Legal alternatives of the Golden Visa
Informative notes from ECIJA´s Immigration Department.
To begin with, on 19 November 2024, Royal Decree 1155/2024 was published, entering into force on 20 May 2025.
Shortly, thereafter, on 3 January 2025, the Organic Law 1/2025 was published, which, among other things, set the date, as 3 April 2025, for the abolition of all cases of residency by investment regulated in Law 14/2013 on the support of entrepreneurs and their internationalization.
Without prejudice to the fact that the new regulations affect different profiles of citizens, this note will focus on those citizens with sufficient economic solvency who could choose between non-lucrative residencies and investment residencies.
(I) What are the Changes and When are they taking place?
- Golden Visa:
Through this mechanism, any individual who invested specific amounts in the acquisition of one or more properties, investment funds, or bank deposits could (and can until the elimination comes into force) obtain a work and residence permit valid for three years in Spain.
Furthermore, this residence did not require the holder or their direct family members to reside in Spain for more than six months per year. It was sufficient to maintain the investment to preserve this status. Although it was also necessary to re-certify sufficient economic means and the maintenance of public or private health insurance.
However, as of 2 April 2025, new applications for residence by investment can no longer be initiated, although existing permits may be renewed in accordance with the previous regulations.
- Non-Lucrative Residence:
This type of residence, which remains in force, is ideal for those who wish to come to Spain and can certify that they do not need to work as they have sufficient economic means, and that they will not begin working either.
Despite the fact that the relevant permit was improperly used before, to reside in Spain, as individuals used it for less than six months per year, the new regulation aims to put a stop to this, as it establishes as one of the requirements for keeping the permit, the certification of continued adherence to the health insurance for the whole duration of the authorization of stay, as well as having resided in Spain for a real and effective period of more than 183 days during each calendar year.
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