Could Spain’s Golden Visa Make a Comeback?
Spain’s investment migration landscape may be on the verge of a dramatic turnaround. After officially terminating the Spain Golden Visa program in April 2025, political winds appear to be shifting, with growing calls for the scheme’s revival.
The original program allowed foreign investors to secure Spanish residency — and indirect access to Europe — through property and financial investments. As elections approach, experts and global investors alike are watching closely to see whether Spain’s new government will bring back this once highly popular pathway to residency.
Golden Visa’s Rise, Fall and Possible Resurrection
Introduced in 2013, Spain’s Golden Visa program was designed to inject foreign capital into the economy at a crucial time. Non-EU investors could secure residency by:
•Investing €500,000 or more in real estate,
•Purchasing €1 million in company shares,
•Acquiring €2 million in government bonds, or
•Depositing €1 million in a Spanish bank.
Over the years, the program became a magnet for global investors seeking EU access. However, in 2025, the current left-wing government abruptly shut it down, citing concerns over housing market pressures and inequality.
But with elections on the horizon, the opposition is signaling that Spain’s Golden Visa could soon return, this time potentially in a more regulated form.
Political Support Builds for Golden Visa Reinstatement
Spain’s opposition leader, Alberto Núñez Feijóo of the Popular Party, criticized the closure of the Golden Visa, calling it a misguided policy. He argued that ending the program did little to solve housing issues while harming Spain’s competitiveness as an investment destination.
Now, the Popular Party and other pro-investment voices are strongly hinting that, should they gain power, the Golden Visa will be reinstated — possibly with reforms to ensure it balances investment benefits with local concerns.
This growing political support is creating renewed optimism among global investors and migration advisors.
Investor and Legal Community Eagerly Await Program’s Return
Following the termination, many international investors were left disappointed — especially those who had initiated property purchases but were unable to finalize their residency applications in time.
According to investment migration expert Yusuf Boz, demand for Spain’s Golden Visa remains incredibly strong:
“The sudden termination of Spain’s Golden Visa left a gap not just in the market, but in the strategic plans of many global investors. For years, it offered unmatched flexibility, including residency without tax residency obligations. If revived, the program would once again position Spain at the forefront of global investment migration.”
Boz added that the likely return of the Golden Visa reflects Spain’s need to remain competitive in attracting international capital while safeguarding national interests.
Alternatives Fail to Match Golden Visa’s Appeal
In the program’s absence, foreign investors have turned to alternatives such as the Non-Lucrative Visa (NLV) and the Digital Nomad Visa (DNV). However, neither of these visas offers the same flexibility or benefits.
•NLV prohibits professional activity and requires proof of substantial passive income.
•DNV targets remote workers but demands tax residency in Spain.
These limitations mean that, for many, a reinstated Golden Visa remains the preferred pathway.
What’s Next for Spain’s Investment Migration Landscape?
Whether or not the Golden Visa returns depends heavily on Spain’s upcoming general elections. Should the opposition take power, experts believe the revival of the investor residency program will be a priority.
However, this time, the scheme may return with new regulations and controls aimed at preventing misuse while still offering foreign investors a premium pathway to Spanish and EU residency.
For now, investors, developers, and immigration professionals are watching closely, preparing for what could be a major resurgence of the Spain Golden Visa program.
