Insights · Residency & Investment Spain
Spain Golden Visa Alternatives for Americans: What Replaced It in 2025
Spain closed its property-based Golden Visa in April 2025. For American investors who still want Spanish residency, several legal pathways remain — each with different thresholds, timelines and tax implications.
In April 2025, Spain formally ended its Golden Visa programme for real estate investors. The visa — which had granted residency to non-EU nationals who purchased property worth €500,000 or more — was discontinued following sustained political pressure over its impact on housing affordability in Barcelona, Madrid and coastal markets.
For American investors and high-net-worth individuals who had been considering Spain as a base, the news created confusion. Many assumed that the end of the Golden Visa meant the end of the route to Spanish residency entirely. It does not.
Spain retains several legal pathways to residency for non-EU nationals — including Americans — that remain fully operational. This guide covers the most relevant alternatives, what each requires, and how they compare for investors who still want to own property or establish a base in Spain.
Important
The property-based Golden Visa route is closed as of April 2025. Applications submitted before that date under the old regime are being processed under transitional rules. If you submitted an application before the deadline, contact a specialist lawyer to confirm your status.
Alternative 1
Non-Lucrative Visa (NLV)
The Non-Lucrative Visa is the most commonly used residency route for Americans who want to live in Spain without working locally. It requires proof of sufficient passive income or savings to support yourself without employment in Spain — the threshold is approximately €28,800 per year for an individual, plus €7,200 for each additional family member.
The NLV does not require a minimum property investment. You can rent or own property in Spain — owning is not a condition. The visa is renewable and provides a path to long-term residency and eventually citizenship after 10 years of legal residence.
Key facts
· No minimum investment required
· Income threshold: ~€28,800/year individual
· Cannot work for Spanish employers
· Must reside in Spain more than 183 days/year to renew
· Tax residency implications: triggers Spanish tax residency — critical for Americans with FATCA/FBAR obligations
Alternative 2
Digital Nomad Visa
Introduced in 2023, Spain’s Digital Nomad Visa is designed for remote workers and freelancers who earn income from clients or employers outside Spain. For Americans employed by US companies or running US-based businesses, this is often the most practical route.
The income threshold is set at 200% of Spain’s minimum wage — approximately €2,646 per month as of 2025. Up to 20% of your income can come from Spanish clients. The visa is initially granted for one year and can be renewed for two-year periods.
A significant advantage for Americans: Digital Nomad Visa holders can opt into the Beckham Law (régimen especial de impatriados), which taxes only Spanish-source income at a flat 24% rate for up to five years — rather than becoming fully tax resident on worldwide income. Given US citizens’ obligations under FATCA and FBAR, this tax treatment requires careful cross-border planning.
Key facts
· No minimum property investment
· Income threshold: ~€2,646/month
· Must work remotely for non-Spanish clients/employers
· Beckham Law available: flat 24% on Spanish income only
· Particularly suitable for US entrepreneurs and remote employees
Alternative 3
Investor Visa — Non-Property Routes
The Golden Visa programme was not abolished entirely — only the real estate investment route was closed. The remaining investor visa routes are still operational and allow non-EU nationals to obtain Spanish residency through qualifying financial investments.
These include investment of €1,000,000 or more in Spanish company shares or bank deposits, investment of €2,000,000 or more in Spanish public debt, or a business project deemed to be of general interest to Spain. The residency rights granted are equivalent to those under the old property route — without the property-ownership requirement.
Key facts
· €1M minimum in shares or bank deposits
· €2M minimum in Spanish public debt
· Business investment route available (no fixed minimum)
· No minimum stay requirement to maintain residency
· Property ownership is separate from residency — you can still buy
Alternative 4
Buying Property Without Residency
It is important to clarify a point that creates confusion: the end of the Golden Visa does not affect your right to purchase property in Spain. Non-EU nationals — including Americans — have always been able to buy property in Spain without any investment visa or residency permit. The Golden Visa was a residency benefit attached to property investment, not a requirement for the purchase itself.
If your goal is to own a holiday home, a rental investment, or a future retirement property in Spain — without necessarily relocating — the Golden Visa’s closure changes nothing for you. You can still buy, own, rent out and sell Spanish property as a non-resident, subject to the standard tax obligations that apply to foreign property owners. See our full guide on property tax in Spain for foreigners for a breakdown of what applies.
Quick Comparison
Which route suits your situation?
Route
Best for
Non-Lucrative Visa
Retirees, passive income holders, those relocating full-time
Digital Nomad Visa
Remote workers, freelancers, US entrepreneurs working for non-Spanish clients
Investor Visa (non-property)
High-net-worth investors with €1M+ available for financial instruments
Property purchase (no residency)
Holiday home buyers, rental investors, those not relocating
A Note for US Citizens Specifically
The tax dimension matters more for Americans than for most nationalities
US citizens are taxed on worldwide income regardless of where they live. Moving to Spain — even on a Non-Lucrative Visa — triggers Spanish tax residency if you spend more than 183 days per year in the country, which creates a dual-filing obligation under both Spanish and US tax law.
The US-Spain Tax Treaty provides some relief, but does not eliminate the complexity. FATCA reporting, FBAR obligations for Spanish bank accounts, and the interaction between Spanish Wealth Tax and US estate planning all require specialist advice before any residency decision is made.
This is not a reason to avoid Spain — it is a reason to plan carefully before you commit. At Paton & Mayr, we work with US tax advisors to ensure our American clients understand the full picture before making any structural decisions.
Paton & Mayr · Boutique Real Estate Law
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