Spain Golden Visa 2026 — What Has Actually Changed for Foreign Property Buyers

Spain's Golden Visa — the residency-by-investment program that for over a decade granted residency to non-EU buyers investing €500,000+ in Spanish property — was ended for new property-based applications by legislation passed in 2024 (Ley Orgánica 1/2025 on judicial efficiency, which incorporated the closure as a transitional provision). The change took effect in April 2025. For foreign buyers evaluating Spanish property in 2026, this is the most important regulatory shift in a decade — but its market impact has been narrower than the headlines suggested.

What ended, exactly

The €500,000 property-investment route for non-EU nationals seeking Spanish residency was discontinued. New applications submitted after the effective date are not accepted on the property-investment basis. Existing Golden Visa holders are not retroactively affected — their permits and family members' derivative permits continue to be processed and renewed under the legacy regime.

Alternative residency routes that remain

What it does not change

EU and EEA citizens can continue to buy property in Spain with no residency implications either way — the right of free movement is unaffected. Non-EU citizens can still buy property freely; only the visa-linked aspect ended, not the right to purchase. Mallorca-specific purchase friction (the AJD, ITP, Beckham Law eligibility, the Balearic non-resident tax position) is unchanged.

Market impact on Mallorca — narrower than expected

The Golden Visa was always a more important narrative in Madrid and Barcelona than in the Mallorca luxury segment. The €500,000 threshold was below the meaningful Mallorca trophy entry point; most Mallorca buyers were already deploying €2M to €15M, and most were either EU citizens (Germans, French, Belgians, Scandinavians) for whom the Golden Visa was irrelevant or non-EU buyers (Swiss, British post-Brexit, Americans) for whom residency was a secondary consideration. Mallorca transaction volumes in 2025 softened modestly from the 2022–2023 peak but the post-Golden-Visa-end attribution is small.