Spain’s Investor Visa programme was for years one of the most attractive in Europe for high-net-worth international buyers. The regulatory landscape has changed. Here is what you need to know to make decisions with up-to-date information.
The context: what has changed with the Golden Visa in Spain
The Spanish Golden Visa programme, created in 2013, allowed non-EU citizens to obtain residency in Spain through, among other routes, a real estate investment of at least €500,000. For over a decade, it was a magnet for investors from Latin America, the Middle East, China and Russia, and contributed significantly to demand for luxury properties in Madrid, Barcelona and Marbella.
In 2024, the Spanish government announced its intention to eliminate the real estate investment route within the Golden Visa programme, arguing that it contributed to residential market tensions. At the time of publication of this article, the legislative process is ongoing. Before making any decision based on this programme, it is essential to verify the current status of the regulations with a specialist legal adviser.
What residency alternatives exist for the international investor in Spain
◆ Digital Nomad Visa
For non-EU professionals who work remotely for companies based outside Spain, the Digital Nomad Visa allows residence in Spain for an initial period of one year, renewable. It does not require a real estate investment but does require proof of sufficient income.
◆ Non-lucrative residence
For people with sufficient financial means who don’t need to work in Spain, the non-lucrative residence permit allows living in the country by demonstrating economic capacity, without requiring professional activity in Spain. It is a relevant option for high-net-worth individuals seeking to reside in Spain.
◆ Beckham Law (special regime for inbound workers)
For those who relocate to Spain for work or business reasons, the Beckham Law allows personal income tax to be paid at a fixed rate of 24% (up to €600,000 of taxable base) during the first six years of tax residence. It is one of Europe’s most attractive regimes for high-level professionals and executives.
Madrid as a destination for the international investor regardless of the visa
With or without the Golden Visa, Madrid remains one of Europe’s most attractive destinations for the high-net-worth international investor. The combination of quality of life, competitive taxation, a market with solid fundamentals and a price per square metre below equivalent cities in Western Europe means the investment case stands on its own.
At Lora Galeva we regularly work with international buyers: we know how to manage the process from outside Spain, we coordinate the NIE, bank account opening and mortgage for non-residents where applicable, and we accompany the full process through to completion. With the convenience of working in Spanish, English, Italian and Bulgarian.
