Spain's golden visa has ended: what changed

What the old rule said

Before April 2025, article 63 of Ley 14/2013 let non-resident foreigners who planned to enter Spain “con el fin de realizar una inversión significativa de capital” apply for an investor visa. It defined a significant investment as one of three cases:

• an initial investment of €2 million in Spanish public debt, or €1 million in shares, company holdings or Spanish bank deposits;
• “la adquisición de bienes inmuebles en España con una inversión de valor igual o superior a 500.000 euros por cada solicitante” (the real estate route);
• a business project judged to be of general interest, for example because of jobs created, socio-economic impact or innovation.

Article 64 asked the buyer to prove ownership with a certificate from the Land Registry. Articles 65 to 67 turned the visa into a residence authorisation, initially of two years and renewable. Article 66’s former wording entrusted decisions to the Dirección General de Migraciones. All of this is now marked “(Sin contenido)” in the consolidated text, which means that the article exists in the numbering but has no content.

The change in law

The text that did it is the final provision 21 of Ley Orgánica 1/2025, whose title is about measures for the efficiency of the Public Justice Service. Its first point says: “Se dejan sin contenido los artículos 63, 64, 65, 66 y 67” of Ley 14/2013. The same provision adds two transitional provisions. Final provision 38.1 sets the date: the law “entrará en vigor a los tres meses de su publicación”, which the consolidated notes translate as 3 April 2025.

A trap to know about: article 61.1.a) of Ley 14/2013 still lists “Inversores” among the people whose entry and stay is facilitated for economic reasons. It is a leftover heading. With articles 63 to 67 empty, nothing in the text gives investors a visa. Do not read it as a surviving route.

Who keeps what: the transitional rules

Two transitional provisions were added to Ley 14/2013 on 3 April 2025:

1. Applications already filed. The first transitional provision says that investors or their relatives who had filed their application before the provision entered into force “podrán recibir el visado o autorización correspondiente conforme a la normativa vigente en la fecha de presentación de la solicitud”. A file lodged before 3 April 2025 is judged under the old rules.
2. Visas and permits in force. The second concerns “renovaciones de visados y autorizaciones para inversores por adquisición de bienes inmuebles”. Those valid on 3 April 2025 “conservarán dicha validez durante el tiempo para el que hubieran sido expedidos”. Renewal requests “se tramitarán y resolverán conforme a la normativa vigente en la fecha de concesión de la autorización inicial”.

In plain words: a holder does not lose a permit because the programme closed, and a renewal is judged by the old conditions. The texts read do not say how many renewals are possible, and the conditions of the old renewal article (maintaining the investment) are in the earlier wording of article 67. The Ministry of Inclusion or your lawyer must confirm your own case.

What this means for a buyer today

• Buying is still open. The abolition touched residence rights, not property rights. Foreigners can still purchase a home: see buying property in Spain as a foreigner.
• A purchase of any size no longer produces a residence permit. Do not rely on a sales brochure, an agent or a website that still advertises the €500,000 route. The BOE text is the check.
• The investment declaration remains. Real Decreto 571/2023 still requires a non-resident to declare a purchase of Spanish real estate whose amount exceeds €500,000 to the Register of Investments. That is a statistical declaration, unrelated to a visa, and the coincidence of the €500,000 figure with the old threshold causes confusion. The declaration is made on form D-2A.
• A NIE gives no residence. See the NIE number for property buyers.
• Tax status is a separate question. Without a visa you remain a non-resident for Spanish tax unless the tests of the personal income tax law make you a resident, which this guide does not apply to you. The non-resident regime is explained in non-resident property tax.

Other residence routes

The same section of Ley 14/2013 still lists entrepreneurs, highly qualified professionals, researchers, intra-company transferees and international teleworkers (article 61.1 b to f). The conditions of those routes were not read for this guide. Check the official immigration pages of the Spanish government (inclusion.gob.es) or the consulate for your country of residence for current requirements.

Which professional to consult

An immigration lawyer registered with a Spanish bar association (colegio de abogados) can say whether a permit granted before April 2025 can be renewed and under which conditions. A tax adviser can explain what residence in Spain would do to your tax position. Neither the property agent nor the seller can promise you a visa.