Spain Ends Golden Visa: Exploring New Residency Options for Non-EU Investors

Since its launch in 2013, the Spanish Golden Visa program has offered non-EU nationals a pathway to residency through substantial financial investments, primarily in real estate. It became a popular option for investors looking to live, work, or travel within Spain and the Schengen Zone. However, in 2024, the Spanish government announced the program’s discontinuation, marking a significant shift in residency options for non-EU citizens.

On April 8, 2024, Prime Minister Pedro Sánchez officially announced the end of the Golden Visa program. This decision reflects the government’s commitment to reducing speculative investments in the real estate market and ensuring housing affordability for local residents.

Key points about the change:

• Eligibility Impact: The program, which required a minimum investment of €500,000 in real estate, will no longer accept new applications.
• Existing Holders: Current Golden Visa holders can continue renewing under existing rules.

This policy aligns with similar moves by other European countries, like Portugal and Ireland, which have phased out their residency-by-investment programs to address housing challenges.

While the program is ending, it’s important to note the advantages it previously offered:

• Residency: Immediate residency for investors and their families.
• Schengen Access: Freedom to travel across the Schengen Zone.
• Family Reunification: Ability to include immediate family members.
• Path to Citizenship: Eligibility for permanent residency after five years and citizenship after ten years of legal residency.

With the Golden Visa program no longer available, non-EU nationals can explore other viable pathways to residency:

Designed for individuals not planning to work in Spain, this visa requires proof of financial means and private health insurance.

• Ideal for: Retirees or those with passive income.

This visa supports foreign entrepreneurs seeking to launch innovative businesses that benefit the Spanish economy.

• Ideal for: Startups or projects contributing to job creation.

Allows non-EU nationals to reside in Spain while enrolled in a recognized educational institution.

• Ideal for: Students pursuing higher education or specialized training.

For professionals with a job offer in Spain, this visa provides a direct pathway to residency.

• Ideal for: Skilled workers filling positions in demand.

Read more: Can I Live in Spain Full Time if I Buy a Property?

The process for alternative visas typically involves:

• Providing proof of sufficient financial means.
• Submitting a clean criminal record.
• Obtaining comprehensive health insurance.

Engaging a legal advisor is strongly recommended to ensure compliance with all requirements and streamline the application process.

Despite the Golden Visa’s discontinuation, Spain remains an attractive destination for non-EU nationals. Residents with alternative visas can enjoy:

• Public Services: Access to Spain’s world-class healthcare and education systems.
• Cultural Integration: Opportunities to immerse in Spanish culture and community life.
• High Quality of Life: Affordable living costs, a vibrant lifestyle, and stunning landscapes.

While the Golden Visa program’s closure marks the end of an era, Spain continues to offer multiple pathways for non-EU nationals to establish residency. Whether through entrepreneurship, education, or retirement, there are plenty of opportunities to enjoy Spain’s unique charm and high quality of life.

If you’re considering a move to Spain, contact our team of experts for tailored advice on navigating the country’s residency options.

Ready to start your journey? Let us guide you every step of the way!