The Abolition of the Investor Visa in Spain and Its Implications

For more than ten years, the investor visa—known as the Golden Visa—has been one of Spain’s main tools for attracting foreign capital and facilitating residence for non‑EU nationals through investments considered strategic. This mechanism, regulated by Law 14/2013 on support for entrepreneurs and their internationalization, made it possible to link investment, international mobility, and economic activity in a context of openness and global competitiveness.

However, the economic, social, and regulatory landscape has evolved significantly since its introduction. The housing access crisis, the need to strengthen financial transparency, and alignment with recommendations from European institutions have reopened the debate on these types of programmes across several EU countries. In this context, Spain has decided to end the specific residence scheme for investors.

Organic Law 1/2025, of 2 January, on measures to improve the efficiency of the Public Justice Service, formally abolishes the investor visa by removing the content of Articles 63 to 67 of Law 14/2013. This decision represents a major change in Spanish migration policy and raises new questions for those considering this residence route, as well as for those who already hold a valid authorization.

In this post, we explain clearly and practically what the elimination of the investor visa means, how it affects applications submitted before the change, what happens to authorizations already granted, and what alternatives are now available. This analysis is designed to help investors, entrepreneurs, and ecosystem stakeholders understand the new legal framework and make informed decisions in this new context.

The Legal Framework: What the Golden Visa Was and Why It Is Being Abolished

The investor visa was regulated for more than a decade in Articles 63 to 67 of Law 14/2013. It allowed non‑EU nationals to obtain residence in Spain in exchange for making investments considered significant, including:

• Purchasing real estate worth at least 500,000 euros.
• Investing in business projects of general interest.
• Investing in public debt or high‑value financial assets.

Institutional analyses highlighted its impact on pressure in the housing market, especially in major cities, as well as the limited connection between these types of investments and the productive economy. At the same time, the European Commission recommended reviewing these programmes for reasons of transparency and alignment with long‑term economic and social objectives.

As a result, Organic Law 1/2025 eliminates the investor visa regime and aligns Spain with countries such as Portugal, Ireland, and the Netherlands, which had already removed similar mechanisms. The message is clear: real economic impact is prioritised over purely asset‑based investment.

Impact on the Entrepreneurial Ecosystem and Investor Community

Uno de los aspectos clave de la reforma es la seguridad jurídica. La norma incorpora disposiciones transitorias que aclaran cómo se gestionan las situaciones ya iniciadas, distinguiendo tres escenarios:

• Solicitudes presentadas antes del 3 de abril de 2025: continúan su tramitación conforme a la normativa vigente en la fecha de presentación, garantizando que las personas solicitantes mantengan sus derechos.
• Autorizaciones ya concedidas: conservan su validez hasta la fecha de caducidad indicada en la resolución inicial. Además, las renovaciones se resolverán conforme a la normativa aplicable en el momento de la concesión, garantizando continuidad.
• Nuevas solicitudes posteriores al 3 de abril de 2025: ya no pueden acogerse al régimen de inversores y deben encuadrarse en el régimen general de extranjería.

Este enfoque permite una transición ordenada y evita impactos retroactivos sobre quienes ya formaban parte del ecosistema inversor en España.

Impacto para el ecosistema emprendedor y los agentes inversores

The disappearance of the Golden Visa does not represent a closure to foreign investment. On the contrary, it redirects the model toward investments more closely linked to productive activity, innovation, and value creation.

For the entrepreneurial ecosystem, this change strengthens the connection between startups, innovative companies, and investors who support projects capable of generating employment, technology, and territorial impact. The focus shifts: real estate investment gives way to genuine business initiatives.

For investors, the new context implies greater alignment with business projects and a more active approach to value creation. Spain remains an attractive investment destination, but now under a framework that requires a more direct link to the real economy.

What Alternatives Exist for Living and Doing Business in Spain

The abolition of the investor visa does not eliminate the possibility of residing in Spain or developing business projects. Among the main alternatives currently available are the highly qualified professional visa and the entrepreneur visa.

Each of these options responds to different situations and profiles, with specific requirements regarding documentation, timelines, and access conditions. For this reason, analysing the alignment between the project, the personal profile, and the administrative route is essential for proper planning of the residence and entrepreneurship process.

Through the ONE Platform, it is possible to consult the details of each procedure, access updated information, and better understand which authorization best fits each specific case, facilitating informed decision‑making aligned with the current legal framework.