Market insights
Date published:
Last updated:
By
Harrison Downes
*Researched and regularly updated to reflect current data.*
If you've come across articles suggesting that buying 500,000 euros or more in Spanish property qualifies you for residency, that information is no longer accurate. Spain officially ended its Golden Visa programme on April 3, 2025, and no new applications are being accepted.
What matters more than that headline is understanding what hasn't changed. The end of the Golden Visa has no effect on your ability to buy property in Spain, and no effect on your ability to get a mortgage as a non-resident. These are entirely separate things, and the confusion between them is causing unnecessary concern for buyers who were never relying on the Golden Visa in the first place.
This guide covers what actually changed, what didn't, and what alternative residency options exist if that was part of your plan.
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At a glance
Spain's Golden Visa ended April 3, 2025 via Royal Decree-Law 2/2025
Existing holders can renew, but no new applications are accepted
Property ownership in Spain has never required residency - foreigners can still buy freely
Non-resident mortgage availability and terms are completely unchanged
Foreign buyer transactions hit a record 145,370 in 2025, after the programme ended
Alternative residency routes include the Digital Nomad Visa, Non-Lucrative Visa, and entrepreneur visas
What happened
Spain's Golden Visa programme had been running since 2013, allowing non-EU nationals to obtain residency by investing at least 500,000 euros in Spanish real estate. It attracted significant investment, particularly from Chinese, Russian, Middle Eastern, and Latin American buyers.
On April 3, 2025, the Spanish government formally ended the programme through Royal Decree-Law 2/2025. The stated rationale was housing affordability - the government argued that investment-driven foreign demand was contributing to price pressure in already strained markets like Barcelona, Madrid, Malaga, and the Balearic Islands.
Spain wasn't the only country to make this move. Portugal ended its real estate Golden Visa route in 2023. Greece has progressively raised its minimum thresholds and restricted eligible areas. The broader trend across Southern Europe has been away from property-for-residency programmes, driven by similar housing affordability concerns.
If you already hold a Golden Visa, you can renew it. The closure only affects new applications.
What hasn't changed
Three things remain exactly as they were before April 2025, and these are the points that matter most for the majority of international buyers.
Property ownership doesn't require residency. It never has. Any foreign national with an NIE number (Spain's foreign identification number) can purchase real estate in Spain regardless of nationality, visa status, or country of residence. The Golden Visa was a residency benefit attached to property investment - it was never a requirement for buying property.
Non-resident mortgages are fully available. Spanish banks continue lending to non-residents on the same terms as before. Current fixed rates for non-residents range from about 2.55% to 3.80% depending on the bank and profile. The end of the Golden Visa hasn't affected lending appetite, rate pricing, or LTV limits. For the latest figures, see our rate comparison for non-residents.
Foreign buyers are still buying in record numbers. Despite the Golden Visa ending, foreign property purchases in Spain reached a record 145,370 transactions in 2025, up 4.2% on 2024. British buyers remained the largest foreign group, followed by Moroccans, Germans, and a rapidly growing Dutch cohort. The market hasn't slowed.
The Golden Visa was never the primary driver of international property purchases in Spain. The vast majority of foreign buyers purchase for lifestyle, retirement, rental income, or as a holiday home. Residency through investment was a bonus for a specific segment, not the foundation of the market.
Alternative residency routes
The Golden Visa was one path to Spanish residency. Several alternatives remain available depending on your circumstances.
Digital Nomad Visa
Spain's Digital Nomad Visa is designed for remote workers employed by or contracting with companies outside Spain. Requirements include a minimum monthly income of approximately 2,762 euros (200% of Spain's minimum wage) and evidence that at least 80% of your income comes from non-Spanish clients.
The visa grants one year of residency, renewable for up to five years. It also comes with a favourable tax regime for the first four years under the Beckham Law, with a flat 24% income tax rate on Spanish-source income rather than the progressive scale.
For remote workers who want to live in Spain while owning property there, this is currently the most practical route.
Non-Lucrative Visa
The Non-Lucrative Visa is aimed at people who can support themselves without working in Spain - retirees, early retirees, or anyone with sufficient passive income or savings. You need to demonstrate financial means of roughly 2,400 euros per month (100% of IPREM, updated annually), plus additional amounts for dependents.
You cannot work for a Spanish employer while on this visa, though passive income from investments, pensions, or rental properties is permitted. It grants one year initially, renewable for two-year periods.
This route is particularly relevant for retirees buying a Spanish property as a primary or secondary home.
Entrepreneur Visa
For those starting or investing in a business in Spain, the Entrepreneur Visa provides a residency pathway. It requires a viable business plan that creates jobs or contributes to innovation, and needs approval from a government evaluation body. More complex than the other options, but available for those who qualify.
Work permits and EU Blue Card
If you're employed by a company with Spanish operations, a standard work permit or the EU Blue Card (for highly skilled workers earning above a specified threshold) can provide residency. These are employer-sponsored routes.
A practical note
None of these alternatives are as straightforward as the Golden Visa was. The appeal of the Golden Visa was its directness - make an investment, receive a residency card. The remaining options all require demonstrating income, employment, or business activity in addition to any property purchase.
They are, however, well-established routes with clear application processes. If residency is part of your plan, an immigration lawyer who specialises in Spanish visa applications can advise on which route fits your situation. This isn't Zerodown's area of expertise, but we can point you in the right direction.
Does any of this affect mortgage rates or availability?
It doesn't. Banks assess mortgage applications based on income, employment stability, existing debts, and the property itself. Your visa status is not part of the lending decision. The same banks that were lending to foreign buyers before April 2025 continue to do so on identical terms.
If anything, the end of the Golden Visa may have slightly reduced speculative demand in certain premium price brackets, which could make the market marginally less competitive for genuine buyers. The effect has been minimal so far - property prices rose 12.9% across Spain in 2025, and foreign transaction volumes reached record levels.
For a complete picture of current mortgage terms, see our guide to getting a mortgage in Spain as a non-resident.
The proposed non-EU buyer tax
You may have seen reports about Spain's government proposing a 100% tax on property purchases by non-EU, non-resident buyers. This was announced by Prime Minister Pedro Sanchez in January 2025 as part of a broader housing policy package.
As of March 2026, this proposal has not been legislated. It faces significant political and legal obstacles, including potential conflicts with EU trade agreements and bilateral investment treaties. Most legal analysts consider it unlikely to pass in its announced form. If a version does eventually become law, it would almost certainly apply only to non-EU buyers, not to British or EU nationals.
We'll update this section if the legislative picture changes.
Is Spain still a good place to buy property?
The fundamentals that make Spain attractive for international property buyers haven't changed. Mortgage rates are the lowest in Western Europe. The healthcare system is highly regarded. The cost of living remains well below the UK, Netherlands, and Scandinavia. Rental yields in popular tourist areas run at 5-8%. And the climate, food, and overall quality of life continue to draw buyers from across Europe and beyond.
The vast majority of foreign buyers in Spain never used the Golden Visa. They bought because they wanted a home on the Mediterranean, a rental investment, a retirement base, or simply a better lifestyle. None of those motivations have been affected.
If the Golden Visa was your sole reason for considering Spain, that specific route has closed. But if you were planning to buy in Spain regardless, and the Golden Visa was a potential bonus, nothing meaningful has changed about the buying or financing process.
Frequently asked questions
Can I still buy property in Spain as a foreigner?
Property ownership in Spain has never required residency or any particular visa status. Any foreign national with an NIE number can purchase real estate. The Golden Visa ending didn't change this.
Can I still get a mortgage in Spain as a non-resident?
Spanish banks continue lending to non-residents on the same terms as before the Golden Visa ended. Current fixed rates for non-residents range from about 2.55% to 3.80%. See our current rates comparison.
I already have a Golden Visa. Can I keep it?
Existing Golden Visa holders can renew their residency permits. The closure only affects new applications.
What's the easiest way to get Spanish residency now?
It depends on your circumstances. For remote workers, the Digital Nomad Visa is the most accessible. For retirees with passive income, the Non-Lucrative Visa. For employed workers, a standard work permit or EU Blue Card. An immigration lawyer can advise on the best fit for your situation.
Will the proposed 100% tax on non-EU buyers actually happen?
As of March 2026, it remains a proposal with no legislation passed. Legal and political obstacles make it unlikely in its current form. We'll update this guide if that changes.
What to do next
If you're planning to buy property in Spain, the end of the Golden Visa changes very little about the practical steps. You still need an NIE number, you still need financing (or sufficient cash), and you still need to navigate the Spanish buying process.
The most useful first step is understanding what you can borrow and what it will cost. Our free pre-check takes 2 minutes and gives you a clear picture of your mortgage options within 48 hours.
For a full walkthrough of the mortgage and buying process, read our complete guide to getting a mortgage in Spain as a non-resident.
Questions? WhatsApp us or get in touch.
This content is for informational purposes only and does not constitute financial, legal, or immigration advice. Zerodown is a mortgage introducer, not a lender, financial advisor, or immigration consultant. Visa and residency information is provided for general guidance only. Consult a qualified immigration lawyer for advice specific to your situation.
