Spain’s investor‑residence “Golden Visa” was shut down on 3 April 2025 after a narrow parliamentary vote. A snap general election called for 29 November 2026 will decide whether the centre‑right coalition that favoured the programme will return to power or whether the incumbent socialist government will retain a majority and continue its stricter housing agenda. Investors need to understand how each scenario could affect the Golden Visa, pending housing reforms, and the alternative residence routes that remain open.
Election backdrop and likely balance of power
- Prime Minister Pedro Sanchez dissolved Parliament on 26 October 2026 following the rejection of two housing decrees (eviction protections and rental‑contract extensions).
- Private pollster Sigmados (survey for El Mundo, 22 Sept‑1 Oct) projected the People’s Party (PP) 140 seats, Vox 63, and the PSOE 103.
- A review of seven recent polls by Democrata shows the PP + Vox bloc consistently between 201 and 213 seats, enough for an absolute majority (176 seats).
- The state pollster CIS still places the PSOE ahead, but its data pre‑date the housing‑decree defeat.
If the PP‑Vox alliance secures a majority, it is expected to revive an investment‑friendly agenda, potentially reinstating a visa similar to the former Golden Visa. The PP leader, Alberto Núñez Fjolín, has pledged to build one million homes, but has not confirmed whether the investor‑visa would be reinstated.
A renewed left‑wing government would likely keep the Golden Visa closed, maintain tighter regulation of non‑resident buyers, and pursue the tax proposal that would have taxed non‑EU purchasers at up to 100 % of a property’s value—though that bill stalled and now lapses with Parliament’s dissolution.
What the Golden Visa closure means
- From 2013‑2025, a €500,000 property purchase granted a residence permit.
- In 2024 the Senate (PP majority) vetoed the abolition; the Congress overrode it 177‑170, a margin of seven votes.
- The programme closed to new applicants on 3 April 2025. Existing holders retain their permits and renewal rights.
Impact assessment
- Golden‑Visa‑linked purchases represented ≈ 0.5 % of Spain’s home‑sale market (14,576 visas vs. > 5 million sales 2013‑2023).
- 33 % of those visas were in Barcelona, 19 % in Madrid, 18 % in Málaga—together 70 % of the total.
- Analysts argue the closure has had no measurable effect on rents or prices; the core housing shortage is driven by supply constraints rather than foreign investment.
Pending housing and tax measures
- The two rejected decree‑laws (approved by the cabinet on 29 Sept) would have:
- Extended eviction protection until 2030.
- Regulated seasonal and “room‑by‑room” rentals.
- Extended rental‑contract durations.
- Decree‑laws take effect immediately but require ratification within 30 days. With Congress dissolved, ratification now falls to the permanent deputation (69‑member committee). The government can re‑issue the decrees after the election, but the final texts may differ.
Citizenship bill for Western Sahara
- A bill passed Congress on 10 Sept 2026 (168‑31, 145 abstentions) would have granted Spanish nationality to people born in Western Sahara before 29 Sept 1977, without any residence requirement.
- The Senate’s justice committee, dominated by the PP, amended the bill to require two years of legal residence (instead of the usual ten).
- The amended bill now needs to be re‑introduced in the new legislature; its fate will depend on the post‑election majority.
Alternative residence routes still available
| Route | Main requirements | Rights & limits |
|---|---|---|
| Non‑lucrative visa | Passive income or savings of €28,800 / year (main applicant) + €7,200 per dependent | No work allowed (including remote work). Renewable, leads to permanent residency after 5 years, citizenship after 10 years. |
| Digital nomad visa | Minimum income €2,849 / month (≈ 2 × minimum wage 2026) + degree or ≥ 3 years professional experience; ≥ 80 % of work for foreign clients/employers | Allows remote work for foreign entities. Eligible for the “Beckham Law” (flat 24 % tax on Spanish‑source income up to €600,000 for up to 6 years; foreign dividends, rentals, and capital gains exempt). |
| Entrepreneur visa | Approved business plan judged by Ana (national innovation agency) on innovation and scalability; traditional brick‑and‑mortar ideas unlikely to qualify | Review up to 3 months; residence permit issued in ~20 days, valid 3 years. Leads to permanent residency after 5 years, citizenship after 10 years (2 years for nationals of certain Latin American countries, the Philippines, Equatorial Guinea, etc.). |
All three routes require physical presence in Spain for at least six months per year, a stricter residency condition than the former Golden Visa.
Practical considerations for investors
- Timing: The election could alter housing‑related taxes and the possibility of reinstating an investor‑visa. Investors should monitor the outcome before committing to new property purchases aimed at residency.
- Risk of policy reversal: Even if a centre‑right government returns, the PP has not yet committed to reviving the Golden Visa; its housing pledge focuses on building new homes rather than attracting foreign buyers.
- Regulatory uncertainty: Decree‑law ratification may shift mid‑campaign, creating short‑term volatility for landlords and buyers.
- Alternative pathways: Non‑lucrative, digital‑nomad, and entrepreneur visas remain viable for those seeking residence without relying on property investment thresholds.
Investors should evaluate their objectives—whether capital preservation, rental yields, or long‑term residency—and choose the route that aligns with the most stable legal framework, given the political uncertainty surrounding Spain’s housing and nationality policies.
