Spain Golden Visa 2025: Complete Guide for Property Investors on the Costa da Morte

What Is the Spain Golden Visa?

The Golden Visa or Investor Visa is a residency-by-investment programme launched by the Spanish Government in 2013 under Ley 14/2013 supporting entrepreneurs and their internationalisation. It allows non-EU citizens to obtain legal residency in Spain in exchange for a qualifying investment, with real estate being the most popular route.

The Golden Visa grants the holder and their family the right to live, work and study in Spain, with the possibility of obtaining permanent residency and eventually Spanish nationality. Unlike other visas, it does not require a minimum number of days in Spain, making it extremely attractive for international investors seeking a second residency or a Plan B in Europe.

In the context of the Costa da Morte, the Golden Visa is especially relevant. With properties available from €89,000 to €320,000, investors can combine several properties to reach the €500,000 investment threshold, gaining not only residency but also a diversified real estate portfolio in one of Galicia's most beautiful and promising areas.

Real Estate Investment Requirements

Minimum Investment Threshold

The fundamental requirement for the Golden Visa through real estate is the acquisition of property in Spain valued at a minimum of €500,000 free of encumbrances. This means the investment must be free of mortgage or any other charge above that amount.

It is important to note that the first €500,000 must be unencumbered, but you may finance any amount exceeding that threshold. For example, if you purchase a property for €650,000, you can mortgage the additional €150,000, but the first €500,000 must be net cash investment.

Eligible Property Types

The regulations allow investment in a wide variety of properties:

• Residential properties: Apartments, houses, villas, flats. Both primary and secondary residences.
• Commercial properties: Retail premises, offices, industrial units.
• Urban land: Building plots with approved planning.
• Rustic properties with buildings: Stone houses, Galician manors (pazos), properties with agricultural land.
• Multiple properties: You can combine several properties to reach €500,000.

💡 Costa da Morte Opportunity: With properties from €89,000, you can acquire 2-5 properties to reach the €500,000 threshold, diversifying your investment across holiday rentals, a second home and appreciation properties.

Combining Properties on the Costa da Morte

One of the smartest strategies for investors on the Costa da Morte is the acquisition of multiple properties totalling the required €500,000. For example:

This strategy diversifies risk, generates rental income from unoccupied properties, and builds a solid real estate portfolio in an area with high appreciation potential.

Family Inclusion

One of the most attractive aspects of the Golden Visa is the ability to include your entire family unit in the application. The following may obtain residency as beneficiaries:

• Spouse or registered civil partner.
• Children under 18 or economically dependent adult children.
• Parents of the investor and spouse who are financially dependent.
• Adult children who have not formed their own family and are financially dependent.

Each family member needs their own NIE and must submit the corresponding documentation (marriage certificates, birth certificates, etc.), duly legalised and translated by a sworn translator into Spanish.

Step-by-Step Application Process

Phase 1: Preparation (1-2 months)

1. Obtain NIE: All family members need an NIE. Apply at the Police Station or the Spanish Consulate in your home country.
2. Open a Spanish bank account: Required to transfer funds and complete the purchase. NIE, passport and proof of source of funds are needed.
3. Property search: Work with a local agent specialised in the Costa da Morte who knows the market and can identify investment opportunities.
4. Transfer funds: The €500,000 must be transferred from a foreign account to the Spanish account. Keep all receipts.
5. Due diligence: Registry, cadastral, planning and encumbrance verification of selected properties.

Phase 2: Purchase and Documentation (1-2 months)

1. Sign deposit contract (arras): Reservation contract with deposit (typically 10% of price).
2. Public deed: Sign before a notary. The notary verifies identity, capacity and legitimacy of parties.
3. Pay taxes: ITP (Property Transfer Tax) of 8-10% in Galicia for resale, or 10% VAT for new builds.
4. Register the property: At the corresponding Land Registry.
5. Investment certificate: The notary issues a certificate confirming the investment.

Phase 3: Visa Application (1-3 months)

1. Submit application: Can be done in Spain (if already on a tourist visa) or at the Spanish Consulate in your country of origin.
2. Required documents: Valid passport, health insurance, investment certificate, criminal record certificate from the past 5 years, proof of financial means.
3. Decision: Legal deadline is 20 working days for applications in Spain and up to 2 months at consulates.

Renewal and Permanent Residency

The initial Golden Visa is valid for 1 year (if applied for from abroad) or 2 years (if applied for whilst in Spain). Subsequent renewals are for 5-year periods, provided the investment is maintained.

Renewal Requirements

• Maintain the real estate investment of at least €500,000.
• Valid health insurance in Spain.
• No criminal record in Spain or countries of residence.
• Visit Spain at least once during the permit's validity period.

Permanent Residency and Nationality

After 5 years of continuous legal residency, you can apply for permanent residency. After 10 years of legal residency (or 2 years for Ibero-American nationals), you can apply for Spanish nationality. Nationality requires effective residency in Spain during the required period.

2025 Legislative Changes: The Future of the Golden Visa

In 2024, the Spanish Government announced its intention to eliminate the Golden Visa programme for real estate investment. The proposal was part of the Housing Law and responded to concerns about the impact of foreign investment on Spain's residential property market.

Current Legislative Status

As of November 2025, the situation is as follows:

• The programme remains active and Golden Visa applications continue to be processed.
• Proposed modifications to exclude residential real estate investment as a qualifying route.
• Completed investments would not be affected retroactively.
• Alternatives being considered include maintaining the route for commercial and industrial investment.

⚠️ Recommendation: If you are considering the Golden Visa, we advise starting the process as soon as possible. Applications submitted before any legislative change will be processed under current regulations. Contact us for an up-to-date consultation.

Alternative Residency Pathways

If the real estate Golden Visa is eliminated, viable alternatives exist:

• Non-Lucrative Residence Visa: For those who can demonstrate sufficient financial means without working. Requires approximately €28,000/year in passive income.
• Digital Nomad Visa: For remote workers earning from €2,646/month.
• Entrepreneur Visa: For those creating an innovative company in Spain.
• EU Family Member Residency Card: If you have an EU-citizen family member.

Tax Implications for Golden Visa Holders

Tax Residency vs. Legal Residency

It is crucial to distinguish between legal residency (permission to live in Spain) and tax residency (obligation to pay taxes in Spain). You can hold a Golden Visa without being a Spanish tax resident if you spend fewer than 183 days per year in Spain.

Tax Scenarios

Non-tax resident (fewer than 183 days/year in Spain):

• You pay tax on Spanish-sourced income (rental income, capital gains).
• IRNR (Non-Resident Income Tax): 24% for EU/EEA residents.
• Wealth Tax: exempt in Galicia for non-residents up to €700,000.

Tax resident (183+ days/year in Spain):

• You pay tax on your worldwide income.
• IRPF with rates from 19% to 47% (combined state and Galician regional rates).
• Possible application of the special regime for relocated workers (flat rate of 24% for 6 years on income up to €600,000).

Double Taxation

Spain has double taxation treaties with over 90 countries, preventing you from being taxed twice on the same income. It is essential to analyse your particular situation with a tax advisor specialising in international taxation.

Specific Opportunities on the Costa da Morte

Properties Available for Golden Visa Investors

The Costa da Morte offers a unique property market with prices significantly lower than Madrid, Barcelona or the Costa del Sol. Our portfolio includes properties perfectly suited to a Golden Visa investment strategy:

• Properties from €89,000: Apartments in Cee and Corcubión, ideal for holiday letting.
• Renovated stone houses: From €150,000, with authentic Galician charm and high Airbnb demand.
• Villas with sea views: From €220,000 in prime locations in Fisterra and Muxía.
• Properties with land: From €130,000, perfect for renovation and appreciation projects.

Competitive Advantages of the Costa da Morte

• Prices up to 70% lower than comparable areas on the Costa Brava or Balearics.
• Growing tourism demand: The Camino de Santiago, Fisterra Lighthouse and pristine beaches attract year-round visitors.
• Development plans: The Xunta de Galicia is investing in infrastructure and tourism promotion.
• Exceptional quality of life: Privileged natural environment, top-tier gastronomy and welcoming community.
• High appreciation potential: Prices are increasing 8-12% annually in the most sought-after areas.

NIE Process for Investors

The NIE (Foreigner Identity Number) is the essential first step. For investors, the process can be done in two ways:

Option A: From Your Home Country

1. Request an appointment at the nearest Spanish Consulate.
2. Present passport, form EX-15 and justification of reason (letter of investment intent).
3. Receive the NIE in 1-4 weeks.

Option B: In Spain

1. Enter Spain on a tourist visa (90 days for most nationalities).
2. Request an appointment at the nearest Foreign Nationals Office.
3. Submit complete documentation.
4. Obtain the NIE within 1-10 days.

Banking Requirements for Investors

Spanish banks have strict anti-money laundering protocols affecting foreign investors:

• Proof of source of funds: You must demonstrate the €500,000 comes from legitimate sources. Tax returns, bank statements from the past 6-12 months, property sale contracts, etc.
• Non-resident account opening: Possible without NIE at some banks (La Caixa, Santander), but an NIE greatly facilitates the process.
• Bank certificate: Required to confirm the transfer of funds from abroad to the Spanish account.

Legal Representation

We strongly recommend having specialised legal representation for the Golden Visa process:

• Immigration and investment lawyer: Will manage the visa application and renewals. Cost: €2,000-5,000.
• Administrative agent (gestor): For dealings with the Tax Authority, Social Security and other bodies. Cost: €500-1,500/year.
• International tax advisor: To optimise your tax position between Spain and your home country. Cost: €1,500-4,000/year.

Estimated Total Costs

Frequently Asked Questions

Can I work in Spain with the Golden Visa?

Yes. The Golden Visa allows both self-employed and employed work throughout Spain without an additional work permit.

Do I need to live in Spain to maintain the Golden Visa?

No. You only need to visit Spain at least once during each permit validity period. There is no minimum stay requirement.

Can I finance the investment with a mortgage?

Partially. The first €500,000 must be your own investment (without mortgage). Any amount above €500,000 can be financed.

How long does the entire process take?

From the decision to invest to obtaining the Golden Visa, the process can be completed in 2-6 months, depending on property search efficiency and administrative timelines.

Does the Golden Visa give access to other European countries?

As a legal resident in Spain (a Schengen country), you can travel freely within the Schengen Area for up to 90 days in any 180-day period. It does not grant the right to work in other EU countries.

Are you ready to start your Golden Visa journey on the Costa da Morte? Contact Cristina Casas Galiza for a personalised consultation. We will guide you through the entire process, from property selection to coordination with specialist lawyers.