Spain’s allure as a destination for relocation remains strong due to its rich culture, welcoming communities, and stunning landscapes. Many ask, “Can I live in Spain full time if I buy a property?” While owning property in Spain offers numerous advantages, recent changes in legislation, particularly the end of the Golden Visa program, have altered the pathways for residency. This updated article dives into the latest regulations, explores alternative visa options, and offers guidance for those looking to make Spain their home.

Purchasing a property in Spain does not guarantee residency. While owning real estate can strengthen your application for certain visas, non-EU citizens must meet specific criteria and obtain an appropriate residency permit. The government has clarified that property ownership alone does not entitle an individual to live in Spain full time.

EU nationals have unrestricted access to live, work, and study in Spain. The only requirement is to register with local authorities after 90 days of residence and obtain a NIE (Número de Identificación de Extranjero) for administrative purposes.

For non-EU citizens, residency requires applying for a visa or permit. Options vary depending on individual circumstances, such as employment, investment, or family connections.

Introduced in 2013, the Golden Visa allowed non-EU nationals to gain Spanish residency by investing €500,000 or more in real estate. The visa included benefits such as:

• Residency for the investor and their family.
• Travel freedom within the Schengen Zone.
• Eligibility for permanent residency after five years.

The Spanish government, under Prime Minister Pedro Sánchez, announced its decision to phase out the Golden Visa to address housing affordability issues and curb speculative investments. Critics argue that the program inflated real estate prices in already high-demand areas like Madrid, Barcelona, and the Costa del Sol.

The European Commission also encouraged member states to end such programs, citing security risks and social inequality concerns.

Although the law has passed the Congress of Deputies, it still requires Senate approval. Applications submitted before its formal repeal will be processed under the existing regulations.

The elimination of the Golden Visa may reduce high-value foreign investments, particularly in popular areas. However, the government anticipates that this change will stabilize housing prices and make homes more accessible to locals.

Investors considering a Golden Visa should act quickly, as current applications will be accepted until the law is enacted. Beyond this window, prospective residents must rely on alternative visas.

The Non-Lucrative Visa is ideal for retirees or individuals with passive income.

Requirements:

• Proof of financial means (at least €25,816 annually).
• Comprehensive private health insurance in Spain.
• No intention to work in Spain.

This visa supports individuals planning to establish innovative businesses that benefit Spain’s economy.

Requirements:

• A detailed, government-approved business plan.
• Evidence of sufficient funds to launch and sustain the venture.

For professionals with employment offers in Spain, the Work Visa provides a direct pathway to residency.

Relatives of Spanish residents or citizens can apply for this visa, offering a straightforward option for family-based relocation.

1. Engage Professionals: Collaborate with a reputable real estate agent and lawyer.
2. Sign a Preliminary Contract: A Contrato de Arras (deposit agreement) secures the property.
3. Finalize the Purchase: Complete the transaction at a notary and register ownership.

Owning property in Spain comes with specific taxes and costs, such as:

• Property taxes (IBI): Annual tax paid to the local municipality.
• Community fees: For properties within residential complexes.
• Capital gains tax: Applicable upon selling the property.

Read our article: Taxes When Purchasing Real Estate in Spain

Spain offers excellent public healthcare, but non-EU citizens may need private health insurance to meet visa requirements.

Living costs in Spain are lower than in many Western European countries, with affordable housing, food, and public transport options.

Spain’s cultural richness includes renowned festivals, a vibrant culinary scene, and historical landmarks.

Many regions, such as Alicante and Málaga, host thriving expatriate communities. Learning Spanish can further enrich the experience.