Are you worried about the tax implications following the end of the Spanish Golden Visa? You’re not alone. Every year, more and more foreign investors exploring the Spanish Real Estate market turn to Golden Partners with one big question: What are the tax consequences in Spain of holding this beneficial residence and work permit?
The Spain Golden Visa program was introduced to attract international investors and promote entrepreneurship in the country. And it’s working. In 2023 alone, 3,273 Golden Visas were granted in Spain, according to the Spanish Ministry of Housing—three times more than in 2021. These numbers confirm what many already know: it was a booming opportunity for foreign investors.
However, time is running out. The Spanish government has officially announced that the Golden Visa will be eliminated on April 3, 2025. This means that if you’re considering applying, it’s essential to act quickly to take advantage of this program before it disappears for good.
Still, even after that date, Spain will remain a prime destination for international investors. There will still be other legal and tax-efficient ways to invest in luxury real estate in Spain, whether through residency options, corporate structures, or asset diversification strategies.
If you’re considering relocating to Spain and investing in property, the Spain Golden Visa offers the perfect solution—not only for you, but also for your spouse and children, who can equally benefit from this golden opportunity for residency.
In this post, we’ll break down all the tax implications of the Golden Visa in Spain, including key considerations if you plan to invest through a company or want to understand the tax responsibilities for your family members who may also benefit from the Golden Visa. We’ll also explore alternative paths to invest in Spain’s thriving luxury real estate market, even after the Golden Visa is gone.
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Table of contents
- 1. Spain Golden Visa program: main keys in 2025
- 2. Investment options in Spain for foreign investors after the end of the Golden Visa
- 2.1. Investing through a foreign holding company
- 2.2. Setting up a Spanish SL or patrimonial company
- 2.3. Using SOCIMIs for real estate investment with tax benefits
- 2.4. Leveraging the ETVE regime for international holdings
- 2.5. Taking advantage of the Beckham Law for new residents
- 2.6. Choosing tax-friendly regions in Spain for residency
- 2.7. Applying the Mbappé Law for investment deductions
- 2.8. Using the digital nomad visa for remote professionals
- 2.9. Investing in startups, SMEs, and R&D in Spain
- 2.10. Contributing to Spanish pension plans to reduce Personal Income Tax
- 2.11. Pre-relocation tax planning before acquiring residency
- 2.12. Using double tax treaties to avoid double taxation
- 2.13. Consulting international tax advisors for tailored planning
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Spain Golden Visa program: main keys in 2025
The Golden Visa in Spain itself does not oblige you to pay any taxes as a natural person. However, you could acquire the status of tax resident in Spain if you spend more than a certain number of days a year in the country (and the rules of the Double Tax Treaty between your country of origin and Spain are met).
The Spain Golden Visa program is one of the most attractive residence options for international investors. While the Golden Visa in Spain itself does not automatically make you a tax resident, spending more than 183 days a year in the country, along with fulfilling the conditions established in the Double Tax Treaty between Spain and your home country, could lead you to acquire Spanish tax residency.
If that happens, you’ll be taxed as a resident in Spain. However, there are beneficial regimes like the Beckham Law (for impatriates), which may allow you to avoid paying taxes under the standard marginal rates. In this section, we explain all the tax implications of the Spanish Golden Visa, including how the Spain Golden Visa residency requirements and your time spent in the country can impact your fiscal obligations.
In the following subsections, we’ll walk you through the main keys of the Spain Golden Visa, including:
Case 1: you do not acquire tax residence in Spain
Since you only need to visit Spain once a year to maintain your Golden Visa, and long-term stays are not required, one common scenario is that you remain in Spain for less than 183 days per calendar year. In addition, if your main economic interests or professional activities are not based in Spain—either directly or indirectly—you would generally not qualify as a Spanish tax resident.
In this case, you are not subject to most tax obligations of residents, such as paying IRPF (Spanish personal income tax). Instead, you will be taxed under the non-resident tax regime in Spain, with a flat rate ranging between 19% and 24%, depending on your country of residence and the type of income earned in Spain.
For non-residents, taxable income may include rental income, ownership of a second home, pensions, or earnings from real estate investments in Spain. So, for example, if you’ve purchased property in Spain to obtain the Golden Visa, you must file a non-resident tax return—whether the property is rented out or simply held for future rental.
It’s also important to note that filing deadlines and procedures for non-residents differ from those of tax residents. For this reason, we highly recommend consulting with expert tax lawyers to ensure full compliance and optimal tax strategy.
Case 2: you do acquire tax residence in Spain
The second possible scenario is that you spend more than 183 days in Spain during the calendar year and/or your main center of economic or professional interests is located in the country, either directly or indirectly. In this case, you would likely be considered a tax resident in Spain.
As a Spanish tax resident, you could be subject to taxation on your worldwide income at progressive marginal rates, regardless of whether the income originates in Spain or abroad. This has important implications for Golden Visa holders who spend significant time in the country or who carry out professional or investment activities tied to Spain.
However, there is a valuable alternative: you may be eligible for the special tax regime for impatriates, commonly known as the Beckham Law in Spain. This regime can significantly reduce your tax burden by allowing you to pay a fixed tax rate on Spanish-sourced income and exclude foreign income from Spanish taxation for a period of six years.
That said, eligibility for the Beckham Law must be carefully analyzed by specialized tax lawyers, as it requires compliance with specific criteria and formal approval from the Spanish Tax Authorities. If granted, this favorable regime can also be extended to your spouse and dependent children, offering a broader tax advantage for relocating families.
Investment options in Spain for foreign investors after the end of the Golden Visa
With the Spain Golden Visa program ending on April 3, 2025, foreign investors still have several strategic alternatives. These include investing through a Spanish limited company (SL) or a foreign holding, using structures like SOCIMIs for tax-advantaged real estate investment, or ETVEs for international corporate holdings.
Additional options are the Beckham Law for relocated workers, the Digital Nomad Visa for remote professionals, and regional tax incentives in areas like Madrid or Andalucía. Investors can also benefit from deductions for startups, R&D, audiovisual projects, or pension plans, depending on their tax residency and investment profile.
Investing through a foreign holding company
One of the most efficient tax-saving strategies for foreign investors in Spain after the end of the Golden Visa is to invest through a foreign holding company, such as those based in Luxembourg. This option allows non-resident investors to manage real estate or other assets in Spain while avoiding Spanish Personal Income Tax (IRPF), provided they do not acquire tax residency and comply with substance requirements.
Setting up a Spanish SL or patrimonial company
Creating a Spanish limited liability company (Sociedad Limitada) is a popular choice for foreign investors interested in acquiring property or making regular investments in Spain. This structure offers a 25% flat Corporate Tax rate, significantly lower than personal income tax rates, and allows for the deduction of operational expenses, making it a highly efficient vehicle for long-term investment planning in Spain.
Using SOCIMIs for real estate investment with tax benefits
SOCIMIs (REITs in Spain) provide an excellent tax-advantaged investment option for foreign investors targeting the Spanish real estate market. These listed companies benefit from a 0% Corporate Income Tax rate, exemptions on rental income, and major reductions in property transfer taxes, provided they meet specific requirements. They are ideal for high-capital investors looking for diversified, tax-optimized real estate portfolios.
Leveraging the ETVE regime for international holdings
ETVEs (Entidades de Tenencia de Valores Extranjeros) offer a special tax regime in Spain for holding companies that manage foreign investments. These entities enjoy a 95% exemption on dividends and capital gains from qualified shareholdings and allow non-resident investors to avoid Spanish taxation on income distributed, making them a strategic tool for tax optimization in Spain.
Taking advantage of the Beckham Law for new residents
The Beckham Law, or impatriate regime, allows foreign professionals relocating to Spain for work to benefit from a reduced 24% tax rate on Spanish-sourced income up to €600,000. Only income earned in Spain is taxable—excluding global dividends or capital gains—making it a powerful tool for high-earning expatriates seeking tax benefits after the elimination of the Golden Visa program.
Choosing tax-friendly regions in Spain for residency
Foreigners planning to become tax residents in Spain should consider autonomous communities like Madrid, Andalucía, or Galicia, where Wealth Tax is fully exempt and Inheritance and Gift Tax is reduced by 99%. These regions offer one of the most favorable tax environments in Spain, especially for high-net-worth individuals relocating after the Golden Visa is abolished.
Applying the Mbappé Law for investment deductions
Foreign investors who become Spanish residents can benefit from the Mbappé Law, which allows a 20% deduction on investments in listed and unlisted companies, treasury bills, or bonds—excluding real estate. This tax incentive is ideal for investors seeking to reduce their IRPF liability, provided they meet residency and investment holding period requirements.
Using the digital nomad visa for remote professionals
The digital nomad visa is an attractive alternative to the Golden Visa for remote workers and freelancers who work for foreign clients or companies. Applicants must meet minimum income and savings requirements and prove a stable remote work relationship. This visa allows foreign digital professionals to legally live and work in Spain while benefiting from favorable tax treatment.
Investing in startups, SMEs, and R&D in Spain
Foreign investors residing in Spain can gain access to substantial tax deductions by supporting startups, small businesses, or R&D initiatives. These investments align with Spain’s innovation and development priorities and can reduce personal income tax liabilities, making them a smart alternative for those seeking tax benefits after the Golden Visa termination.
Contributing to Spanish pension plans to reduce Personal Income Tax
Making contributions to Spanish pension plans is another effective way for foreign residents to reduce their IRPF liability. These tax-deductible contributions, subject to annual limits, not only provide retirement planning advantages but also offer a legal way to reduce taxable income while investing long-term in Spain.
Pre-relocation tax planning before acquiring residency
Foreign investors are strongly advised to carry out tax planning before becoming tax residents in Spain. Selling assets with capital gains, donating wealth, or restructuring assets through trusts or companies before moving can prevent future taxation in Spain and ensure a more efficient transition after the Golden Visa ends.
Using double tax treaties to avoid double taxation
Spain has signed over 90 double tax treaties (CDIs), which help foreign investors avoid double taxation on income such as dividends, interest, or capital gains generated abroad. These agreements are crucial for optimizing global tax exposure, especially for individuals relocating to Spain from countries with high tax burdens.
Consulting international tax advisors for tailored planning
With the end of the Golden Visa in Spain, foreign investors should seek professional tax advice to structure their investments and assets legally and efficiently. Working with international tax lawyers ensures compliance with Spanish regulations while maximizing tax benefits, succession planning, and asset protection between Spain and other jurisdictions.
At Golden Partners, our team of experts specializes in cross-border taxation and can assist you in designing the optimal structure for your relocation or investment strategy in Spain.
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