At a cabinet meeting on 9 April 2024, Spain’s Council of Ministers agreed to eliminate the golden visa.
Introduced in 2013, this program has provided a pathway for non-EU citizens to obtain residency in Spain by investing a minimum of €500,000 in Spanish real estate. However, as part of its efforts to evaluate the program’s impact on the accessibility of the real estate market, the government has initiated a process to end the Golden Visa regime. While applications are still being accepted at present, time is quickly running out for individuals seeking to avail themselves of this opportunity.
Individuals considering the real estate option are advised to expedite their plans or explore alternative paths to acquiring a visa and relocating to Mallorca.
Alternative Paths to Spanish Residency:
Non-Lucrative Visa
The Non-Lucrative Visa (NLV), also known as the Non-Lucrative Residence Visa or Retirement Visa, is tailored for individuals who want to reside in Spain without engaging in any work or professional activities. This visa, which doesn’t permit employment, is ideal for those who have sufficient passive income or savings to support themselves.
Digital Nomad Visa (New)
The Remote Working, or Digital Nomad Visa in Spain, offers a great option for foreigners who want residency while working remotely for companies outside of Spain. This visa is designed to support remote workers who use their computers for work. Self-employed individuals can also work for Spanish companies, as long as it doesn’t exceed 20% of their total professional activity.
To qualify, applicants need a degree or three years of relevant work experience. Family members, like spouses and dependent children, can also join the main applicant. Financially, applicants need to have funds equivalent to 200% of the monthly Spanish national minimum wage, or about £2140 per month. Plus, they must show they’ve been employed by a foreign company for at least three months before applying for the visa.
Autónomo (Self-Employed) Visa
Designed for those seeking to become self-employed in Spain, this visa allows individuals to work for themselves and engage in business activities. It’s best for entrepreneurs, freelancers, consultants, artists, and professionals who want to establish their own businesses or provide services independently. This visa allows them to legally reside and work in Spain while managing their own ventures or freelance work.
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Sponsorship from Company
This pathway involves obtaining a visa through sponsorship from a company in Spain, allowing individuals to work and reside in the country under the auspices of their employer. With a work visa, individuals are able to legally work within Spain for a specific duration– however, this visa is notoriously difficult to obtain. These permits are typically granted based on job offers within competitive sectors, when employers can prove they have already attempted to fill positions with Spanish, European, EEA, or Swiss citizens.
Relocating to Spain as a Foreigner
Spain’s decision to eliminate the Golden Visa program marks a significant shift in its immigration policy, and reflects a broader reassessment of its real estate market dynamics. While the program has facilitated residency for non-EU citizens for over a decade, concerns about its impact on accessibility and affordability have prompted the government to take decisive action.
Thankfully, Spain continues to offer various pathways for foreigners seeking a new life in Mallorca. From self-employment to entrepreneurship and family reunification, there are several routes to explore. Consulting with legal experts specialising in immigration law can provide guidance in identifying the most suitable pathway for your specific circumstances.
