From investment to income, the rise of non-lucrative visas after the Golden Visa era

August 13, 2025 at 14:12 PM EDT

Spain’s immigration landscape has entered a new phase following the official elimination of the Golden Visa programme. This policy change marks a shift away from investment-based residency schemes toward more sustainable and socially integrated pathways. At the centre of this transition stands the non-lucrative visa, now emerging as a leading alternative for non-EU nationals seeking to reside in Spain.

TG Legal Consulting, a law firm specialising in immigration and tax law, has observed a steady increase in demand for the non-lucrative visa and actively supports this route as a preferred solution in the post-Golden Visa context.

A stable, non-investment-based residency path

The non-lucrative visa allows individuals to live in Spain without engaging in any local economic activity. It is especially attractive for retirees, remote workers, and financially independent individuals. Applicants must demonstrate sufficient financial means to sustain themselves in Spain, full private health insurance with coverage throughout the country, clean criminal records and adequate accommodation

Unlike the Golden Visa, which required real estate or capital investment, the non-lucrative visa offers a more inclusive and lifestyle-driven model of migration, based on residency rather than acquisition.

TG Legal Consulting’s commitment to aplicants

TG Legal Consulting offers end-to-end legal support for individuals and families applying for the non-lucrative visa. The firm’s team provides expert guidance on eligibility assessment, financial documentation and justification of funds, insurance requirements, preparation of forms and legal declarations, application submission and follow-up, and renewals and compliance with Spanish immigration rules

TG Legal Consulting ensures that each application is thoroughly prepared and aligned with current legal standards, reducing the risk of delays or rejections and ensuring a smooth relocation process.

A new direction in Spain’s migration policy

The decline and subsequent removal of the Golden Visa reflect a broader policy shift in Spain, aligned with concerns about housing speculation, social equity, and long-term integration. While investment-driven migration brought capital into the country, it also raised critical issues about affordability and sustainability.

The non-lucrative visa responds to a new type of migrant: individuals looking for quality of life, cultural immersion, and personal stability. TG Legal Consulting notes a growing number of applicants from countries such as the United States, Canada, the UK, and Latin America, many of whom seek to relocate permanently under a secure legal framework.

As the Golden Visa becomes a thing of the past, the non-lucrative visa is consolidating its role as the cornerstone of Spain’s modern migration model. TG Legal Consulting remains committed to this path, offering professional, reliable legal services to ensure applicants can transition to life in Spain with confidence, clarity, and legal certainty.

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From investment to income, the rise of non-lucrative visas after the Golden Visa era

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