Spain's Golden Visa real estate route officially closed in April 2025. Here's what changed, what existing visa holders should do, and the best residency alternatives for international buyers still investing in Marbella in 2026.
What Happened to Spain's Golden Visa?
Spain's Golden Visa (Visado de Residencia para Inversores) was a residency-by-investment programme that, since 2013, allowed non-EU nationals to obtain Spanish residency in exchange for a qualifying investment, most commonly €500,000 or more in real estate.
As of 3 April 2025, the real estate route to the Golden Visa is closed. Under Organic Law 1/2025, Spain ended new applications based on property investment as part of a wider housing reform aimed at easing pressure on the property market in high-demand areas, including the Costa del Sol.
If you have spent time researching "Golden Visa Spain 2026," this is the single most important fact to know before going further: you can no longer apply for Spanish residency simply by buying a €500,000+ property. But that does not mean Marbella is off the table, far from it. This guide explains exactly where things stand and what your options are now.
Why Did Spain End the Golden Visa?
The Spanish government's stated rationale was housing affordability. Critics argued that investor-driven demand, concentrated in cities like Madrid, Barcelona and coastal hotspots such as Marbella, was contributing to rising prices for local residents. Ending the property-based Golden Visa was framed as one part of a broader package of housing measures.
In practice, this mirrors a wider European trend: Ireland, the Netherlands and the UK have all wound down or scaled back similar investor-residency schemes in recent years.
What If I Already Have a Golden Visa?
If you already hold a Golden Visa obtained before April 2025, the change does not affect you directly. Existing holders can continue to:
- Renew their residency permit as long as the original investment is maintained
- Travel and live in Spain under the same terms as before
- Apply for permanent residency after 5 years and citizenship after 10 years (2 years for nationals of Latin American countries, the Philippines, Andorra, Equatorial Guinea and Portugal, or Sephardic Jewish descendants)
The general requirement to visit Spain at least once a year to maintain residency continues to apply, as it did before. Selling the qualifying property before the 5-year mark may still affect renewal, so existing holders should speak with an immigration lawyer before any sale.
Residency Alternatives for Marbella Property Buyers in 2026
The good news: Spain remains fully open to foreign property buyers, there is no restriction on non-residents purchasing property in Marbella. What has changed is that property purchase alone no longer grants residency. If living in Spain is your goal, here are the routes that remain available:
Non-Lucrative Visa (NLV)
The most common alternative for retirees and financially independent buyers. You must demonstrate sufficient passive income or savings (broadly in the region of €2,400-€3,000+ per month, or the annual equivalent in savings), hold private health insurance valid in Spain, and show you will not work for a Spanish company. The NLV does not require any property purchase, but owning a home in Marbella makes the "ties to Spain" part of the application straightforward.
Digital Nomad Visa
Designed for remote workers and freelancers employed by companies or clients outside Spain, with a minimum income requirement (broadly from around €2,400+ per month, roughly €28,800+ per year). This is an increasingly popular route for younger international buyers who want to base themselves in Marbella while continuing to work for employers abroad.
Entrepreneur Visa
For those starting an "innovative" business with economic interest for Spain, subject to a business plan review. Less commonly used by property investors, but relevant for buyers who also plan to set up a company in Spain.
Other European Golden Visas
For investors whose primary goal is a European residency-by-investment route with minimal stay requirements, Portugal, Italy, Greece and Malta continue to operate their own golden visa programmes (with their own minimum investment levels and rules, which vary by country and change frequently). Some of our international clients choose to combine a property purchase in Marbella, for lifestyle and investment, with a residency application in one of these countries, structured by a specialist immigration lawyer.
Is Marbella Property Still a Good Investment Without the Golden Visa?
Yes, and for most of our clients, residency was never the only reason to buy in Marbella. The fundamentals that made Marbella attractive remain unchanged:
1. Capital appreciation
Prime Marbella zones have delivered consistent annual appreciation of roughly 6-12% over the past decade, driven by genuine end-user and lifestyle demand, not only by investor-residency buyers.
2. Strong rental yields
Premium properties generate gross rental yields of around 4-8% annually. Frontline beach apartments in Puerto Banús or the Golden Mile command peak-season short-term rental rates of €300-1,500 per night.
3. Lifestyle and climate
320 days of sunshine, Michelin-starred restaurants, world-class golf, marinas, international schools and a long-established international community. For Gulf families specifically, Marbella's halal dining, Arabic-speaking services and established Arab community remain a major draw, independent of any visa programme.
4. Connectivity
Málaga Airport (AGP) is around 45 minutes from Marbella, with direct flights to most major European cities and routes to the Gulf and the Americas via British Airways, Ryanair, Vueling and Emirates.
How to Buy Property in Marbella as a Foreign Buyer in 2026
The purchase process itself is unchanged by the Golden Visa closure. As a non-resident, you can still:
1. Obtain your NIE (Spanish tax identification number, required for any property purchase)
2. Open a Spanish bank account
3. Arrange financing if needed, non-resident mortgages are available from Spanish banks, typically up to 60-70% loan-to-value
4. Make an offer and sign a reservation/deposit contract
5. Complete due diligence (land registry checks, debts, licences, community fees)
6. Sign at the notary and register the property
7. Apply separately for any visa or residency permit, if and when relevant to your situation, via the routes above
If residency is part of your plan, we recommend speaking to an immigration lawyer in parallel with your property search, the two processes are independent but easier to coordinate together.
Frequently Asked Questions
Is the Golden Visa really over, or just paused?
As of 2026, the real estate investment route is closed under Organic Law 1/2025, with no new applications accepted. There is no announced timeline for it to return, and the stated policy rationale (housing affordability) suggests it is unlikely to be reinstated in its previous form.
Can I still buy property in Marbella as a non-EU citizen?
Yes, completely. Foreign nationals from any country can buy property in Spain without restriction. The only thing that has changed is that the purchase itself no longer grants residency.
I already started my Golden Visa application before April 2025, what happens to me?
Applications submitted before the cut-off are generally processed under the rules in place at submission. If you are in this situation, consult an immigration lawyer promptly to confirm your specific status.
What is the best alternative if I want to spend several months a year in Marbella without working there?
The Non-Lucrative Visa is typically the most straightforward route for retirees or financially independent buyers who want to live in Spain part- or full-time without working for a Spanish employer.
Do I need a lawyer for any of this?
Yes, for both the property purchase (an independent Spanish real estate lawyer should review contracts and conduct due diligence) and for any residency application (a specialist immigration lawyer). We can introduce you to trusted, English and Arabic-speaking professionals for both.
Considering a property purchase in Marbella in 2026? Get a free AI valuation of a property you're interested in, or contact our team for an honest conversation about what's realistic for your budget and goals, residency included.
