Spain Golden Visa: The Complete Investor's Guide (Minimum €500,000 Investment)
Introduction
The Spanish "Golden Visa" is an investment-based residency program that has attracted thousands of non-European investors since its launch. It offers a fast track to residency in Spain for those who make a significant investment, the most popular being the purchase of real estate valued at €500,000 or more.
This is a topic of utmost importance, as it concerns both a major financial investment and your family's legal status. As experts in luxury real estate and international transactions, we must highlight a crucial point: the future of the real estate-linked Golden Visa is politically uncertain. This guide details the rules currently in force and the unique advantages of this program, while also providing the necessary warnings for a project of this magnitude.
1. What is the Spain Golden Visa?
The Golden Visa (or "Visado de Inversor") is not a tourist visa. It is a special residence permit intended for non-EU/EEA citizens. It was created by Law 14/2013 to attract entrepreneurs and foreign investments to Spain.
In exchange for a qualifying investment, Spain grants the investor and their family members (spouse, minor children, and dependent ascendants/descendants) a residence permit. This permit allows you to live, and crucially, to work legally throughout Spanish territory.
2. Golden Visa Investment Options
The law defines several "entry tickets" for eligibility. Real estate investment is the most common, but not the only one.
Real Estate Investment (the most popular option)
This is the most chosen path. The conditions are strict:
- Amount: The investment must be €500,000 or more.
- Unencumbered: The first €500,000 must be paid without a mortgage or loan. (For example, you can purchase a property for €800,000 with a €300,000 mortgage, as the €500,000 in equity is covered).
- Cumulative: You are not obliged to buy a single property. You can buy two apartments for €250,000 each. The important thing is that the total investment reaches the €500,000 threshold.
The investment must be proven by a Nota Simple from the Property Registry and the public deed of sale (Escritura).
Other Investment Options (Capital and Business)
If you do not wish to invest in property, other (more expensive) options exist:
| Asset Type | Minimum Required Amount |
|---|---|
| Real Estate | €500,000 (unencumbered) |
| Bank Deposits in Spain | €1,000,000 |
| Shares in Spanish Companies | €1,000,000 |
| Spanish Public Debt (Government Bonds) | €2,000,000 |
| Business Project ("Proyecto Empresarial") | No fixed amount (must be of general interest, create jobs, etc.) |
3. The Unique Advantage: Golden Visa vs. Non-Lucrative Visa
Why choose the more expensive Golden Visa rather than a Non-Lucrative Visa (NLV)? The answer lies in two crucial points: the right to work and tax residency.
The NLV is designed for retirees or individuals who do not work, while the GV is designed for active investors.
| Feature | Golden Visa (Investor) | Non-Lucrative Visa (Retired/Passive Income) |
|---|---|---|
| Right to Work in Spain | Yes (immediately, for the investor and family) | No (strictly prohibited in the first year) |
| Minimum Presence Required | None (1 visit per year is sufficient) | 183+ days per year (Mandatory) |
| Tax Implications | You can remain a non-tax resident (if < 183 days) | You become a tax resident (taxable on worldwide income) |
| Renewal | Initial 3 years, then 5 years | Initial 1 year, then 2 years |
The tax advantage is the primary argument: the Golden Visa is the only permit that allows you to live outside Spain while retaining residency, thus avoiding becoming a Spanish tax resident if you do not spend more than 6 months there.
4. Application Process
The procedure is fast (the law provides 20 working days for a response) but requires a perfect application.
Key Steps
- Obtain a NIE: Essential even before the purchase.
- Make the Investment: Purchase the property(ies) and obtain the public deed (Escritura) and the Nota Simple proving the €500k purchase free of encumbrances.
- Gather Documents: Criminal record certificate (apostilled), comprehensive private health insurance in Spain, proof of sufficient funds, passport.
- Submit the Application:
- From your country: You apply for a 1-year "Visado de Inversor" at the Spanish consulate.
- From Spain: If you are already in Spain (e.g., on a tourist visa), you apply directly for the 3-year residence permit with the UGE (Unidad de Grandes Empresas - Large Companies and Strategic Collectives Unit).
- Obtain the TIE: Once the permit is approved, you make an appointment with the police to obtain your TIE (Tarjeta de Identidad de Extranjero), the physical resident card.
Important Warning: The Uncertain Future of the Real Estate Golden Visa
Our duty as experts is to inform you that in April 2024, the Spanish government announced its intention to abolish the Golden Visa linked to real estate investment, deeming it inflationary. As of December 2, 2025, Law 14/2013 is still in force and applications are being processed. However, this political uncertainty makes any project based solely on obtaining this visa very risky. Advanced legal consultation is more necessary than ever before investing.
Official Resource
Applications for investor residence permits (if made from Spain) are managed by a special unit, the UGE. You can consult official information (in Spanish) on the ministry's portal.
Conclusion
As long as it remains in force, the Golden Visa remains the most powerful tool for a non-European investor, offering tax flexibility (by avoiding tax residency) and the right to work that no other visa offers. It is the premier path for those who want a luxury "pied-à-terre" in Europe without being fiscally tied.
However, the €500,000 investment and current political uncertainty make this a significant undertaking. Our experience in assisting an international clientele (HNWI) has allowed us to build a network of tax lawyers and immigration experts essential for securing such a transaction. This is not a project to attempt alone.
FAQ: Spain's Golden Visa for Investors
Investing in Spain to obtain residency. Understanding the opportunities, criteria, and the uncertain future of the real estate Golden Visa.
| Asset Type | Minimum Required Amount |
|---|---|
| Real Estate | €500,000 (net of charges) |
| Bank deposits in Spain | €1,000,000 |
| Shares in Spanish companies | €1,000,000 |
| Spanish Public Debt (Treasury Bonds) | €2,000,000 |
| Business Project | No fixed amount (must be of general interest, create jobs, etc.) |
- A Nota Simple: this is an extract from the Property Registry (Registro de la Propiedad) that certifies your ownership.
- The Escritura: the notarized deed of sale that formalizes the acquisition of the property/properties, specifying that the required €500,000 has been paid without a mortgage.
- Obtaining a NIE: The NIE (Foreigner Identification Number) is essential before any property acquisition.
- Making the investment: Acquiring the property/properties and obtaining the Escritura (deed of sale) and Nota Simple proving the €500,000 purchase without charges.
- Gathering documents: Preparing a complete file including an apostilled criminal record certificate, comprehensive private health insurance in Spain, proof of sufficient funds, and a valid passport.
- Submitting the application:
- From your country: Application for a one-year Visado de Inversor (Investor Visa) at the Spanish consulate.
- From Spain: Direct application for the three-year residence permit at the UGE (Unidad de Grandes Empresas - Large Business and Collectives Unit), if you are already in the country.
- Obtaining the TIE: Once the permit is approved, make an appointment at the police station to obtain your TIE (Tarjeta de Identidad de Extranjero), the physical resident card.
- Ensure the compliance of your investment and your application.
- Guide you through the legal and administrative subtleties.
- Help you navigate the tax implications to optimize your situation.
- Anticipate legislative changes and propose alternatives if necessary.
