The closure, in plain language
The Spanish Congress voted on 19 December 2024 to abolish the Golden Visa program in its entirety, not just the real estate route. The bill was published in the Official State Gazette on 3 January 2025 as Organic Law 1/2025, with a three month transition window. After 3 April 2025, no new applications have been accepted under any investment category, including the previously available EUR 500,000 real estate route, the EUR 2 million government bond route, the EUR 1 million bank deposit or company investment route.
The political rationale was housing affordability. Critics argued the program contributed to price inflation in Madrid and Barcelona. Defenders pointed out that fewer than 2,000 Golden Visas were issued per year in a country of 48 million, making the price impact more political than empirical. The decision is final, regardless of the merits of either argument.
Spain still issues residency visas through the Non-Lucrative Visa, the Digital Nomad Visa, and other employment based routes. None of these are equivalent to the Golden Visa, and most require physical relocation and trigger Spanish tax residency.
For investors who explicitly compared these two programs before April 2025
| Metric | 🇪🇸 Spain (closed since April 2025) | 🇵🇹 Portugal (live) |
|---|---|---|
| Status | CLOSED to new applications | Active |
| Real estate route | EUR 500,000 historically | Eliminated October 2023 |
| Live investment route | None | EUR 500,000 fund or EUR 250,000 cultural donation |
| Physical presence requirement | One visit per year minimum to maintain status | 7 days yr 1, 14 days per 2-yr cycle |
| Path to citizenship | 10 yrs (most), 2 yrs for certain Latin American nationals & Sephardic Jews | 10 yrs (most non-EU), 7 yrs EU & CPLP, subject to April 2026 reform |
| Schengen access | Yes | Yes |
| Tax residency trigger | 183 days. Spanish tax residency was a known weakness for HNW investors. | 183 days. IFICI overlay possible for qualifying professionals. |
Historically, Portugal and Spain were sister programs with very different tax surfaces. Spain's lower citizenship hurdle for Latin American nationals was its main edge. With Spain closed, that edge is gone for any new applicant.
Mapped to your original reason for wanting Spain
- 01If your goal was…
EU mobility & a Schengen base, willing to deploy capital
🇵🇹 Portugal Golden Visa, fund route (EUR 500,000)Closest analogue for the original Spain Golden Visa intent. Lower physical presence than Spain ever required. Ten year track to citizenship now matches Spain's historical track for non-Latin Americans. Permanent residency at year five gives you optionality without the passport.
- 02If your goal was…
Real estate exposure in southern Europe
🇬🇷 Greece Golden Visa, real estate route (EUR 250k–800k)The only major EU program that still allows residency through real estate ownership. Three tier system based on property location. Zero physical presence requirement. Be aware of the short-term rental ban on qualifying properties.
- 03If your goal was…
Italian climate & cuisine, EU citizenship horizon
🇮🇹 Italy Investor Visa (EUR 250k startup · EUR 500k limited co. · EUR 2M bonds)Lowest entry threshold for an EU investor visa via the innovative startup route. Citizenship horizon is ten years for non-EU nationals, on par with Portugal's reformed track. Italy's flat tax for new residents (EUR 200,000/yr on worldwide non-Italian income) is excellent for HNW relocators.
- 04If your goal was…
Latin American national who wanted Spain's two year track
🇵🇹 Portugal Golden Visa under the CPLP carve-outIf you are a citizen of Brazil, Angola, Mozambique, Cape Verde, Guinea-Bissau, São Tomé and Príncipe, East Timor or Equatorial Guinea, the new Portuguese seven year track is your closest substitute for Spain's two year Latin American carve-out. Not as fast, but predictable and live.
- 05If your goal was…
EU permanent residency in 4–6 months
🇲🇹 Malta Permanent Residence Programme (MPRP)The fastest route to EU permanent residency in Europe. ~EUR 175,000 in non-refundable contributions plus a property commitment. Malta is small, English-speaking, and tax friendly under the non-dom remittance basis. EU regulatory pressure on the separate Maltese citizenship program (MEIN) does not affect MPRP.
You are unaffected by the closure if you applied before 3 April 2025
The transitional provisions of Organic Law 1/2025 are explicit: applications submitted before 3 April 2025 continue to be processed under the original rules, and existing Golden Visa holders retain all renewal rights. To renew, you must continue to maintain the original investment, visit Spain at least once per year, and meet the original program criteria.
Renewals are processed under the original regulations, not under the new framework. You are also still on the ten year residency track to Spanish citizenship (or two years if you are a national of certain Latin American countries, the Philippines, Equatorial Guinea, or Andorra, or a Sephardic Jew). The closure does not retroactively affect your timeline.
The one practical concern: the legal infrastructure around the program is winding down. Plan renewals well in advance and engage Spanish counsel familiar with the transitional provisions, not generic immigration lawyers.
The Golden Visa was a residency program with no requirement to live in Spain. If your actual goal was to relocate, several Spanish visas remain live.
The Non-Lucrative Visa requires proof of passive income (~EUR 30,000/year for the main applicant, with uplifts for dependents) and triggers Spanish tax residency from day one. The Digital Nomad Visa requires remote work for non-Spanish employers earning at least EUR 2,762/month and offers a Beckham-Law-adjacent 24% flat tax on Spanish source income up to EUR 600,000 for six years. The Spain Entrepreneur Visa is the closest live equivalent to the old Golden Visa for genuine company builders.
None of these is a wealth-vehicle play. They are lifestyle and work residencies. The Golden Visa as a "deploy capital and stay home" structure no longer exists in Spain.
Spain Golden Visa alternatives in 2026: three real investor scenarios
Mexican family that targeted Spain for the 2-year passport route
Mexico is not part of CPLP, so the seven year carve-out does not apply. The ten year Portuguese track is now equivalent to Spain's old standard track. The two year Spanish carve-out is genuinely gone for new applicants. If EU passport optionality is the goal, Portugal's program structure is the most predictable.
American couple wanting a Mediterranean Plan B
If they wanted Spain for the climate and the property, Greece is the right substitute. Athens delivers the lifestyle, EUR 250,000 entry beats any Portuguese option, zero physical presence is unmatched, and family inclusion is the most generous in Europe.
British investor whose only goal was capital deployment for an EU permit
Spain's Golden Visa was about capital efficiency. With Spain closed, Malta's MPRP delivers EU permanent residency in 4–6 months, English speaking, with a clean non-dom tax structure. The Brexit context favours speed and predictability over passport timeline.
Portugal vs Spain Golden Visa: frequently asked questions in 2026
Can I still buy property in Spain?
Yes, completely. Foreign nationals can purchase Spanish real estate without restriction. The closure of the Golden Visa removed the residency benefit attached to a EUR 500,000 purchase, not the purchase right itself. Foreign buyers accounted for roughly 15 percent of all Spanish property transactions in 2024. The market has continued without the program.
Will Spain reopen the program?
No published indication suggests reopening. The political consensus that ended the program (housing affordability) has not weakened. Plan around the closure being permanent.
Are there any grandfathering exceptions for late applications?
No. The 3 April 2025 cutoff was firm. Spanish immigration authorities have not accepted late submissions regardless of circumstances. Property purchases that closed after 3 April 2025 do not qualify retroactively, even if they were initiated before the deadline.
Does Portugal's April 2026 nationality law change the math here?
Yes, modestly. Portugal's old five year passport track was an attractive alternative for Spain seekers who wanted citizenship faster than Spain's ten year requirement allowed. With Portugal moving to ten years (or seven for CPLP), Portugal and the historical Spain are now broadly comparable on the citizenship horizon. Portugal still wins on physical presence (seven days versus one annual visit) and program structure (live versus closed).
Sources and primary legislation behind this Portugal vs Spain comparison
- — Spain: Organic Law 1/2025 of 2 January 2025 on measures for the efficiency of the Public Justice Service, Final Provision Twenty-One. Spanish Ministry of Inclusion, Social Security and Migration program data 2014–2025.
- — Portugal: Law 56/2023, Nationality Law amendment 1 April 2026.
- — Greece: Law 5100/2024.
- — Italy: Italian Budget Law 2017 as amended.
- — Malta: Subsidiary Legislation 217.26.