The search for “citizenship by investment in Spain” points to one of the most popular mobility goals of recent years: permanent residence in Europe and the advantages of Schengen. However, from the perspective of 2026, the most critical fact is this: citizenship by direct investment in Spain has never been possible and also the Spain Golden Visa (Residence by Investment) program ended on April 3-4, 2025. Therefore, today there is no option like “investing and obtaining a passport directly”; the most that investment could provide was a pathway to citizenship in the long term through residence permit while the program was open.
This article clarifies the misunderstandings regarding citizenship by investment; we explain how the closed Golden Visa worked in the past, the legal pathway to citizenship, and what alternatives can be considered as of 2026. On the corporate side, we address how international corporate structuring, payroll/EOR, and mobility planning influence these decisions.
Where Does the Need Arise? “Citizenship” or “Residence”?
There are generally three motivations behind the search for citizenship by investment:
- Free movement in the Schengen area and getting rid of visa burdens
- Moving with family and quality of life goals such as education/health
- Relocating business to Europe: company establishment, market access, tax/operation optimization
The critical distinction specific to Spain is this: the Golden Visa was not a “citizenship program”. The program (while open) provided residence permits in exchange for investment, and citizenship could only come up through “naturalization” after certain years of legal residence.
Status as of 2026: Spain Golden Visa Closed
The Golden Visa program, also known as “Residence by Investment” in Spain, ended on April 3-4, 2025 following Organic Law 1/2025. As of 2026:
- New applications are not accepted and applications made after the closure are rejected.
- Among the reasons for the program’s closure, public policy priorities such as housing crisis and preserving access to housing came to the forefront.
- For those who had investments/applications before the closure, transitional rules may have come into play; however, this situation varies on a case-by-case basis.
This scenario provides a practical answer to the question, “Is citizenship by investment possible in Spain?”: No; it was never directly possible, and the residence program through investment is now closed.
What Did the Golden Visa Provide Before Closure, What Did It Not?
What It Provided (Historically)
The program, which started in 2013, granted temporary residence to non-EU investors in exchange for specific investments. The prominent advantages were:
- More flexible entry-exit to the Schengen area
- Family reunification: spouse, dependent children, and in some cases parents
- Flexibility in minimum stay requirements for renewals (which was one of the factors increasing the program’s attractiveness)
What It Did Not Provide
- Did not provide direct passport (citizenship by investment).
- Citizenship was possible not with the investment itself but through completion of the legal residence period and fulfillment of other conditions.
An important statistic: Over 93% of applications progressed through real estate investment while the program was open. This concentration strengthened the argument of “effects on the housing market” in closure discussions.
(Historical) Investment Options and Minimum Amounts
Although the Golden Visa is now closed, the past investment thresholds still serve as a reference for those seeking information about the process (especially for those who invested before the closure or are trying to understand transitional provisions). The common thresholds while the program was open were as follows:
- Real estate: minimum €500,000 (residential/commercial; a mortgage was possible on the portion above €500,000; the first €500,000 portion had to be free of encumbrances)
- Shares/capital instruments in Spanish companies: minimum €1,000,000
- Bank deposit: minimum €1,000,000 (in Spanish financial institutions)
- Government bonds/public debt instruments: minimum €2,000,000
- Business project: typically mentioned around €1,000,000; evaluated based on criteria such as job creation, socio-economic contribution, or innovation impact
The general approach in the program required the investment to be maintained for a certain period (historically mostly 5 years) for the continuation of residence.
The Path to Citizenship: Why “Naturalization” Instead of “Investment”?
Citizenship in Spain was not an automatic result of investment, even during the Golden Visa period. The process legally progressed as “residence -> permanent residence -> naturalization”:
- Temporary residence: initial 1-2 year permit and then renewals
- Permanent residence: generally after 5 years of legal residence
- Citizenship (naturalization): application right after 10 years of legal residence for most people
Additionally, the requirement of renouncing existing citizenship may come up in the citizenship application. However, for citizens of Ibero-American countries (such as some Latin American countries), the period could be 2 years exceptionally shorter. Thus, the “accelerated” part by investment was at most access to the residence permit; the passport was still dependent on residence and integration conditions.
(Historical) Application Process: How Did the File Logic Work?
The typical steps for applications from outside Spain during the Golden Visa period would proceed within the following framework:
- Obtaining an NIE number and practical preparations for a bank account
- Documentation: passport, source of funds/financial adequacy, proof of investment, private health insurance, criminal record, etc.
- Visa phase through the consulate and entry into the country
- Biometric processes in Spain and TIE residence card
- Renewals and accumulation of residence time
This structure, although the Golden Visa is now closed, is useful for understanding the general documentation discipline of “legal residence in Spain”: elements such as source of funds, appropriate insurance, criminal record, and financial adequacy are similarly important in many visa types.
Costs and Tax Dimension: Just the Investment Amount Is Not Enough
A common mistake made by those planning to move to Spain or focus on investment is to reduce the cost to merely thresholds like “€500,000/€1,000,000”. Even during the Golden Visa period, the total budget was increasing with consultancy, fees, translation, and tax items. Historical ranges found in research data can be summarized as follows:
- Application/processing and service costs: could be around €5,000–€10,000+ per person
- Legal, translation, documentation: could range from €5,000–€15,000 depending on the file
- Real estate taxes: transfer tax/fees in the range of 6%-11% upon purchase; followed by annual tax obligations
The critical point: tax residency in Spain is related not only to the residence card but also to actual residence and where the center of life is established. Therefore, the assumption of “I got residence but my tax regime won’t change” can pose serious risks.
Post-Golden Visa (2026): What Alternatives Exist in Spain?
The closure of the Golden Visa does not mean “moving to Spain is over”; however, the fast residence option based on investment has disappeared. As of 2026, the prominent alternative categories are:
1) Non-Lucrative Visa (Residence Without Work)
This is relevant for individuals who want to live in Spain without working, relying on passive income sources. Typically, sufficient financial resources and health insurance are determining factors.
2) Digital Nomad Visa
This could be an option for remote working professionals. It poses risks if the company structure, income source, contract, and tax framework are not set up correctly. Especially the status of non-EU workers and the social security/taxation structure requires diligence.
3) Entrepreneurship and Innovation-Focused Routes
While residence by investment has closed in Spain, entrepreneurship visas/innovative project-based permits may be options for certain profiles. The determining factor here is not just “I invested money” but rather the nature of the project, job creation, and economic contribution.
Another approach is to evaluate different residence programs within the EU and establish a long-term mobility plan accordingly (e.g., combinations of investment/residence in different countries). At this point, “target country, time plan, tax residency, and family structure” should be considered together.
Strategic Framework for Companies and Investors: Plan Mobility Along with Operations
Reading the decision to move to Spain solely under the immigration heading would be incomplete. Especially for founding partners, those managing remote teams, and internationally growing companies, the issue is tied to corporate structuring, payroll, social security, tax obligations, and the questions of “in which country and with what status is one working”.
Corpenza’s approach is not solely focused on visas/residence; it is from the perspective of end-to-end international structuring. For example:
- Establishing a company in the EU or repositioning an existing structure
- International accounting and tax compliance
- Correct structuring of cross-border employment with Payroll/EOR models
- Correct use of models like posted worker for tax and operation optimization (depending on country and scenario suitability)
With the closure of the Golden Visa, the option for “fast residence by investment” has been eliminated; therefore, success in 2026 comes more from choosing the right visa category, measuring the tax-residency impact, and structuring the business model accordingly.
Conclusion: No Citizenship by Investment in Spain; A Correct Roadmap Is Essential
To summarize:
- Citizenship by direct investment has never been offered in Spain.
- The Spain Golden Visa program ended on April 3-4, 2025 and is closed to new applications as of 2026.
- In the past, investment could only accelerate the residence permit; citizenship was generally possible through naturalization after 10 years of legal residence (there were shorter exceptions for citizens of some countries).
- Today, alternative visas for Spain and different structures within the EU can be evaluated; however, in every scenario, tax, residence, and operations must be planned together.
Corpenza helps investors and companies with international growth goals create a sustainable roadmap by reading the residence/moving decision together with corporate structuring, payroll, accounting, and compliance requirements. Thus, the goal is not only to “obtain a visa” but also to ensure the healthy operation that will last for years afterwards.
Disclaimer
This content is for general informational purposes; it does not constitute legal, tax, or financial advice. Since Spain and EU legislation can change frequently, we recommend checking current official regulations before applying and seeking support from qualified immigration/tax professionals for an assessment suitable for your situation.
