Spain closed: what changed
Spain's Golden Visa was eliminated by Organic Law 1/2025 in force 3 April 2025. New applications are not accepted. The driver was housing affordability politics; foreign Golden Visa property purchases were perceived as contributing to displacement of local buyers.
Existing Spanish Golden Visa holders are grandfathered under the prior rules. The closure does not retroactively affect their position.
Buyers who were comparing Italy's investment routes to Spain are now choosing among live alternatives only. Italy is the most direct competitor for the lifestyle proposition, and structurally stronger on tax.
Why people compared these two
The Italy-Spain comparison was popular for several reasons:
The decision typically rested on lifestyle preference (Italian regional culture versus Spanish), specific investment thesis (real estate versus business or bonds), and tax position.
Why Italy is now the natural alternative
For Spain buyers re-orienting, Italy offers several structural advantages.
Italy preserves the EU passport track at year 10. Same horizon as Spain was. Italian passport ranks among the world's strongest (visa-free to ~190 countries). The lifestyle proposition is strongly comparable.
Italy's flat tax for new residents (EUR 200,000 per year on foreign income for up to 15 years) is an overlay Spain never matched. Spain offered the Beckham Law for specific qualifying employees with capped salary income, but no equivalent for general HNW buyers with foreign source income. Italy's flat tax sits on every Italian tax-resident HNW applicant, regardless of profession.
Italy offers four investment routes (EUR 250k startup, EUR 500k limited company, EUR 1M philanthropy, EUR 2M government bonds) versus Spain's three (EUR 500k real estate, EUR 1M deposits/shares, EUR 2M bonds). Italy's startup at EUR 250,000 is the cheapest entry available in any major EU programme, though with significant capital risk.
Italy has no real estate route. Buyers who specifically wanted Spanish coastal property as the qualifying asset will find Greece a closer match. For everyone else, Italy's startup or company routes work cleanly.
Historical Spain vs current Italy
| Metric | 🇪🇸 Spain (historical, closed) | 🇮🇹 Italy (live) |
|---|---|---|
| Minimum investment | EUR 500,000 real estate, EUR 1M deposits, EUR 2M bonds | EUR 250,000 startup, EUR 500,000 limited company, EUR 1M philanthropy, EUR 2M bonds |
| Real estate route | Yes (primary, EUR 500,000) | No |
| Status currently available | Closed (no new applications) | Live |
| Path to citizenship | 10 years | 10 years + B1 Italian + integration |
| Tax overlay for HNW | Beckham Law (specific employees, capped salary), no general flat tax | Flat tax: EUR 200,000/year on foreign income (+ EUR 25k per family member), 15 years |
| Russian/Belarusian applicants | Allowed (when program was open) | Suspended since 2023 |
| Family included | Spouse, dependent children, parents | Spouse, dependent children, dependent parents |
| Physical presence | 1 day per year (historically) | None for visa, real residence required for PR and citizenship |
For existing Spanish Golden Visa holders
If you already hold a Spanish Golden Visa, your position is preserved under the prior rules. Renew under the previous regime, continue toward permanent residency at year 5 and citizenship at year 10. The closure does not retroactively reach existing holders.
If you want to add Italian residency for the flat tax structure, you can hold both. Italian flat tax requires Italian tax residency (183 days), so the practical question is which country you actually want to spend most time in. The Spanish Golden Visa permits 1 day per year, so it can comfortably be retained as Plan B while you anchor in Italy for the flat tax.
Other live alternatives
FAQ
Is Spain really closed?
Yes. Organic Law 1/2025 in force 3 April 2025 eliminated the Spanish Golden Visa. No exceptions for specific routes have been announced.
If I wanted Spanish lifestyle, can Italy substitute?
For lifestyle, yes, broadly. Italian and Spanish Mediterranean lifestyles share food culture, climate, family structure, and pace of life, though regional differences are significant within each country. Italian regions (Tuscany, Lake Como, Sicily, Puglia) offer strong lifestyle alternatives to Costa del Sol or Mallorca. The structural difference is that Italy has no real estate route in the Investor Visa, so buyers must invest in startups, companies, philanthropy, or bonds rather than a coastal property.
Italy's flat tax really beats anything Spain had?
For HNW with high foreign income, structurally yes. Spain's Beckham Law applied only to specific employee categories with salary income up to EUR 600,000, taxed at flat 24%. Italy's flat tax of EUR 200,000 per year applies to unlimited foreign income across all sources for up to 15 years, available to anyone meeting the residence test (not Italian tax resident in 9 of prior 10 years). Above ~EUR 1M per year of foreign income, Italy's flat tax delivers substantially better effective rates than any historical Spanish regime.
Will Spain reopen?
No clear signal. The political driver (housing affordability) has not abated. Reopening would require legislative reversal, politically improbable in the current parliament. Plan as though Spain is permanently closed.
Can Russian or Belarusian applicants apply to Italy?
No. Italy suspended the Investor Visa for Russian and Belarusian citizens (including dual passport holders) in 2023 under EU Recommendation C(2022) 2028. Greece, Portugal, Malta and the UAE remain open to applicants from these jurisdictions, subject to enhanced due diligence.
Sources
- — Spain: Organic Law 1/2025, in force 3 April 2025.
- — Italy: Decree-Law 161/2017 (Investor Visa).
- — Italy: Articles 26-bis and 26-ter, Decree-Law 50/2017; Budget Law 2025 (Law 207/2024).
- — Italy: MAECI note 20 March 2024 on Russian/Belarusian suspension.
- — Spain: Beckham Law (Real Decreto 687/2005), historical regime for impatriate workers.