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Everything you need to know before buying real estate is included in our Spain Property Pack
Spain offers one of Europe's most accessible property markets for foreign buyers, but the path to residency through real estate investment has recently changed.
As of April 2025, Spain discontinued its Golden Visa program that previously allowed residency through €500,000 property investments. However, foreigners can still buy property freely and explore alternative residency routes through business investments or other legal pathways. The Spanish property market remains attractive for investment and lifestyle purposes, with clear legal frameworks for non-resident ownership.
If you want to go deeper, you can check our pack of documents related to the real estate market in Spain, based on reliable facts and data, not opinions or rumors.
Foreign nationals can purchase Spanish property without residency restrictions, requiring only an NIE number and following standard legal procedures.
Spain's Golden Visa program ended in April 2025, but business investment routes to residency remain available for qualifying projects.
| Investment Type | Minimum Amount | Current Status (2025) |
|---|---|---|
| Real Estate Investment | €500,000 | Discontinued (April 2025) |
| Business Project | No fixed minimum | Available |
| Bank Deposits/Shares | €1,000,000 | Discontinued (April 2025) |
| Government Bonds | €2,000,000 | Discontinued (April 2025) |
| Property Purchase (No Residency) | No minimum | Available |
What are the different ways to buy property in Spain as a foreigner?
Foreign nationals can purchase property in Spain without any residency restrictions or nationality limitations.
The purchase process requires obtaining an NIE (Foreigner Identification Number) as the first mandatory step. You must present your passport and proof of property purchase intent at a Spanish consulate or police station in Spain. The NIE application typically takes 1-4 weeks to process and costs approximately €10.
Property acquisition follows a structured seven-step process: property search and negotiation (where prices can typically be reduced 5-10% below asking price), reservation contract with a €3,000-€6,000 deposit, comprehensive due diligence conducted by a Spanish lawyer, private contract signing with a 10% deposit, notary signing for the public deed, and final registration at the Land Registry which takes 2-3 months to complete.
Non-resident buyers can secure Spanish mortgages covering 60-70% of the property value, though this percentage is lower than what Spanish residents can obtain. Banks typically require proof of income, employment verification, and a clean credit history from your home country.
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Is there a real estate investment route that leads to residency in Spain?
As of April 3, 2025, Spain officially discontinued its Golden Visa program, which previously allowed residency through real estate investment.
The former Golden Visa program required a minimum €500,000 investment in Spanish residential or commercial property, free of liens and encumbrances. This investment had to be maintained throughout the residency period and could include multiple properties totaling the minimum threshold.
Properties purchased before April 2025 under the Golden Visa program continue to maintain their residency benefits, and renewal applications submitted before the closure date are still being processed. However, new applications for real estate-based residency are no longer accepted.
Alternative residency routes now focus exclusively on business investments and entrepreneurial projects that demonstrate job creation potential or significant socio-economic impact. These routes require detailed business plans and proof of project viability rather than simple property ownership.
How does Spain's Golden Visa program work and who is eligible for it?
Spain's Golden Visa program officially closed on April 3, 2025, but understanding its previous framework helps explain current residency alternatives.
The program previously offered residency to non-EU citizens aged 18 and above who made qualifying investments and maintained clean criminal records from their home countries and any country where they had resided for more than one year. Applicants needed comprehensive medical insurance covering their stay in Spain and proof of sufficient funds to support themselves and their families.
Investment options included €500,000 in real estate, €1 million in Spanish company shares or bank deposits, €2 million in Spanish government bonds, or business projects creating employment or driving innovation. Each investment category had specific documentation requirements and maintenance obligations.
The application process required submission at Spanish consulates or within Spain, with processing times typically spanning several months. Successful applicants received initial permits valid for 1-3 years, renewable indefinitely while maintaining the qualifying investment.
What is the minimum investment threshold for real estate to qualify for the Golden Visa?
The Golden Visa program required a minimum real estate investment of €500,000 for properties free of liens and encumbrances.
This investment could be structured across multiple properties, provided the combined value exceeded €500,000. Commercial real estate, residential properties, and land purchases all qualified, but the investment had to represent genuine ownership rather than leasing arrangements.
Properties financed through mortgages only counted toward the investment threshold for the portion actually paid by the investor. For example, purchasing a €700,000 property with a €300,000 mortgage would only count as a €400,000 investment, falling short of the required threshold.
Since the program's closure in April 2025, these thresholds no longer apply to new applicants, though existing Golden Visa holders must maintain their original investment levels to preserve their residency status.
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Can I include my spouse and children in the Golden Visa or residency application?
Former Golden Visa holders could include immediate family members in their residency applications with matching rights and privileges.
Eligible family members included spouses or legally recognized partners (including unmarried and same-sex partnerships), dependent children under 18 years old, financially dependent adult children over 18, and financially dependent parents of either spouse. Each family member received residency permits with identical validity periods and renewal conditions.
Family members gained full rights to work, study, and access healthcare and education in Spain. Children could enroll in Spanish public schools, while adults could pursue employment or establish businesses without additional permits.
Current business investment routes to residency maintain similar family inclusion policies, though each case requires individual assessment based on the specific investment project and its economic impact.
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What is the duration of the residence permit under the Golden Visa program and can it be renewed?
Golden Visa residence permits were initially issued for periods ranging from 1 to 3 years, depending on the investment type and application circumstances.
Renewal was possible indefinitely, provided the original investment was maintained and the holder had no criminal convictions in Spain or their home country. Renewal applications required proof of continued investment, updated criminal background checks, and valid medical insurance.
Permit holders were not required to spend a minimum amount of time in Spain to maintain their residency status, making it particularly attractive for investors seeking EU access without relocation obligations. However, progression to permanent residency or citizenship required actual residence in Spain for specified periods.
Existing Golden Visa holders can continue renewing their permits under the original program rules, while new applicants must explore alternative residency pathways through business investment or other legal routes.
Is there a path to permanent residency or Spanish citizenship through investment?
Permanent residency in Spain is available after 5 years of continuous legal residence, regardless of the original residency route.
Golden Visa holders and other legal residents can apply for permanent residency after maintaining legal status for 5 consecutive years. This requires proof of residence, clean criminal records, basic Spanish language proficiency, and integration into Spanish society.
Spanish citizenship typically requires 10 years of legal residence, though citizens of Ibero-American countries (including most Latin American nations), Andorra, the Philippines, Equatorial Guinea, Portugal, and Sephardic Jews can apply after just 2 years. The citizenship process includes comprehensive Spanish language and cultural knowledge exams.
Current business investment residency routes follow identical permanent residency and citizenship timelines, provided the investment project remains active and the resident maintains their legal status throughout the required period.
What are the steps and timeline to go from temporary residency to permanent residency and eventually citizenship?
| Stage | Required Time | Key Requirements |
|---|---|---|
| Initial Residency | 1-3 years | Maintain investment, clean record |
| Residency Renewal | Ongoing | Continue investment, updated documents |
| Permanent Residency | After 5 years | Continuous residence, language skills |
| Citizenship Application | After 10 years (2 for qualifying countries) | Advanced Spanish, cultural knowledge |
| Citizenship Processing | 12-24 months | Background checks, oath ceremony |
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Are there business investment routes to Spanish residency, and what are the specific requirements?
Business investment remains the primary route to Spanish residency following the Golden Visa program's closure.
Qualifying business projects must demonstrate job creation potential, innovation, or significant socio-economic impact in Spain. There is no fixed minimum investment amount, but projects undergo rigorous assessment by Spanish authorities to verify their genuine business purpose and economic viability.
Eligible business activities include establishing new companies, acquiring existing businesses, investing in Spanish startups, creating employment for Spanish nationals, or developing innovative projects in technology, renewable energy, or other strategic sectors. Each application requires detailed business plans, financial projections, and proof of management experience.
The entrepreneur visa category specifically targets business founders and senior executives who plan to establish or manage companies in Spain. This route requires proof of sufficient funds to support the business and family members during the initial establishment period.
Professional qualifications, business experience, and the project's potential impact on the Spanish economy are key evaluation criteria. Applications typically take 3-6 months to process, depending on the complexity of the proposed business venture.
What is the application process like for property-based or investment-based residency?
Current residency applications focus exclusively on business investment projects following established procedures.
The process begins with eligibility verification, requiring passport documentation, clean criminal background checks from all countries of residence, proof of sufficient funds, comprehensive medical insurance, and detailed business project documentation. All foreign documents require apostille certification and official Spanish translation.
Applications can be submitted at Spanish consulates worldwide or within Spain if the applicant holds a valid visa. Family members must submit separate applications, though they can be processed simultaneously with the main applicant.
Processing times vary from 3-6 months for straightforward business projects to longer periods for complex investment proposals requiring additional documentation or expert evaluation. Successful applicants receive residence permits valid for initial periods of 1-3 years, renewable based on project performance and compliance.
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What are the key legal and financial steps involved in buying property in Spain as a non-resident?
Property purchase requires systematic completion of legal and financial procedures to ensure clean title transfer and regulatory compliance.
Financial preparation includes securing NIE documentation, establishing Spanish bank accounts, arranging currency transfers, and obtaining mortgage pre-approval if financing is required. Non-resident buyers should budget an additional 10-13% above the purchase price for taxes, notary fees, registry costs, and legal expenses.
Legal due diligence involves comprehensive property verification by qualified Spanish lawyers, including title deed review, debt and lien searches, building permit verification, community fee status checks, and tax obligation confirmations. This process typically takes 1-2 weeks and costs €1,000-€2,500 depending on property complexity.
Tax obligations include transfer tax (6-10% depending on region) for resale properties or VAT plus stamp duty for new constructions. Annual ongoing costs include non-resident income tax, property tax (IBI), and community fees for apartment buildings or gated developments.
Registration at the Land Registry occurs 2-3 months after purchase completion and provides full legal ownership protection. Buyers should maintain comprehensive insurance coverage and comply with annual tax filing requirements even if the property remains vacant.
What have been the experiences—positive or negative—of people who've successfully obtained Spanish residency through property or business investment?
Former Golden Visa holders generally reported positive experiences with visa-free Schengen area travel, healthcare access, and educational opportunities for children.
Successful applicants highlighted the program's flexibility in not requiring minimum residence periods, allowing investors to maintain their primary residence elsewhere while gaining EU access. Many appreciated the quality of Spanish healthcare, education systems, and lifestyle benefits available to residents.
Common challenges included higher-than-expected additional costs beyond the minimum investment threshold, with many buyers reporting total expenses 15-20% above initial budgets due to taxes, legal fees, and ongoing maintenance costs. Complex documentation requirements, particularly proof of funds origin, caused delays for many applicants.
Business investment applicants report mixed experiences, with successful projects requiring substantial time investment in Spain for hands-on management. Language barriers and bureaucratic procedures remain significant challenges for many foreign investors, emphasizing the importance of qualified local legal and tax advisory support.
Real estate investors frequently recommend conducting extensive market research, visiting multiple properties, and maintaining realistic expectations about rental yields and capital appreciation potential in specific Spanish markets.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Spain's property market remains attractive for foreign investors despite the Golden Visa program's closure, with clear legal frameworks supporting non-resident ownership and alternative residency pathways through business investment.
As we reach mid-2025, successful property investment in Spain requires comprehensive market research, qualified legal support, and realistic expectations about costs, returns, and residency options in the current regulatory environment.
Sources
- Balcells Group - Legal Steps to Buy Property in Spain
- InvestRopa - Spain Real Estate for Foreigners
- Marfour Law - Buying Property in Spain
- Global Residence Index - Spain Investor Residency
- Global Citizen Solutions - Spain Golden Visa
- Immigrant Invest - Spain Golden Visa
- Henley Global - Spain Residence by Investment
- My Spanish Residency - Buying House in Spain