Non-Lucrative Visa vs Golden Visa: Which Route to Spain Is Right for You?

For years, Spain’s Golden Visa was a popular option for wealthy investors who wanted residency through property purchase. But the landscape has changed. The Spanish Golden Visa for real estate investment has been abolished, leaving many people searching for alternatives.

If you were considering the Golden Visa, the Non-Lucrative Visa is likely your best alternative — and in many ways, it’s a stronger option for people who actually want to live in Spain.

What Happened to the Golden Visa?

Spain’s Golden Visa programme allowed non-EU citizens to obtain residency by investing €500,000 or more in Spanish real estate. The programme was popular with buyers from China, Russia, the Middle East, and increasingly the UK and USA.

However, growing concerns about the impact on housing affordability led to the Spanish government abolishing the real estate investment route. The Golden Visa for property purchases is no longer available as of 2025.

Some investment-based residency routes may still exist for non-real-estate investments (business investment, financial assets, etc.), but these are less commonly used and have different requirements.

How the NLV Compares

Financial requirements

The Golden Visa required a minimum €500,000 property investment. The NLV requires proof of passive income or savings — roughly €28,800 per year for a single applicant. For most people, the NLV is dramatically more accessible.

Residency requirement

One advantage the Golden Visa had was flexibility. Holders were not required to live in Spain for any minimum period. NLV holders must genuinely reside in Spain and should not be absent for more than six months per year. If you actually want to live in Spain, this is not a disadvantage — it’s the point.

Work rights

Neither visa allows you to work in Spain. The NLV prohibits all work activity, and the Golden Visa’s work rights were limited. If you need to work, the Digital Nomad Visa or a work permit is the right path.

Path to permanent residency and citizenship

Both routes lead to permanent residency after five years and citizenship after ten years (subject to meeting the requirements). The NLV requires you to actually be present in Spain during this period, which is a requirement for permanent residency anyway.

Looking for your best route to Spain?

The Golden Visa may be gone, but there are strong alternatives. Take our eligibility check to find the right visa for your situation.

Who Should Choose the NLV Instead?

The NLV is ideal if you want to actually live in Spain full-time, you have passive income or savings but don’t want to invest €500,000 in property, you’re retired or planning to retire, or you want a straightforward, well-established visa process.

If you were considering the Golden Visa primarily as a way to live in Spain (rather than just hold a residency card), the NLV achieves the same outcome with a much lower financial bar.

Can You Still Buy Property in Spain?

Absolutely. You can buy property in Spain regardless of your visa status. You just can’t use a property purchase as the basis for a residency visa any more. Many NLV holders buy property in Spain after arriving — they simply use the NLV as their residency route and purchase property separately.

You will need an NIE number to buy property, which you’ll receive as part of your NLV/TIE process.