No, la Golden Visa ya no existe: la vía inmobiliaria de 500.000 € desapareció el 3 de abril de 2025 con la Ley Orgánica 1/2025. La derogación no es retroactiva, así que los visados ya concedidos siguen vigentes y renovables. Para quien llega ahora quedan el visado de nómada digital, el no lucrativo y el de emprendedor, ninguno ligado a comprar inmuebles. La inversión turística debe justificarse por su retorno, no por un sello de residencia que ya no se concede.
If you are thinking about buying a tourist asset in Spain and are concerned about what happened to the Golden Visa, the short answer is this: as a way to get a residence buying real estate, No more. The useful question for an investor isn't whether to come back but what changes his thesis as his residence stamp disappears from his equation. Spoiler: less than it looks, because well-run tourist assets should never have been bought by a visa.
That article separates the data from noise: what exactly was repealed, what remains alive, what legal alternatives are left to capture non-resident foreign capital and what really happened with demand for first assets a year later. It's all with an inline spring and year, as we always do.
What exactly was repealed: Organic Law 1 / 2025
The Golden Visa - technically, the visa and residence authorization for investors - was introduced into 2013 (Act 14 / 2013, to support entrepreneurs) to attract capital in full crisis. The most widely used way was to get a residence with a Retirement of at least 500.000 €.
The Ley Orgánica 1/2025, de 2 de eneroThat figure was repealed as a matter of efficiency measures of the Public Justice Service. The disposal has an effect from 3 April 2025 (Fuente: La Moncloa, 02-04-2025). No new applications have been accepted from that date for any of the Golden Visa's tracks, including the real estate.
The nuance that matters for whoever's already inside: the repeal is non-retroactive prospective. The authorisations granted prior to 3 April 2025 are still valid and the dossiers submitted prior to that date are treated in accordance with the above rule (Source: Conceptosjuridicos.com, 2025).
What remains: visas and renewal
If you - or a client you advise - have an granted Golden Visa, you do not lose it. Can hold her and revamp as soon as they continue to meet the requirements that generated them, and that normally means keeping the investment that gave rise to their permission (Source: Conceptosjuridicos.com, 2025).
In practice this creates two universes: that of today's headlines with a stable regime that should not be broken by negligence (selling an asset without planning renewal) and that of new investors, for whom the track simply isn't available. If his thesis was dependent on his gain his residence by purchase, we have to rewrite it with the figures that do exist.
Living alternatives to capture non-resident foreign capital
That Golden Visa goes missing doesn't close Spain to the foreign investor. Retirement forms have been established and have been established with an activity or an income. The three relevant:
Digital Traveller Visa
regulated by Act 28 / 2022 (Startups Act). For non-community people who work remote for companies outside of Spain. Minimum income ~ 200% from SMI: ~ 31.752 € every year at 2025. It allows tax as a non-resident (IRNR) at a fixed rate 24% up to 600.000 € base, versus the progressive IRPF. Validity of 3 years, renewable (Source: 28 / 2022 Act and sector analysis, 2025).
Non-profit visa
For those who credit sufficient passive income (pensions and capital benefits) without working in Spain. No real estate investment required. It fits with the heritage profile that lives part of the year here.
Entrepreneurship's visa
For economic and innovative projects with a favourable report from INISA. More demanding but open to those who wants to operate - and not only have - a business in Spain, including hotel or accommodation.
The operational conclusion: residence and tourism investment are now two separate decisions. Se elige el visado por el perfil personal y se elige el activo por su retorno. Mezclarlas, como hacía la Golden Visa, era lo que distorsionaba precios en el segmento de 500.000 € justos.
What really happened with demand first a year later
The political argument to put an end to the Golden Visa was to cool the market. The evidence at a year's notice is clear: prices have been reduced and speculation has been stopped. The experts told him that the figure had a marginal impact on the housing market as a whole.
In the high segment, the data is even more clear. At 2025, the luxury stretch (compartments > 500.000 €) first outperformed the 12% of households acquired by foreigners - in an emergency to close before the Golden Visa expires (Source: The Country, 23- 05- 2026). That is to say, foreign capital, first and foremost, continues to enter, currently moved by return and property diversification, and not by residence.
What we do note is an adjustment of composition: housing purchases by foreign nationals have been moderate in the second half of 2025 (− 4,4% interyear) after closure of the inverter track (Source: Inmobiliario Observatory / Registrators, 2025). Rebalancing, not an Exodus. For the professional investor, the message is that structural demand - supported by the tourist record - does not depend on a migration seal.
How this affects underwriting of a tourist asset
If residence is no longer a part of the return, the asset has to be justifiable by itself. And that's where the investor who bought "for his visa" found that he paid a bonus for something that did not produce a box. The good news: a well-managed tourist asset rents by itself. The least good: the raw that the ads sell is barely the net that gets into his pocket. That's an honest cascade about an example of 500.000 €'s tourist housing that generated the old Golden Visa threshold:
| Concept | Annual amount | Accumulated |
|---|---|---|
| Gross rental income (e.g. good employment) | 40.000 € | 40.000 € |
| − OTA Channel Commission (~ 15-18%) | −6.400 € | 33.600 € |
| − Cleanliness and consumables | −4.500 € | 29.100 € |
| − IBI + community + insurance | −3.200 € | 25.900 € |
| − Professional management | −4.000 € | 21.900 € |
| − CAPEX, maintenance and gaps | −3.300 € | 18.600 € |
| NOI / yield neto sobre 500.000 € | ≈ 18.600 € → 3,7% neto | |
An illustrative example with regular cost structure and starting figures by actual management. The gross recreational profitability of 6- 10% usually falls to 3- 7% net after expenditure, taxes and gaps (sector estimate). The non-resident adds IRNR about performance, to integrate into the model. To build this account step by step, see how to compute the net yield of a tourist housing.
The lever that moves that figure is management. To lower OTAs dependence is the most direct: our direct channel Tudesvío charges a 10% commission versus 15-18% from Airbnb or Booking (internal data Bliss), and each recovered point goes whole to NOI. At the top cascade, passing half of the stock by direct channel easily recovers 2.000-3.000 € every year onto the same gross.
Bliss versus opacity of the investment sector
The market for the collection of tourist inverter is filled with round promise without method: "+ 40% of income," "150% Annual," "1.800 € net guaranteed" - always without source, without published commission and without the cascade that would lead from the incumbent to the actual net. Our difference is structural:
| Criterion | Bliss Homes | Captors with fixed canon / round claims |
|---|---|---|
| The figure that the investor sees | EUR cascade for signature from gross to NOI | Gross inflated or "X% per year" without method |
| Commission | Publicada; Tudesvío 10% vs 15–18% OTAs | Unpublished / opaca |
| Capture of upside | Combined model ground and distribution | Fixed fee = performance ceiling |
| Regulatory risk | Mapping by CCAA (LpH, NRUA, taxation) | Generic or absent |
| Tramo intermedio (1–10 uds, rural, no residente) | Cover | Unknown by the great |
Test's in his wallet: 87% with an average and an improved market share (internal Bliss data). To the non-resident foreign investor, that translates into an asset that yields without dependent on an immigration seal that is no longer awarded.
What to do now if you are a foreign investor
Three concrete movements after derogation:
1 · Uncover residence and assets
Choose the migration path by its profile (digitally nomadic, non-lucrative, entrepreneurial) and the asset by its return. Do not pay a bonus for an existing visa.
2 · Net modele, not raw
Requires pre-sign cascade with IRNR included. If whoever sells his asset doesn't teach him, he's selling his raw. Review before taxation of tourist rental with his structure.
3 · Mapping regulatory risk
El código autonómico (VUT/VV/HUT) manda tras la anulación del registro único estatal por STS 620/2026. Elija mercado con la demand and policy geography in his hand, not from his photo.
To deepen the operations dedicated to foreign capital, see our guide to non-resident foreign investor in tourist housingand the page of tourism investment with the management and guaranteed rental models we offer.
FAQ
Do the Golden Visa still exist in Spain?
No. Desde el 3 de abril de 2025, con la entrada en vigor de la Ley Orgánica 1/2025, no se admiten nuevas solicitudes de Golden Visa por ninguna de sus vías, incluida la inmobiliaria de 500.000 €. La figura está derogada para nuevos inversores (La Moncloa, 2025).
When was the Golden Visa repealed?
La derogación se aprobó con la Ley Orgánica 1/2025, de 2 de enero, y surte efectos desde el 3 de abril de 2025. A partir de esa fecha dejó de poder solicitarse el visado de residencia para inversores (La Moncloa, 02-04-2025).
What about the visas already granted?
Siguen vigentes. La derogación no tiene efecto retroactivo: las autorizaciones concedidas antes del 3 de abril de 2025 se mantienen y pueden renovarse mientras el titular siga cumpliendo los requisitos (mantener la inversión, entre otros). Los expedientes presentados antes de esa fecha se tramitan con la norma anterior (conceptosjuridicos.com, 2025).
What are the alternatives for the foreign investor?
Para residir en España sin la Golden Visa quedan el visado de nómada digital (Ley 28/2022, renta mínima ~200% del SMI, ~31.752 € anuales en 2025, con opción de IRNR al 24%), el visado no lucrativo (rentas pasivas suficientes, sin trabajar en España) y el visado de emprendedor para proyectos innovadores. Ninguno se obtiene comprando inmuebles: la inversión turística rinde por su retorno, no por dar residencia.
Do the derogation have retroactive effect?
No. La Ley Orgánica 1/2025 deroga la Golden Visa de forma prospectiva: solo afecta a las solicitudes a partir del 3 de abril de 2025. Las visas concedidas y las solicitudes presentadas antes de esa fecha conservan su validez y siguen su tramitación bajo la norma anterior (conceptosjuridicos.com, 2025).
Do you affect demand for prime assets?
Marginalmente. Un año después de la derogación, los precios de la vivienda siguieron subiendo y el segmento de lujo (>500.000 €) superó por primera vez el 12% de las viviendas compradas por extranjeros en 2025 (El País, 23-05-2026). La Golden Visa tenía un peso pequeño en el mercado real: la compra de prime por capital extranjero sigue, ahora movida por retorno y diversificación, no por la residencia.
Official sources: press release from La Moncloa sobre el fin de la Golden Visa (02-04-2025) and text of Organic Law 1 / 2025 at BOE.
Before signing, see the actual net
If you are an investor - resident or otherwise - and we evaluate a tourist asset in Spain, we give you the cascade of euro pre- sign with tax and regulatory risk included. No round promise: only the NOI that gets into his pocket.