Spain real estate has no foreign ownership restrictions, 85 million annual tourists, and Andalusian markets still 9% below pre-crisis peaks. The Golden Visa is gone. The fundamentals remain.
Pre-construction and ready-to-deliver properties from developers who have passed our vetting standard.
The Spain real estate market shifted in April 2025 when the Golden Visa was abolished and non-EU capital gains tax jumped to 30%. What remains is Europe's most visited country, zero foreign ownership restrictions, and regional markets like Cadiz still trading below 2008 peaks. This is now a lifestyle-and-yield play, not a residency play. Investor due diligence on tax implications is essential.
Avg. price per sqm (Cadiz city)
Cadiz province rental yield
Capital gains tax (non-EU, 2025+)
Annual international tourists
Understanding the legal framework is essential for any investment in Spain Real Estate. Here are the key structures and processes.
Spain terminated its property-based Golden Visa on April 3, 2025 via Organic Law 1/2025. No replacement program exists. Existing holders are honored. Alternative residency routes include the Non-Lucrative Visa (passive income, no work), Digital Nomad Visa (remote workers), and Self-Employment Visa. None are tied to property investment. Spain can no longer be positioned as a residency-by-investment destination.
Spain places no restrictions on foreign property ownership. US citizens can purchase any type and number of properties. A Numero de Identificacion de Extranjero (NIE) is mandatory before any transaction, obtainable at Spanish consulates or local police stations in 1-21 days. A Spanish bank account is required for mortgage applications, tax payments, and utility setup. All transactions close before a notario publico.
Non-EU residents now face a 30% capital gains tax on property sales (up from 19% pre-2025). Rental income for non-EU owners was raised to 30% from 2025 (up from 24%), with no expense deductions allowed. An imputed income tax applies even on vacant properties. The wealth tax (Impuesto sobre el Patrimonio) may apply on Spanish assets above EUR 700,000. The US-Spain tax treaty provides foreign tax credits.
International buying has a few moving parts in every market. Here is what to consider in Spain Real Estate, and the standard every developer clears before we list them.
Not every market fits every investor. These profiles are where Spain Real Estate has the strongest alignment between market fundamentals and investor goals.
Personal use combined with short-term rental income. Curated beachfront and resort developments.
Explore strategy →Healthcare proximity, stable communities, favorable climates. Verified developer delivery records.
Explore strategy →Hard assets in non-correlated emerging markets. Inflation hedge and currency diversification.
Explore strategy →A side-by-side on the metrics that matter against markets a Spain Real Estate investor is likely also evaluating. Current data, no spin.
| Metric | Spain Real Estate | Portugal Real Estate | Greece Real Estate |
|---|---|---|---|
| Avg. price per sqm | €3,100 | €3,908 | €3,200 |
| Annual appreciation | 5.4% | 5.9% | 8-12% |
| Foreign ownership | Direct ownership for foreigners | Direct ownership for foreigners | Direct ownership for foreigners |
| Tax/Visa advantage | 30% CGT headwind for non-EU | Golden Visa via fund route | Golden Visa at EUR 800K |
| Best for | Lifestyle, retirees | Retirees, lifestyle | Golden Visa, pre-construction |
Spain's property-based Golden Visa was officially abolished on April 3, 2025. The government argued the program contributed to rising property prices in Madrid and Barcelona. Applications submitted before the deadline are being processed, and existing holders retain their status. No replacement investment-based residency program has been introduced. Investors considering Spain must now evaluate it purely on financial returns and lifestyle value, without the residency benefit.
Significantly. A property purchased for EUR 300,000 and sold for EUR 400,000 would incur EUR 30,000 in Spanish CGT, compared to EUR 19,000 under the old rate. The US-Spain tax treaty allows you to credit this amount against your US tax liability, so true double taxation is unlikely. But the effective rate is materially higher than in Greece (0% through 2026), Cyprus (20%), or Montenegro (15%). Factor this into your exit planning.
None. Buying property in Spain has no foreign ownership restrictions. US citizens can purchase residential, commercial, or agricultural property without limits on number or type. The only requirement is obtaining an NIE (tax identification number) before purchase. No government approval or waiting period applies. This openness is one of Spain's genuine advantages, even after losing the Golden Visa.
Budget EUR 1,000-3,500 annually. This includes IBI property tax (EUR 200-800, based on cadastral value), basura waste tax (EUR 50-200), community fees for apartments or urbanizations (EUR 600-2,400), and a mandatory non-resident income tax on imputed rental value (approximately EUR 200-500 per year, even if the property sits vacant). The imputed income tax is unique to Spain and catches many foreign buyers off guard.
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