by Plaza Estates 
The route that once allowed non-EU buyers to obtain Spanish residency by purchasing property worth €500,000 or more — the investor visa’s real estate pathway — was closed on 3 April 2025. In fact, the change went further than the property route alone: Spain eliminated the entire investor residence visa, ending a twelve-year chapter in which capital investment and residency were directly linked for international buyers. Buying a home in Spain no longer grants any residency rights, and there is no alternative “Golden Visa” that restores them. For non-EU nationals who want to live in Spain alongside a property purchase, residency must now be obtained through one of the standard immigration categories, each with its own income requirements, work rules and restrictions.
What was the Golden Visa — and what changed
Introduced under Ley 14/2013 (Ley de Apoyo a los Emprendedores y su Internacionalización), the Spanish investor visa — popularly known as the “Golden Visa” — offered non-EU nationals who made a qualifying investment in Spain the right to apply for residency. The best-known route required the purchase of Spanish residential or commercial real estate worth at least €500,000 free of mortgage, but the same regime also covered other investments such as €1 million in Spanish company shares or bank deposits, or €2 million in Spanish government bonds. Holders could live in Spain, travel freely within the Schengen Area, and bring family members as dependants, without any minimum-stay requirement.
This regime was abolished by Ley Orgánica 1/2025, de 2 de enero, which left articles 63 to 67 of Ley 14/2013 — the provisions that governed the investor visa in full — without legal content. The change took effect on 3 April 2025, following a three-month transitional period. Applications submitted before that date were processed under the rules in force when they were filed, and residence authorisations already granted remain valid for the period for which they were issued and can still be renewed under the transitional provisions. The government cited housing affordability and inflationary pressure on urban and coastal property markets as the primary justification.
It is important to be precise about what was removed. The abolition covered the whole investor route — not merely the real estate pathway. There is no surviving “investment” category under Ley 14/2013 that grants residency in exchange for buying property, company shares or bonds. What remains in force are entirely different categories aimed at activity rather than passive investment: entrepreneurs launching an innovative business project, highly qualified professionals, researchers, intra-company transfers, and remote workers under the Digital Nomad Visa. None of these is an investor route, and none can be obtained simply by purchasing a home. In short, property purchase and residency are now fully decoupled, with no alternative Golden Visa in its place.
Residency options for non-EU property buyers
For non-EU nationals who buy property in Spain and wish to establish legal residency, two pathways are most relevant in practice: the Non-Lucrative Residence Visa (NLV) and the Digital Nomad Visa. Which one fits depends chiefly on whether you intend to work while living in Spain. Retirees and those living on passive income typically use the NLV — Spain has no separate “retirement visa” as a distinct category. Family reunification is available only where there is a qualifying family relationship (for example, joining a relative who already holds Spanish residency); it is never triggered by buying a property. Both visas are administered by Spain’s Ministerio de Inclusión, Seguridad Social y Migraciones, with applications typically lodged through the Spanish consulate in your country of residence. Their income thresholds are pegged to official benchmarks — the IPREM and the minimum wage — that are reviewed periodically, so we recommend confirming the current figure with the consulate or the immigration authorities, and taking professional advice, before you apply.
Non-Lucrative Residence Visa (Visado de Residencia No Lucrativa)
The Non-Lucrative Residence Visa (NLV) is the most widely used pathway for non-EU retirees, those living on investment income, and buyers who wish to reside in Spain without working. Applicants must demonstrate sufficient passive income — or savings — to support themselves without any economic activity in Spain. The required amount is fixed as a multiple of the IPREM, the official income indicator used across Spanish administrative procedures, with an additional sum for each accompanying family member. Funds can be shown through accumulated savings or through passive income such as pensions, rents or dividends.
- Right to work: No. The NLV does not permit any employment or professional activity carried out in Spain. It is designed for people who can support themselves from savings or income generated outside an active occupation — typically pensions, rental income or dividends. Whether income from remote work performed for a foreign employer is compatible with the NLV is treated inconsistently and depends on the consulate assessing the application; buyers in that situation are usually better served by the Digital Nomad Visa.
- Initial term: One year, applied for at the Spanish consulate in your country of residence before entry.
- Renewal: Two-year renewals thereafter. After five years of continuous legal residence, holders may apply for long-term EU residence.
- Minimum stay: Holders are expected to spend at least 183 days per year in Spain to maintain residence status and are generally treated as Spanish tax residents as a result.
- Application location: At the Spanish consulate in your country of residence, before relocating to Spain.
The NLV suits buyers who are financially self-sufficient — retirees with pension income, those with investment portfolios or rental income — and who wish to make Spain their primary residence. It does not require any minimum property purchase value, but owning your home satisfies the accommodation requirement.
Digital Nomad Visa (Visado para Nómadas Digitales)
Introduced by Ley 28/2022 (Ley de Startups), which amended Ley 14/2013, the Digital Nomad Visa is designed for remote workers and freelancers who earn their income from outside Spain. Unlike the NLV, it permits the holder to work. The rules differ by employment status: an employee may only work remotely for companies located outside Spain, while a self-employed freelancer may take on Spanish clients provided they account for no more than 20% of total income. The rest of the work must be performed for clients or employers based abroad.
- Income requirement: A minimum income linked to the Spanish minimum wage (SMI), set as a defined multiple of it, with additional amounts required for accompanying family members. Because the SMI is revised periodically, confirm the current figure before applying.
- Right to work: Yes — remote work for non-Spanish employers, and up to 20% Spanish clients for freelancers.
- Initial term: A one-year visa (if applied for from outside Spain) or a three-year residence permit (if applied for from within Spain with existing legal status).
- Tax option: Eligible holders may apply to be taxed under the special regime for posted workers (Régimen Especial para Trabajadores Desplazados, the “Beckham Law”) — a flat 24% rate on employment income up to a high statutory ceiling, instead of progressive IRPF rates, for up to six years. This is not automatic: it must be actively elected by filing Modelo 149 with the tax authority within six months of registering with Spanish Social Security, and only applicants who have not been Spanish tax residents in the previous five years qualify.
- Family: Spouse and dependent children can be included.
The Digital Nomad Visa suits buyers who work remotely — consultants, freelancers, remote employees of non-Spanish companies — and who want the flexibility to live in Spain while maintaining their existing career or business.
Comparing the main pathways
| Feature | Non-Lucrative Visa (NLV) | Digital Nomad Visa |
|---|---|---|
| Right to work in Spain | No | Yes (remote / non-Spanish; up to 20% Spanish clients for freelancers) |
| Income requirement | Passive income set as a multiple of the IPREM | Income linked to the minimum wage (SMI) |
| Tax treatment | Standard IRPF resident rates | Optional “Beckham Law” flat rate (must be elected) |
| Initial term | 1 year (renewable 2+2) | 1-year visa / 3-year permit |
| Path to permanent residency | Yes (5 years continuous) | Yes (5 years continuous) |
| Minimum stay requirement | 183+ days/year in Spain | More flexible in practice |
Pros and cons
NLV — pros
- Well-established, clearly understood by consulates
- Ideal for retirees and those with passive income
- No restriction on the type of passive income (pension, rental, dividends)
- Straightforward path to long-term EU residence after 5 years
NLV — cons
- No employment or professional activity permitted in Spain
- Expected to spend 183+ days/year in Spain, becoming a tax resident
- Standard Spanish progressive IRPF rates apply as a resident
- Income thresholds can be challenging on a fixed pension
Digital Nomad — pros
- Right to work remotely — no career interruption required
- Optional Beckham Law flat rate of 24% for up to 6 years
- Growing consulate familiarity with this relatively new category
- Flexible enough to support a “split year” lifestyle initially
Digital Nomad — cons
- Income must derive mainly from outside Spain (employees: no Spanish work; freelancers: 20% cap on Spanish clients)
- Beckham Law is not automatic — it must be elected via Modelo 149 within 6 months of Social Security registration, and only for those not Spanish-tax-resident in the prior 5 years
- Processing times and consulate experience with the category can vary
- Not suitable for those whose employer cannot accommodate a Spain-based remote arrangement
Frequently asked questions
Can I still get Spanish residency by buying property?
No. The Golden Visa was abolished by Ley Orgánica 1/2025 with effect from 3 April 2025, and the abolition removed the entire investor visa regime — not only the €500,000 real estate route but also the company-share and government-bond routes. There is no investment category under Ley 14/2013 that grants residency in return for a purchase, and no alternative Golden Visa exists. To live in Spain you must qualify under a standard immigration category such as the NLV or Digital Nomad Visa.
Do EU citizens need a visa to live in Spain?
No. EU and EEA citizens (plus Swiss nationals) have the right of free movement and do not require a visa or residence permit. If they intend to stay longer than three months, they must register on the Registro Central de Extranjeros and obtain a Certificado de Registro de Ciudadano de la Unión (the paper “green NIE”). They do not receive a TIE card — the Tarjeta de Identidad de Extranjero is issued only to non-EU nationals. British nationals (post-Brexit) are treated as non-EU and must apply for a visa or permit in the same way as other non-EU nationals.
How long does it take to obtain permanent residency in Spain?
Long-term EU residence (Residencia de Larga Duración) can generally be applied for after five years of continuous legal residence in Spain. After ten years of legal residence, Spanish nationality may be available (subject to additional requirements including a language and culture test, renunciation of prior citizenship in most cases, and a clean criminal record). The path from visa to nationality is long but clearly defined under Spanish law.
Does buying a property in Spain give me any residency rights?
No. Since the abolition of the investor visa on 3 April 2025, property ownership confers no residency rights for non-EU nationals. You may still visit Spain and the wider Schengen Area for up to 90 days in any 180-day period without a visa on a standard tourist entry. To reside legally for longer, you must obtain a specific visa or residence permit through the standard immigration channels.
Considering a move to the Costa del Sol alongside your property search? Plaza Estates works with experienced immigration lawyers and can make introductions to specialists in NLV, Digital Nomad Visa and wider residency planning. Browse our listings at plazaestates.es
Plaza Estates · +34 952 524 191 · [email protected]