Spanish Golden Visa via Mallorca Property — What Changed in 2025

On 3 April 2025, Spain formally ended its Golden Visa investor residency program. For more than a decade, the program had been one of the principal residency paths used by non-EU HNW buyers acquiring Spanish property at €500,000 or above. Its closure is the most significant change to the foreign-buyer landscape in Spain in a generation.

This piece covers what changed, what it means for investors who were planning to buy with residency in mind, and what the remaining residency-by-investment paths in Spain look like.

What the Golden Visa was

Introduced in 2013, Spain's Golden Visa offered residency to non-EU investors who acquired Spanish property of at least €500,000 free of mortgage. The visa was renewable, did not require physical residency in Spain, and offered Schengen mobility. It was used heavily by Chinese, Russian, Latin American, and Middle Eastern HNW buyers, and was an active driver of demand at the upper end of the Spanish coastal property markets — including Mallorca.

What changed in April 2025

Spain's Organic Law 1/2025 formally ended the property-based Golden Visa, effective 3 April 2025. New applications closed; existing holders retain their status and may renew under transition rules.

The closure was motivated by Spanish housing affordability concerns and broader EU discussions about investor-residency programs. It is not expected to be reversed in the short term.

Implications for foreign Mallorca buyers

For investors whose primary motivation was residency, the closure removes the most direct path. For investors whose primary motivation was the asset itself — architecturally distinctive Mallorca property — the closure changes very little. The acquisition mechanics, taxes, and structures remain the same.

There is also a secondary effect on the market. A portion of the marginal demand at the €1M to €5M tier had been residency-motivated. That demand has now thinned. For value-add investors, this is more opportunity than risk — competition for off-market inventory has eased.

Remaining residency paths

Several alternative residency paths remain available to non-EU investors interested in Spain:

• Non-Lucrative Visa — for investors with sufficient passive income, requiring physical residency. Suits retirees and passive-income HNW.
• Digital Nomad Visa — for remote workers and entrepreneurs, with attractive tax treatment under the Beckham Law for new arrivals.
• Entrepreneur Visa — for investors building businesses in Spain.
• Family reunification — for investors with EU family connections.

Frequently asked questions