Spain Golden Visa: Everything You Need to Know

If you’ve been dreaming about moving abroad and Golden Visa Spain is hovering somewhere on your browser tabs, there’s something important you should know: the landscape has shifted a bit. 

The Spanish Golden Visa, which a lot of UK residents were looking at as a smart way to get a foothold in the EU, has been officially axed as of the 3rd of April 2025. 

So, yes – the days when you could simply make a minimum investment in Spanish real estate or deposits in a Spanish bank account and walk into a Spanish residence permit are, in effect, over. 

Now what? If you’re planning your move, it’s time to recalibrate your expectations and pathways, because it’s certainly still possible!

What Was the Spanish Golden Visa, and Why Did It Matter?

Back in 2013, the Spanish Government launched the program as part of a push to attract foreign capital. The idea was pretty simple: non‑EU nationals could obtain a Spanish residence permit by making a qualifying investment. 

Common routes here included: 

• Buying Spanish real estate worth at least €500,000
• Investing in Spanish public debt securities
• Placing funds in a Spanish bank account via deposits of around €1 million.

For UK residents, especially post‑Brexit, when the Schengen 90/180-day limit became a reality, the Spain Golden Visa offered us a way to stay longer and bring family. So it wasn’t just about property; it was about lifestyle and mobility. 

But it always came with strings – everything from health insurance and proof of funds to compliance with investment rules tied to Spanish financial institutions and the Spanish government framework.

Why Did Spain Decide to End It?

The decision didn’t come out of the blue. Spain’s housing market was under pressure – rapidly rising rents and limited stock in key cities like Madrid and Barcelona. There were also concerns that investment‑only buying was driving local residents out. The Spanish government expressed that housing should be a right, not a speculative tool. 

Legally, the move was cemented via Organic Law 1/2025, published on 2 January 2025, since that eliminated the program and came into effect three months later on the 3rd of April. 

From that date, new applications under the golden visa program could no longer be submitted. 

What Happens If You’d Already Applied or Invested?

Fortunately, there is some good news if you’re already in motion: applications submitted before the 3rd of April 2025 will still be processed under the old rules! Existing golden visa holders retain their rights. 

So, if you got your application in on time, you’re not thrown out of the window. But for anyone now thinking of applying freshly under the old model, that door is shut.

What Does This Change Mean for UK Residents Wanting to Move?

If you’re a UK resident planning that move, here are some takeaways:

• The well‑known route of buying a property worth €500,000 and getting residency is gone. That real estate investment bridge has been pulled away.

• While some investment routes (like shares or venture capital funds) were under review, the law effectively cut off the mechanism of obtaining a residency permit purely via investment. 

• You’ll now need to explore other types of visas or residence permits in Spain. These might include non‑lucrative visas (for retirees or those with independent income) or work‑based residence routes. The Spanish financial institutions’ involvement still exists in opening accounts or handling documentation, but the Spanish golden visa program, in its investment form, is done.

• If you’d already invested or were about to but missed the deadline, you may need to reconfigure your plans. It’s less about investing and sitting back, and more about ongoing income and compliance with Spanish tax and residency rules.

• Keep an eye on your tax status. Moving abroad changes things. If you’re in Spain more than 183 days, you become a tax resident and have to use your Spanish bank account as a reporting vehicle. None of that changes just because the golden visa is gone.

Are There Still Any Investment-Based Options Left?

Short answer: not really in the same form. Some industry commentary suggests that while the golden visa program is officially terminated, Spain is probably still going to explore some targeted strategic investment routes in the future, for job creation or sectors of national interest. 

But as of now, for general property or deposit‑based applications, the programme is off the table.

How Should You Plan Your Move Now?

Since the golden visa was obviously a big draw for many UK residents shifting to Spain, you’ll want to rethink your steps:

1. Define Your Goals: Are you planning to retire or live full‑time in Spain? Your visa route will depend heavily on this.

2. Check Alternative Permit Types: Spain still offers residence permits via employment and non‑lucrative routes (for those with sufficient independent income). Again, a Spanish residence permit is still obtainable, just not via the golden visa model.

3. Sort Your Finances: Even without the golden visa, having a Spanish bank account, proof of income, health insurance, and clean records is crucial. These are fundamental to pretty much any cross‑border move.

4. Act Sooner Rather Than Later: Because rules evolve and Spain is changing its approach, the sooner you get advice and submit any necessary applications, the less you’ll risk surprises.

5. Seek Professional Help: Especially since you’re dealing with investments and cross‑border issues, working with a Spanish‑based lawyer or financial adviser makes a lot of sense. Our team at Upscore can massively help you out here with our connections to local experts in Spain!

Still Worth It to Consider Spain?

Absolutely! Spain is still a fantastic place to live or work for UK citizens. The Golden Visa being eliminated just changes the process; it doesn’t shut the door entirely. If you’re willing to do the following, most visas are still a viable path:

• Comply with residency rules
• Spend time in Spain
• Open a Spanish bank account
• Show a legitimate purpose

What’s changed is the easy investment shortcut. You’ve got to engage more deeply with how and why you’re moving, rather than relying on a neat investment‑for‑residency model.

Final Thoughts

In short, if you were leaning on the Spanish Golden Visa as your key to European residency, you’ll need to pivot. For UK residents, all this means is exploring alternative pathways and working through the traditional residency and tax rules more thoroughly rather than relying purely on a sizable investment.

How Upscore Can Help

If you’re planning that move and want to make things smoother – especially with showing your international financial track record – it’s worth checking out Upscore’s Finance Passport! It can help you present credible proof of your finances, which is increasingly important when dealing with Spanish financial institutions or immigration authorities

Sign Up for Upscore’s Finance Passport Today!