Despite the end of Spain’s ‘Golden Visa’, luxury foreign property investors remain active. Discover how high-net-worth buyers are using REITs, private funds, and family trusts to invest in prime Spanish luxury real estate, optimize taxes, and unlock high-yield asset opportunities.
Spain’s Luxury Real Estate Investors Adapt: Corporate Structures Rise After Golden Visa Ends
The luxury real estate landscape in Spain is evolving rapidly. Following the government’s decision in April 2025 to eliminate the famed ‘Golden Visa’ program, many predicted a sharp decline in foreign investment for prime residential properties. However, this expectation has proven inaccurate: high-net-worth international buyers remain undeterred, simply adapting their strategies to the new conditions.
The End of the Golden Visa: What Happened?
Spain’s Golden Visa, introduced in 2013, granted non-EU buyers residency if they invested at least €500,000 in Spanish property. Over a decade, more than 14,500 residencies were issued, contributing modestly to foreign investment in Spain’s high-end markets. Yet, with persistent concerns over housing affordability and speculation, the Spanish government ended the program in April 2025, especially targeting its influence in prime coastal and urban areas.
Foreign Demand In Prime Markets Remains Robust
Despite predictions of market disruption, luxury real estate demand from foreigners remains resilient. In Q1 2025, 56% of homes priced above €1 million were purchased via legal entities such as private real estate funds, REITs, family trusts, and holding companies. Over 60% of these buyers have no intention of permanent residency—a clear sign that the loss of residency incentives has not dampened buyer appetite.
According to a report from The Simple Rent, the luxury segment is more sophisticated than ever:
- Buyers target high-yield assets and premium products like exclusive villas, penthouses, and heritage apartments.
- Strategic location, privacy, and access to luxury services are key priorities, not migration.
- Interest continues from investors in the United States and Latin America, who traditionally purchase for portfolio diversification, second homes, or providing housing for family members studying in Spain.
A Shift to Corporate Structures and Tax Efficiency
The fall of the Golden Visa opened the door for foreign buyers to explore tax-efficient structures. Rather than purchasing as individuals, luxury buyers now favor corporate channels:
- Private Real Estate Funds and REITs for diversified, professionally managed holdings;
- Family Trusts and holding companies that offer privacy, flexibility, and significant tax advantages;
- Flipping strategies (buy-renovate-sell) managed through legal entities, enhancing asset returns.
This trend demonstrates increasing market sophistication and a clear intention to focus on asset profitability and capital appreciation, rather than seeking Spanish residency.
Spain: An Aspirational, Not Migratory, Destination
Experts stress that Spain continues to appeal to international millionaires not just for residency, but for lifestyle, profit, and portfolio stability. Many high-net-worth buyers do not even plan to use their properties year-round, instead opting for second homes, seasonal rentals, or secure investments for family.
Latin American buyers, for example, rarely seek residency since they already benefit from favorable rules under Spain’s Civil Code. Their purchases often serve family, investment, or lifestyle goals, not migration.
And for those seeking legal stay beyond real estate investment, Spain now offers alternative options, such as entrepreneurial or digital nomad visas.
Luxury Real Estate Market Stays Strong and Sophisticated
The withdrawal of the Golden Visa has refined, not reduced, foreign demand for Spanish luxury property. Wealthy buyers are leveraging advanced legal and financial structures to maximize returns, minimize taxation, and access Spain’s most exclusive assets. With resilience from US, European, and Latin American investors, Spain remains a global leader for luxury property investment.
Are you interested in luxury real estate investment in Spain?
Stay tuned to expert insights and trending news to navigate the evolving world of Spanish luxury property—where strategy, sophistication, and opportunity await even in a post-Golden Visa landscape.