For more than a decade, Spain’s Golden Visa gave non-EU buyers a route to Spanish residency through qualifying investment, most commonly through the purchase of at least €500,000 in real estate. Buying property in Marbella after the Golden Visa now means separating the property purchase from the question of Spanish residency.
That changed on 3 April 2025, when Spain officially ended the programme for new applicants as part of the government’s wider response to housing affordability and supply. Marbella was directly relevant to that discussion: government figures published around the proposed change showed Golden Visa-linked purchases accounting for 7.1% of property sales in Marbella during the period analysed.
More than a year later, international buyers are still active in Marbella, but the relationship between buying property and securing residency has changed. The fundamentals that attract buyers remain familiar: lifestyle, connectivity, established international communities and a strong selection of prime property. So what does life after the Golden Visa actually mean for someone considering buying in Marbella today?
What Was the Golden Visa?
Spain introduced the Golden Visa in 2013 as a way to encourage international investment. It was available to non-EU nationals through several qualifying investment routes, but property became by far the most familiar.
For real estate buyers, investing at least €500,000 in Spanish property could provide access to investor residency, subject to the programme’s requirements. The appeal was not simply the residence permit itself. It offered international buyers a relatively flexible way to combine owning a home in Spain with Spanish residency and access to the wider Schengen Area.
By the time the government announced plans to end the programme, 94% of Golden Visas were linked to real estate investment, according to official figures. Marbella was among the markets where this type of investment had become particularly visible.
Why Did Spain End the Golden Visa?
The Spanish government announced its intention to remove the property-linked Golden Visa in April 2024, with the change ultimately taking effect on 3 April 2025.
The reasoning was largely centred around housing. The government argued that investment-linked property purchases were concentrated in markets already experiencing high prices and limited residential supply. Málaga was among the six provinces that accounted for 90% of the real estate-linked Golden Visa authorisations granted nationally.
The government’s position was that access to housing should take priority over maintaining property investment as a route to residency.
So, What Has Actually Changed for Marbella Buyers?
The biggest change is simple: buying a property and obtaining Spanish residency are now two separate processes.
Before April 2025, an eligible non-EU buyer purchasing a qualifying property could potentially use that investment as the basis for a Golden Visa application. Today, buying a €500,000 property, a €2 million villa or a significantly more valuable home does not in itself provide a new right to Spanish residency.
What has not changed is equally important. International buyers can still purchase property in Marbella. The end of the Golden Visa did not introduce a general restriction preventing non-EU nationals from owning Spanish real estate.
For someone buying a second home and planning to remain primarily resident elsewhere, the practical difference may therefore be relatively small. For someone purchasing specifically because they want to relocate to Spain, the change matters much more.
Who Is Most Affected by the Change?
The buyers most affected are those who previously saw property investment as both a real estate decision and a straightforward route to residency.
For example, a non-EU buyer might previously have chosen a Marbella property above the €500,000 threshold partly because it could support a Golden Visa application. That connection no longer exists.
A buyer looking for a holiday home, investment property or second residence without intending to become resident in Spain can still approach the Marbella property market much as before. A buyer planning to spend substantial time here, work from Spain or relocate with their family now needs to consider the appropriate residence route separately from the property search.
That distinction is perhaps the most important thing to understand about life after the Golden Visa.
What Are the Alternatives to the Golden Visa?
Spain still offers several residence routes for non-EU nationals. The right option depends much more on the individual buyer than on the value of the property they purchase.
The Non-Lucrative Visa can be relevant for people who have sufficient financial resources and want to live in Spain without working. The Digital Nomad Visa may suit remote professionals working primarily for companies or clients outside Spain. Other routes exist for employment, highly qualified professionals, entrepreneurs and certain business activities.
These are not direct replacements for the Golden Visa. Each has its own requirements around income, work, time spent in Spain and documentation.
For buyers considering a permanent or semi-permanent move to Marbella, it therefore makes sense to look at the property purchase, immigration position and tax planning together rather than treating residency as something that automatically follows the purchase.
What About Existing Golden Visa Holders?
The programme ending did not automatically cancel Golden Visas that had already been granted.
Applications submitted before the new rules took effect may continue to be processed under the regulations that applied when they were filed. Valid investor visas and residence authorisations also remain valid for the period for which they were issued, while renewals may continue to be handled under the rules applicable when the original authorisation was granted.
This makes the situation very different for an existing Golden Visa holder compared with someone buying in Marbella for the first time in 2026. Existing holders should seek individual legal advice before changing or selling the investment connected to their original authorisation.
Has the End of the Golden Visa Changed Marbella’s Property Market?
It would be easy to assume that removing a property-linked residency incentive would significantly reduce international demand. More than a year after the Golden Visa ended, however, recent market data suggests that its abolition has done little to slow demand at the luxury end of Spain’s property market.
According to the 2026 Luxury Housing Market Report, commissioned by Hiscox and produced by Catella, international buyers now account for an estimated 60% of demand for ultra-luxury property in Spain. Closer to Marbella, the international profile is particularly clear in Benahavís, where foreign buyers account for around 84% of luxury property purchases, according to the report.
The figures reinforce a broader point: while the Golden Visa was relevant, residency was never the only reason international buyers chose Marbella and the surrounding areas. At the luxury end of the market, lifestyle, security, residential quality and the property itself continue to carry significant weight.
A Broader Shift in How International Buyers Think
There is also a broader way of looking at Marbella’s role for international buyers. For many, one country no longer needs to serve every purpose at once. Business interests may sit in one place, tax residence in another, and Marbella can still be the place where they choose to own a home and spend a meaningful part of the year.
In that sense, the end of the Golden Visa has made Marbella’s underlying appeal clearer. Buyers are looking more closely at the strength of the location, the quality of the property and how well it fits into their broader lifestyle, rather than the residency benefit attached to the purchase.
For the right buyer, Marbella does not need to be a visa solution to make sense.
Buying in Marbella After the Golden Visa
For international buyers, the process is now arguably clearer in one important respect: the property decision and the residency decision should be considered independently.
If the objective is simply to own a home in Marbella, the end of the Golden Visa does not remove that opportunity. If the objective is to live in Spain, the conversation needs to begin earlier around immigration status, tax position and how much time the buyer intends to spend here.
That makes good preparation more important, particularly for non-EU buyers. Understanding residency options before committing to a property can help ensure that the home, ownership structure and longer-term plans all make sense together.
Marbella Beyond the Golden Visa
The Golden Visa played a role in Spain’s international property market, but it was never the only reason people chose Marbella. Its appeal has always extended well beyond residency, and the latest luxury market data suggests that international demand remains a defining part of the market.
For buyers in 2026, the key difference is simple: buying property and securing residency are now separate decisions.
At Elliott James, we work with international buyers at every stage of the Marbella property journey, from identifying the right areas and properties to connecting clients with the professional advice they need along the way. If you are considering buying property in Marbella after the Golden Visa, explore our latest properties or get in touch with our team.