, the non-lucrative visa permits applicants to meet the financial requirement through a combination of liquid assets and passive income without a minimum investment floor — though consular officers in practice apply a higher informal threshold to mitigate perceived immigration risk. ## The digital nomad visa for remote workers Spain introduced a dedicated digital nomad visa through Law 28/2022, which entered effect in January 2023 and remains available in 2026. This visa targets non-EU professionals who work remotely for employers or clients outside Spain, and it offers a distinct advantage over the non-lucrative visa: it permits employment and allows the holder to transition to permanent residency after five years. ### Eligibility criteria and income threshold The digital nomad visa requires applicants to demonstrate that at least 80% of their professional income derives from clients or employers outside Spain. The minimum income threshold for 2026 is 200% of the Spanish minimum wage (*Salario Mínimo Interprofesional*, or SMI), which stood at €1,134 per month in 2025, translating to a monthly requirement of €2,268 (€27,216 annually). For high-net-worth individuals with significant passive income streams, this threshold is easily met, though the visa’s requirement for verifiable remote-work income — rather than pure investment returns — means that applicants whose wealth is entirely asset-based may find the non-lucrative visa a more appropriate fit. ### Tax advantages under the Beckham Law Digital nomad visa holders who spend fewer than 183 days per year in Spain may qualify for the modified Beckham Law regime — formally the Special Regime for Impatriates under Article 93 of the Personal Income Tax Law — which permits taxation at a flat rate of 24% on Spanish-source income up to €600,000, rather than the progressive rates that reach 47% for high earners. The regime, administered by the Agencia Estatal de Administración Tributaria (AEAT), applies for the first six years of residency and does not require the holder to be a digital nomad visa applicant — it is available to any new tax resident who has not been a Spanish tax resident in the preceding five years. For a principal with a global portfolio generating €500,000 in annual income, the difference between the Beckham Law rate and the standard progressive rate can exceed €100,000 per year. ## The entrepreneur visa for business investors Spain’s Entrepreneur Law (Law 14/2013), which also housed the now-repealed golden visa, retains its provisions for entrepreneurs and business investors who establish or acquire a company in Spain. This visa is distinct from the golden visa in that it requires an active business project rather than a passive investment. ### Qualifying business projects and investment thresholds The entrepreneur visa requires applicants to submit a business plan to the *Unidad de Grandes Empresas y Colectivos Estratégicos* (UGCEE) within the Ministry of Economy, demonstrating that the project will create jobs, contribute to technological innovation, or have a measurable economic impact on the Spanish economy. Unlike the golden visa, which set a fixed investment threshold of €500,000 for real estate, the entrepreneur visa does not prescribe a minimum investment amount in the statute — though in practice, UGCEE evaluators expect investments of at least €100,000 for commercial projects and €500,000 for industrial or technology ventures. Projects that involve hiring at least five Spanish residents or investing in research and development receive preferential processing. ### Processing timelines and success rates The entrepreneur visa benefits from a statutory processing timeline of 20 business days, compared to the three-to-six-month timeline typical for non-lucrative visa applications. Applications submitted through the UGCEE’s expedited procedure — available for projects valued above €1 million or those that create ten or more jobs — are processed within ten business days. Industry estimates from immigration law firms in Madrid suggest an approval rate of approximately 75% for entrepreneur visa applications, with the primary causes of rejection being insufficient demonstration of economic impact and inadequate capitalisation of the Spanish entity. ## Residency obligations and renewal criteria All Spanish residency visas — including the non-lucrative, digital nomad, and entrepreneur categories — impose physical presence requirements that applicants must satisfy to maintain their status and qualify for permanent residency after five years. ### Physical presence requirements for renewal The non-lucrative visa requires holders to spend at least 183 days per calendar year in Spain to maintain their tax residency status and to qualify for renewal. The first visa is issued for one year, followed by two-year renewals, provided the holder has spent at least six months of each year in Spanish territory. The digital nomad visa follows a similar structure — one year initially, then two-year renewals — with the same 183-day requirement. The entrepreneur visa is initially valid for one year, then renewable for two-year periods, with a more flexible presence requirement: the holder must demonstrate that the business project is operational and generating the projected economic activity, but the physical presence threshold is not explicitly codified in the statute. ### Path to permanent residency and citizenship After five years of continuous legal residency, all visa holders may apply for permanent residency (*residencia de larga duración*), which removes the requirement to renew the permit and grants indefinite residence rights. After ten years of legal residency, applicants may apply for Spanish citizenship by naturalisation, though this requires passing a Spanish language test (DELE A2) and a cultural knowledge exam (CCSE) administered by the Instituto Cervantes. Nationals of Ibero-American countries, Andorra, the Philippines, Equatorial Guinea, Portugal, and Sephardic Jews may apply for citizenship after two years of legal residency, a provision that significantly shortens the timeline for applicants from Latin America. ## Tax considerations for new residents Spain operates a territorial tax system for non-residents and a worldwide tax system for residents, making the timing of residency acquisition and the choice of visa category critical for wealth planning. ### Wealth tax and solidarity tax Spain’s wealth tax (*Impuesto sobre el Patrimonio*) applies to worldwide assets for residents with net wealth exceeding €700,000, with rates ranging from 0.2% to 3.5% depending on the autonomous community. In addition, the Temporary Solidarity Tax for Large Fortunes — introduced in 2023 and extended through 2025 — applies an additional 1.7% to 3.5% on net wealth above €3 million, effectively creating a combined top rate of approximately 7% on assets above the threshold. The Beckham Law regime exempts new residents from wealth tax during the first six years, making it a significant advantage for digital nomad visa holders with substantial global portfolios. ### Exit tax for high-net-worth individuals Spain applies an exit tax (*impuesto de salida*) to residents who transfer their tax domicile outside the country while holding shares in Spanish companies or assets exceeding €4 million. The tax is calculated on unrealised capital gains as if the assets were sold on the date of departure, and it applies even if the individual does not realise the gains. High-net-worth individuals considering Spain as a residence jurisdiction should structure their asset holding entities and investment portfolios before establishing tax residency to minimise exposure to the exit tax upon any future departure. ## Practical experience of recent applicants The post-repeal environment has produced a bifurcated experience for applicants depending on their visa category and country of origin. Non-lucrative visa applicants from non-EU jurisdictions with high application volumes — the United States, the United Kingdom, China, and Venezuela — report processing times of three to six months at the Spanish consulates in their home countries, with the Los Angeles and Miami consulates showing the longest backlogs. Digital nomad visa applicants, by contrast, report processing times of one to three months, with the advantage of being able to apply from within Spain after entering on a tourist visa — a flexibility not available to non-lucrative visa applicants, who must apply from their country of legal residence. ### Common reasons for rejection The most frequently cited reason for non-lucrative visa rejection in 2025 and 2026 is insufficient documentation of passive income — consular officers increasingly request bank statements showing a minimum of twelve months of consistent balances and income flows, rejecting applicants whose documentation shows a recent lump-sum deposit without a clear provenance. The second most common rejection reason is incomplete health insurance documentation: applicants must provide evidence of private health insurance with full coverage in Spain and no co-payments, a requirement that disqualifies many international policies that exclude pre-existing conditions or impose annual coverage limits below €30,000. ## Four actionable takeaways for 2026 Spain’s golden visa repeal has redirected investor interest toward the non-lucrative and digital nomad visas, both of which remain viable for high-net-worth individuals but require more rigorous documentation of income sources and physical presence than the investment-based route. The Beckham Law tax regime, available to any new tax resident who has not lived in Spain for the preceding five years, offers a flat 24% rate on Spanish-source income up to €600,000 and a full exemption from wealth tax for six years — a benefit that can offset the absence of the golden visa for principals with significant portfolio income. Digital nomad visa applicants should prioritise jurisdictions with fast-track consular processing — the Spanish consulates in London, Dubai, and Singapore process applications in an average of four to six weeks, compared to twelve weeks or more in the United States. Any principal considering Spanish residency in 2026 should begin the documentation process at least six months before the intended move date, as the combination of consular backlogs, health insurance verification, and apostille requirements for foreign documents routinely extends the timeline beyond the statutory maximum. ## Sources - [Law 1/2025 repealing golden visa provisions](https://www.boe.es/buscar/doc.php?id=BOE-A-2025-5339) - [La Moncloa official portal — government announcements](https://www.lamoncloa.gob.es/Paginas/index.aspx) - [Royal Decree 557/2011 — non-lucrative visa regulations](https://www.boe.es/buscar/act.php?id=BOE-A-2011-557) - [Law 28/2022 — digital nomad visa framework](https://www.boe.es/buscar/doc.php?id=BOE-A-2022-22500) - [Agencia Estatal de Administración Tributaria — Beckham Law regime](https://sede.agenciatributaria.gob.es/) - [Instituto Cervantes — citizenship language and culture requirements](https://examenes.cervantes.es/es/ccse) - [Ministry of Inclusion, Social Security and Migration — golden visa statistics](https://www.inclusion.gob.es/)