Spain’s Golden Visa program, which granted residency to investors who bought at least €500,000 in Spanish real estate, was closed to new applicants on 3 April 2025. Over its 12‑year run the scheme issued 14,576 visas, 95 % of them through the property route, with Chinese and Russian nationals comprising the largest applicant groups. While the program generated significant foreign direct investment, it accounted for only about 0.3 % of all residential transactions and was blamed for inflating housing prices in Madrid and Barcelona. The shutdown left a gap for those still seeking Spanish residency without a capital‑based visa.
Income‑based residency options that remain in Spain
Non‑lucrative visa (independent means)
- Eligibility – Applicants must demonstrate sufficient passive income or savings to support themselves without working in Spain.
- Financial requirement (2026) – €28,800 per year for the main applicant, plus €7,200 for each additional family member (≈ 400 % of Spain’s IP benchmark).
- Validity – First permit is for one year; renewals are granted for two‑year periods. Renewal requires proof of double the initial amount (€57,600) to cover the longer term.
- Residence obligations – Minimum 183 days per year in Spain to qualify for permanent residency after five years.
- Path to citizenship – Ten years of residence for most nationals; reduced to two years for citizens of Ibero‑American countries and former Spanish colonies.
Digital‑nomad visa (under the Startup Act)
- Eligibility – Remote employees or freelancers who earn income from non‑Spanish sources.
- Income threshold (2026) – €2,849 per month (≈ 200 % of the Spanish minimum wage), with at least 80 % of earnings sourced abroad.
- Professional criteria – Must hold a university degree or have at least three years of relevant professional experience, and a work relationship of at least three months with the employer or clients.
- Flexibility for self‑employed – Up to 20 % of income may come from Spanish clients.
- Tax advantage – Qualifying residents can opt for the “Beckham Law,” a flat 24 % tax rate on Spanish‑sourced income up to €600,000, instead of the progressive rates.
Both routes grant a Spanish address and eventual eligibility for permanent residency and citizenship, but they require actual residence in Spain, unlike the former investor‑centric model.
Italy’s investor‑residence alternatives
Italy’s “Investor Visa” (introduced in 2017) has attracted many former Spanish Golden Visa applicants because it separates visa approval from the capital outlay.
Process
- Online pre‑approval (nulla osta) – No money is transferred at this stage.
- Visa issuance – After approval, applicants have six months to apply for the visa at an Italian consulate.
- Investment – Must be completed within three months of entering Italy.
Investment options and thresholds
| Option | Minimum investment |
|---|---|
| Innovative startup equity | €250,000 |
| Shares or corporate bonds of an established Italian company | €500,000 |
| Donation to a public‑interest project | €1 million |
| Italian government bonds | €2 million |
Residence conditions
- Initial permit – Valid for two years.
- Renewal – Every three years, provided the investment remains in place.
- Physical presence – No minimum stay required for permit renewal; however, permanent residency requires 270 days per year, and citizenship requires ten years of physical residence plus language and integration tests.
Tax incentives
- Flat tax regime – New residents can elect a 24 % (or 26 % for higher incomes) tax on foreign‑sourced income, capped at €300,000 per year, for up to 15 years.
Comparative considerations
| Feature | Spain (post‑Golden Visa) | Italy Investor Visa |
|---|---|---|
| Capital requirement | None for non‑lucrative or digital‑nomad visas | €250 k–€2 M depending on route |
| Pre‑approval before investment | No (investment required first) | Yes (nulla osta) |
| Physical stay for renewal | 183 days/year for permanent residency | None for permit renewal; 270 days/year for permanent residency |
| Path to citizenship | 10 years (2 years for Ibero‑American nationals) | 10 years, with residence days required |
| Tax regime | Optional Beckham Law (24 % flat on Spanish income) | Flat 24 % on foreign income up to €300 k, 15‑year term |
| Target audience | Retirees, remote workers, self‑sufficient individuals | Investors seeking residency with flexible presence requirements |
Practical advice for prospective applicants
- Assess residency goals – If you are willing to live in the country, Spain’s non‑lucrative or digital‑nomad visas provide a lower financial barrier.
- Consider investment risk – Italy’s investor visa allows you to secure the visa before committing capital, reducing the risk of a rejected application after funds are transferred.
- Plan for tax implications – Evaluate the Beckham Law versus Italy’s flat tax on foreign income; the latter may be advantageous for high‑net‑worth individuals with substantial overseas earnings.
- Track stay requirements – Spain mandates 183 days per year for permanent residency, while Italy only requires physical presence for long‑term citizenship, not for permit renewal.
- Monitor timelines – Both programs have multi‑year renewal cycles; ensure you can maintain the required investment or income levels throughout.
Investors and high‑net‑worth individuals should weigh the trade‑off between lower upfront capital (Spain) and the security of pre‑approval plus flexible residence (Italy) when choosing a European residency pathway after Spain’s Golden Visa closure.
