Goodbye Golden Visa: The Real Alternatives for Foreigners Who Want to Invest in Mallorca in 2026
In short: Spain’s Golden Visa, which allowed you to obtain residency by buying a property worth at least €500,000, ceased to exist on 3 April 2025. Buying a home in Mallorca is still just as free as ever, but if what you were after was residency in exchange for your investment, you need to know the real alternatives available in 2026.
The end of an era: what actually happened
On 3 April 2025, Organic Law 1/2025 came into force, completely eliminating residence permits linked to real estate investment above €500,000 — popularly known as the “Golden Visa”.
Spain’s then Housing Minister, Isabel Rodríguez, justified the move by saying that eliminating the “property-based Golden Visas” would “give opportunities to those who today struggle to access housing”, according to the official statement from La Moncloa. The government framed the decision as part of its housing-access policy, not as a measure against foreign investment in general.
The move also followed a 2022 European Commission recommendation urging member states to scrap this kind of “investor visa” scheme, and came after countries like Portugal and Ireland had made similar decisions.
What if I already have a Golden Visa?
Good news if that’s your situation: the elimination is not retroactive. If you obtained your Golden Visa before 3 April 2025, it remains fully valid and you can renew it under the previous rules. The change only affects new applications, which are no longer accepted through this route as of that date.
Important: buying in Mallorca is still unrestricted
This is where the most common confusion comes in, so it’s worth clearing up: the Golden Visa was never a requirement to buy a property in Spain. Any foreigner, whether from the EU or not, can still buy a home in Mallorca with no legal limit currently in place.
What has disappeared is only the automatic residency route tied to that purchase. If your goal is simply to own a home on the island — for holidays, letting, or as an investment — nothing has changed for you. If your goal was also to live legally in Spain, you need one of the alternatives explained below.
The real alternatives in 2026
None of these routes require buying a property, but all of them are compatible with doing so. The difference from the old Golden Visa is that residency is now based on income, work, or a genuine tie to Spain, not on the amount invested in a property.
| Visa | Designed for | Approximate financial requirement |
|---|---|---|
| Non-lucrative residency | People with passive income or savings (retirees, rentiers) | Approx. €2,400/month (400% of IPREM) |
| Digital nomad visa | Remote workers for foreign companies | Approx. €2,850/month (200% of SMI) |
| Student visa | Enrolment at a Spanish educational institution | Approx. €600/month (100% of IPREM) |
| “Arraigo” (rooted-status) permit | People already residing in Spain (2+ years) | Employment contract or sufficient means |
The most common route for second-home buyers: non-lucrative residency
For the typical profile of buyer on our site — someone who no longer works, or who lives off passive income and wants to spend long stretches of time in Mallorca — the non-lucrative residency visa is now the most natural route. It doesn’t require investing in a property, but if you also buy a home, it can serve as your address and as evidence of your ties to the island.
- Does not allow employed work in Spain, though certain self-employed activities may be allowed depending on the case.
- Requires proof of sufficient financial means and private health insurance.
- Is renewable, and over time can lead to permanent residency.
If you still work remotely: the digital nomad visa
If you’re still working — for a company or clients outside Spain — the digital nomad visa is the more interesting option: unlike the non-lucrative visa, it does let you earn income from your work while living in Mallorca, as long as the bulk of your activity is directed outside Spain.
A little-known advantage over the old Golden Visa: all of these alternatives do count towards Spanish citizenship by residency, something the Golden Visa didn’t offer in the same way.
Our recommendation
Always keep the two decisions separate: where to buy and how to gain residency. Choosing the right property in Mallorca doesn’t depend on the residency route you pick, but it’s worth planning both together, especially if you’re working to specific timelines — for example, a retirement date or a move between countries. An immigration lawyer can tell you in a single consultation which of these routes fits your situation best, before you sign anything.
If you now need to understand the tax side of buying as a non-resident, we also recommend reading our guide to the Modelo 210 form and IRNR tax for non-resident owners.