What are my options now that the Golden Visa has been cancelled in Spain? This is a question we’ve heard frequently in recent months, and we’re here to provide a clear and detailed overview. Spain has made significant changes to its Golden Visa program, eliminating the real estate investment route, which previously required a minimum €500,000 investment. The program’s shift aims to reduce speculative buying in the property market and instead focuses on business and capital investments to drive sustainable economic growth. But what does this mean for potential investors or those looking to live in Spain? Keep reading to explore your options.
Spain’s decision to cancel the Golden Visa’s real estate pathway has brought significant changes, but it doesn’t mean residency in Spain is out of reach. Here’s what you need to know:
- No More Real Estate Route: The revised law officially removes the ability to obtain residency through property investment, previously requiring a minimum of €500,000.
- Alternative Residency Options: Other visa types, such as the Non-Lucrative Visa, Entrepreneur Visa and, Digital Nomad Visa, remain available and are worth exploring.
- Current Golden Visa Holders Are Unaffected: If you already hold a Golden Visa, your residency status and renewal process remain unchanged. The transition ensures existing visa holders face no disruptions.
Alternative Residency Options in Spain After the Golden Visa Change
Spain's decision to phase out the Golden Visa’s real estate route may have brought changes, but there are still several viable residency options for foreigners seeking to live and work in Spain. Whether you're planning to retire, start a business, or enjoy the Spanish lifestyle, here are the top residency options available:
1) Non-Lucrative Residence Visa
- This visa allows non-EU citizens to live in Spain without engaging in any professional activities.
- Key Requirements: Applicants must show sufficient financial resources (approx. €2,400 per month or €28,800 annually in 2024, with an additional €600 per month per dependent), private health insurance, and a clean criminal record.
2) Entrepreneur Visa
- Designed for those launching innovative business ventures of economic interest to Spain.
- Key Requirements: A detailed business plan demonstrating the project’s innovation and scalability, plus a favorable report from the Spanish Economic and Commercial Office.
3) Digital Nomad Visa
- Tailored for individuals working remotely for a company or employer based outside of Spain.
- Key Requirements: Proof of employment, including a statement from the employer confirming the applicant’s ability to work remotely in Spain, and proof of at least three months of remote work prior to applying.
4) The Beckham Law (Special Expatriate Tax Regime)
- For foreign workers relocating to Spain, this regime offers significant tax advantages, namely the 24% flat tax rate on employment income up to €600,000, with income exceeding this taxed at 47%.
- Key Requirements: Applicants must not have been residents in Spain during the five years prior, and must have an employment contract or serve as a director with ownership limitations. The regime applies for six years total (the relocation year plus five).
While Spain’s Golden Visa program may no longer be available, there are still several pathways to residency - whether through the Non-Lucrative Visa, the Entrepreneur Visa, the Digital Nomad Visa, or leveraging tax benefits under the Beckham Law. Navigating these options requires the right expertise to ensure your investment aligns with your goals.
At UTRUST, we specialize in providing tailored legal guidance for international investors, helping you understand your residency options and the legal intricacies of purchasing property in Spain.
Contact us today at help@utrust.es to schedule a complimentary consultation and discuss your real estate investment strategy. We’re here to make your transition to Spain seamless, legally secure, and stress-free.