Investment-Based Residency in Spain
Spain offers a specific residency program for non-EU/EEA and non-Swiss nationals who make a significant capital investment in the country. This program, often referred to as the "Golden Visa," is governed by Law 14/2013, of 27 September, on support for entrepreneurs and their internationalization. Unlike standard residency permits, the investment-based visa offers streamlined processing and allows the holder and their family to live and work in Spain.
Legislative Context and Updates
As of early 2026, the Spanish legal framework regarding investment residency remains active under Law 14/2013. However, applicants should be aware that the Spanish government initiated legislative reforms in late 2024 and throughout 2025 aimed at modifying the real estate investment route. While the capital transfer and business project categories remain stable, the real estate path is subject to heightened scrutiny and potential local restrictions depending on the specific autonomous community.
Investment Categories and Thresholds
To qualify for a residency visa under this scheme, an applicant must fulfill one of the following financial criteria. All amounts must be unencumbered by liens or charges.
Capital Transfer and Financial Assets
- Public Debt: A minimum investment of 2,000,000 EUR ($2,180,000 USD, Jan 2026) in Spanish government bonds.
- Shares or Equity: A minimum of 1,000,000 EUR ($1,090,000 USD, Jan 2026) in shares of Spanish companies with actual business activity.
- Investment Funds: A minimum of 1,000,000 EUR ($1,090,000 USD, Jan 2026) in closed-end investment funds or venture capital funds incorporated in Spain.
- Bank Deposits: A minimum of 1,000,000 EUR ($1,090,000 USD, Jan 2026) in a Spanish financial institution.
Real Estate Investment
The acquisition of real estate with a net investment value of at least 500,000 EUR ($545,000 USD, Jan 2026) per applicant. This threshold must be met using the investor’s own funds; any amount exceeding this minimum may be financed through a mortgage. Following the 2025 regulatory adjustments, investors must verify with the Ministry of Interior if the property is located in a "stressed market" zone, which may affect eligibility.
Business Projects of General Interest
There is no specific minimum investment amount for this category. Instead, the project must be deemed of "general interest" by the Economic and Commercial Office of the geographical area where the investor applies. The project is assessed based on:
- Job creation.
- Impact on the socio-economic development of the local area.
- Significant contribution to scientific or technological innovation.
General Requirements for Applicants
Regardless of the investment type, all applicants must meet a set of standard administrative requirements to be eligible for residency:
- Age: Must be at least 18 years of age.
- Criminal Record: Must not have a criminal record in Spain or in countries where they have resided for the last five years (for offenses defined under Spanish law).
- Public Health: Must not suffer from any of the diseases that may have serious public health repercussions according to the International Health Regulations of 2005.
- Insurance: Must have public or private health insurance with an entity authorized to operate in Spain.
- Financial Means: Must prove sufficient financial resources for themselves and their family members during their stay in Spain.
Application Process and Duration
The procedure is divided into two distinct stages: the initial visa and the subsequent residence permit.
Stage 1: The Visa
Applicants currently outside of Spain must apply at the Spanish Consulate in their country of origin or residence. The investor visa is generally valid for 1 year (or the duration of the investment if it is shorter). The processing time for these visas is typically 10 working days.
Stage 2: The Residence Permit
Once in Spain, or if the applicant is already legally in Spain, they can apply for a residence permit through the Large Business and Strategic Groups Unit (UGE-CE). This permit is valid for 3 years and is renewable for 5-year periods, provided the investment is maintained.
Note: Under Law 14/2013, applications for residency permits are subject to "positive administrative silence." If the administration does not issue a resolution within 20 working days, the permit is considered granted.
Family Unification and Work Rights
The investment-based residency automatically includes a work permit for the main investor and their family members. Family members who may apply simultaneously or successively include:
- The spouse or person with an analogous relationship of affectivity.
- Children under 18 years of age.
- Adult children who are financially dependent and have not formed their own family unit.
- Dependent parents (ascendants).
Exceptions and Nationality Nuances
While the investment rules are uniform, the path to Spanish citizenship varies by nationality. Foreign nationals from Ibero-American countries, the Philippines, Equatorial Guinea, Andorra, or those of Sephardic origin can apply for Spanish citizenship after only 2 years of legal residency, compared to the standard 10-year requirement for most other nationalities. The investment residency counts toward this period of legal residence.
Summary of Administrative Costs
In addition to the investment, applicants must account for administrative fees (Tasas):
- Visa Fee (Consular): Depends on individual situation and nationality (usually between 80 EUR and 500 EUR).
- Residence Permit Fee (Model 790-038): Approximately 73.26 EUR ($80 USD, Jan 2026).
- TIE (Foreigner Identity Card) Issuance: Approximately 16.08 EUR ($17.50 USD, Jan 2026).
