Golden Visa in Spain

Update, 09/06/2026. Spain closed this route to new applicants on April 3, 2025 - buying real estate no longer qualifies for an investor residence permit, though holders of visas issued before that date keep their renewal rights. The article below describes the program as it worked before the closure, as reference material; for current Spain residency routes in 2026, see the Spain residency page.

The Spanish golden visa is, in essence, a residence permit card that gives a foreign national the legal right to live in the country with nearly all the rights and opportunities available to its own citizens.

Below we discuss how to obtain the residence permit, the main conditions for granting official status, and its advantages.

Rules and conditions for obtaining the golden visa

Foreign nationals participating in the investment program can apply for Spain's golden visa.

The investor residence permit is granted upon:

• buying real estate worth at least €500,000;
• signing a deposit agreement with a Spanish bank for at least €1,000,000;
• buying shares of local companies worth at least €1,000,000;
• buying government bonds worth at least €2,000,000.

From a financial standpoint, investing in Spanish real estate is the most advantageous option. Applicants for official status can buy either residential or commercial property.

It's important to note that taxes and fees need to be added to the investment amount:

• for a new-build apartment, you need to pay 10% of the total value of the acquired property;
• for resale-market apartments - 4 to 10% of the cadastral value;
• for commercial premises - 25% of their value.

The investor also needs to pay stamp duty. The amount of this payment depends on the requirements of the specific region of the country, but on average it ranges from 0.5% to 1.5%.

There is good news too: property bought under the investment program can be rented out. On average, this way of using the property brings in €1,000 to €1,800 a month (the exact income depends on the property's characteristics, its location, and the state of the surrounding neighborhood).

How is the golden visa processed?

Only adult investors with no criminal record who can confirm the legality of their income can apply for the visa.

The application for official status must be filed within 12 months of the property purchase.

In addition to the main investment budget, the foreign national must have money in their bank account to confirm their financial standing.

For this, they need to transfer €28,800 to an account opened at a Spanish bank. This amount applies to a golden visa issued for one year, when a single applicant is included in the application.

If additional people are listed in the application besides the main applicant, an extra €7,200 must be added per person (this amount applies regardless of the applicant's age).

For a three-year visa, the following amounts must be deposited into the bank account:

• €86,400 for one investor;
• €108,000 for a family of two;
• €129,600 for a family of three;
• €151,200 for a family of four.

To renew the residence permit for another 5 years, the investor needs to travel to Spain in person and submit the relevant application to the local immigration service.

It's important to note that only foreigners who have obtained permanent residence can sell the property. If the investor does not obtain permanent-residence status, they must keep the property in their ownership for as long as they intend to keep renewing their residence permit.

To obtain Spanish permanent residence, you need to live continuously in the country for 5 years.

List of required documents

To obtain the golden visa, property owners need to prepare the package of documents required by the state:

• copies of passports;
• two color photographs;
• a bank statement confirming the investor has a sufficient amount of funds in their account;
• medical insurance (the insurer must be exclusively a Spanish company);
• a criminal record certificate (if the investor lived in several countries before applying for the visa, they must provide a certificate from each of those countries).

The investor also needs to provide documents confirming the investment. If it's a real estate purchase, the sale and purchase agreement must be shown.

Documents can be submitted in two ways:

• through a Spanish consulate in the country of permanent residence;
• electronically, while on Spanish territory.

If documents are submitted through a consulate, the visa's validity is limited to 12 months. This document gives the investor the right to live and work in any city in Spain.

Before applying at a Spanish consulate, the investor needs to pay the consular fee. Consulate representatives review the application within 2 weeks. If questions arise, the review period may be extended.

If the foreign national submits the application electronically, the visa will be valid for the following 36 months.

Here it's important to note that this application route is only available to those who crossed the state border legally (for example, on a tourist visa or holding a residence permit of another European country).

Pros and cons of the Spanish golden visa

Today, the popularity of Spain's golden visa continues to grow. The program launched in 2013, and over this period more than 13,000 foreign nationals have obtained residency in the country.

Relatively fast acquisition of official status is the main, but not the only, advantage of the golden visa. The investor also gains the ability to:

• secure a fallback option for themselves in case of unforeseen circumstances;
• travel visa-free across the Schengen area countries (the Spanish residence permit allows crossing the borders of these states and staying on their territory for 90 days within each half-year period);
• run a business in Spain (no permits are required for this: the residence permit status gives the foreign national the right to relocate a business project, open branches, and set up a company from scratch);
• study at leading European universities: the investor's children have access to free schooling, and can also apply to European universities on the same terms as Spanish citizens;
• get examined and treated at leading private and public European clinics.

In addition, the investor visa is a direct path to EU citizenship. After 10 years of living in the country, 5 of them under permanent-residence status, a foreign investor can obtain a Spanish passport, which opens the door to more than 190 countries around the world.

Despite its clear advantages, the Spanish residence permit does have a few drawbacks:

• If it's a real estate purchase, note that this country's investment program requires a fairly high investment amount compared to other European states.

For example, obtaining a Portuguese residence permit requires buying residential or commercial property worth at least €280,000, and in Greece - from €250,000. In Cyprus, obtaining permanent-residence status requires buying property worth at least €300,000.

• Taxes in Spain are fairly high. If an investor plans to live there with their family, they need to carefully study the country's tax law, or better yet, consult tax specialists about the taxes they'll be required to pay.
• If the investor and their family plan to live in the country for 10 years and obtain citizenship, they will need to renounce all previous citizenships. Spanish law does not allow holding second citizenship alongside Spanish citizenship.

If you're considering Spain as a country to settle in permanently, it's worth weighing all the pros and cons in advance.