Since Spain ended new Golden Visa investor residence applications as of 3 April 2025; existing holders can keep and renew their permits under the previous rules, the Non-Lucrative Visa has become the primary residency route for non-EU citizens with wealth or passive income. But they were always very different visas — here’s how they compare and what the Golden Visa’s end means for your options in 2026.
Side-by-Side Comparison
| Feature | Non-Lucrative Visa (NLV) | Golden Visa (Abolished April 2025) |
|---|---|---|
| Status in 2026 | Active and available | No longer available for new applicants |
| Purpose | Live in Spain without working | Residency through real estate investment |
| Financial requirement | €28,800/year passive income or savings | €500,000+ property investment (real-estate route abolished 3 April 2025; other routes — €1M bank deposit, €2M Spanish bonds, €1M fund shares, €1M business investment — technically remain but mostly serve existing holders) |
| Can you work in Spain? | No | Yes |
| Residency requirement | Must live in Spain most of the year | No minimum stay required |
| Initial duration | 1 year | 1-year visa then 3-year residence permit (historic Golden Visa) |
| Renewal | 2-year periods | 5-year periods |
| Path to citizenship | 10 years | 10 years |
| Apply from | Home country consulate only | Within Spain or from abroad |
| Tax implications | Spanish tax resident (worldwide income) | Could avoid tax residency with minimal stays |
| Family included | Yes (with additional income proof per person) | Yes (spouse, children, parents) |
| Best for | Retirees, people with passive income who want to live in Spain | Investors who wanted EU residency without relocating |
Why Was the Golden Visa Abolished?
Spain officially ended its Golden Visa program in April 2025, following a broader European trend. The primary reason was housing affordability — the Spanish government argued that foreign real estate investment was driving up property prices in cities like Barcelona, Madrid, and Málaga, making housing unaffordable for local residents.
Spain was not alone in this decision. Portugal ended its Golden Visa for real estate in 2023, Ireland ended its program in 2023, and Greece significantly increased its minimum investment threshold. The EU had also been pressuring member states to phase out “golden passport” and “golden visa” schemes due to security and transparency concerns.
What Happens to Existing Golden Visa Holders?
If you already held a Golden Visa before April 2025, your status is protected:
- Existing holders can renew — Your Golden Visa remains valid and renewable under the original terms
- Applications submitted before the cutoff were processed normally
- No new applications are accepted as of April 2025
- The path to permanent residency and citizenship remains unchanged for existing holders
The NLV Is Now the Best Alternative
With the Golden Visa gone, the Non-Lucrative Visa is now the most straightforward path to Spanish residency for non-EU citizens who don’t have a job offer in Spain. Here’s why it works as a replacement for many former Golden Visa candidates:
- Much lower financial bar — €28,800/year in passive income vs. €500,000 in real estate. You don’t need to buy property.
- Same end goal — Both visas lead to permanent residency after 5 years and citizenship after 10 years
- Flexible income sources — Pensions, investments, rental income, savings — many income types that Golden Visa applicants already have
- You can still buy property — The NLV doesn’t prevent you from purchasing Spanish real estate. You just can’t use the purchase to obtain residency.
Key Differences to Be Aware Of
The NLV is not a perfect Golden Visa replacement. There are important differences:
- You must actually live in Spain — The Golden Visa had no minimum residency requirement. The NLV requires you to spend the majority of the year in Spain. If you just want a “backup residency” without relocating, the NLV won’t work.
- You cannot work — The Golden Visa allowed full work rights in Spain. The NLV prohibits all employment. If you need to work, consider the Digital Nomad Visa instead.
- You become a Spanish tax resident — Since you must live in Spain 183+ days per year, you’ll owe Spanish tax on worldwide income. The Golden Visa allowed you to avoid Spanish tax residency by spending less than 183 days in Spain.
- Shorter initial visa — 1 year vs. 2 years for the Golden Visa, with 2-year renewals vs. 5-year renewals.
- Must apply from your home country — You must apply at the Spanish consulate with jurisdiction over your residence. The Golden Visa could be applied for within Spain.
Other Alternatives to the Golden Visa
Depending on your situation, other visa types may also be relevant:
- Digital Nomad Visa — If you work remotely for a non-Spanish company. Allows work, offers Beckham Law tax benefits.
- Entrepreneur Visa — If you plan to start a business in Spain. Requires a viable business plan approved by a Spanish government office.
- Intra-company Transfer Visa — If your employer has a Spanish office and wants to transfer you there.
- Student Visa — If you want to study in Spain. Can be converted to a work permit after studies.
For most people with passive income or savings who simply want to live in Spain, the NLV remains the best and most straightforward option. See our complete requirements guide to get started.
Need Help Navigating Your Options?
If you were considering a Golden Visa and now need to find the right alternative, our vetted immigration lawyers can review your specific situation and recommend the best visa route. They handle NLV, Digital Nomad Visa, and entrepreneur visa applications for the Spainguru community.
Disclaimer: The information on this page is for general guidance only and does not constitute legal, tax, or immigration advice. Immigration rules, consulate requirements, and financial thresholds can change without notice. Always verify current requirements with your specific Spanish consulate and consult a qualified immigration lawyer or tax advisor before making decisions based on this content. We make every effort to keep this information accurate and up to date, but we cannot guarantee its completeness or accuracy at any given time.