Spain Golden Visa Guide for Nigerians

Golden Visa in Spain: Eligibility and Benefits

The Golden Visa programme, a long-term resident visa in Spain targeting foreign investors and entrepreneurs and one of the most popular immigration routes to immigrate to Spain, was cancelled from 3 April 2025 onwards.

Spain launched its Golden Visa programme in 2013 with a vision to grow the national economy by attracting non-EU investments and resources. It was meant for foreign nationals who wished to make considerable capital investments in the Spanish economy. As applicants were required to make a considerable capital investment in Spain as a prerequisite to applying for the Golden Visa, it was also called an Investor Visa or a residence-by-investment programme.

Benefits of a Golden Visa

The Golden Visa was a viable option for foreign investors and entrepreneurs to move to Spain along with their families on residence permits that allowed them to live, work and study in the country, and also led to permanent residency in Spain or even Spanish citizenship eventually.

It also allowed visa holders and their family members to enter and exit Spain freely, and obtain visa-free travel access to the EEA countries and Schengen Area. Plus, the Spanish Golden Visa came with no-residency requirement, meaning a visa holder (or their family members) did not have to live in Spain to keep their visa intact. Visiting Spain at least once a year was sufficient to keep the visa and renew it as long as you met the eligibility requirements.

Golden Visa Eligibility Requirements

Non-EEA (the EU countries, Iceland, Liechtenstein and Norway) or non-Swiss foreign citizens, such as Nigerian nationals, were eligible to apply for a Golden Visa if they were able to meet certain investment thresholds. The Spanish government offered a few investment options for Golden Visa purposes, such as:

• Real estate investment option, where one must invest at least €500,000 (excluding applicable taxes) in real estate
• Capital investments of a minimum of €1 million in closed investment funds or venture capital funds
• Investing at least two million euros in Spanish government securities, bonds and bank deposits
• Setting up a new business in Spain which would:

• Bring economic and social benefits to the country
• Create jobs for domestic workforce
• Have a significant socio-economic impact in the local area
• Contribute notably to scientific or technological innovation

Golden Visa Application Process, Visa Processing Time and Costs

The Golden Visa in Spain application started with making the qualifying financial investment while meeting all the related legal requirements. You would also have to obtain an NIE (Foreigner’s Identification Number/tax identification number in Spain) and open a bank account in Spain before applying for a Golden Visa.

The actual visa application was an in-person process, where applicants had to contact the Spanish embassy or consulate in their respective home countries to make a prior appointment for submitting their visa applications along with required supporting documents. On the appointment date, they would often have to attend an interview with a consular officer.

The consular officer would collect the visa fees and inform if the applicant would need to submit additional documents. For minors, a parent or guardian (or a duly accredited representative) could submit their applications on their behalf.

Spanish Golden Visa processing was quite an efficient process, which was another reason for its widespread popularity, with the authorities taking around 10-20 days for arriving at a visa decision. The visa-processing fee was €90. However, applicants were required to pay visa fees in local currency, so the actual amount was subject to fluctuations due to the constantly changing currency conversion rates.

Why Did the Spanish Government End the Golden Visa Programme?

The Spanish government announced their plans to investigate the Golden Visa programme’s feasibility way back in April 2024 as a result of rising concerns in the country, particularly on the programme’s impact on real estate prices. Financial transparency and national security were also areas of increasing concern.

Following the 2008 international financial crisis, Spain, like its many European counterparts, started considering ways to attract foreign investment to help overcome budget deficits and prevent the real estate market from falling apart. In 2013, Spain announced its Golden Visa programme as a crucial step towards economic recovery.

Spain’s Golden Visa quickly became popular among global investors, especially those from China, Russia, the US and the UK, 96% of whom opted for the real estate investment option. In 2023 alone, foreigners acquired more than 87,000 properties in Spain, which constituted 15% of total real estate transactions.

The Golden Visa programme proved to be economically beneficial for Spain as well. Per official data, the country succeeded in attracting around $10 billion investment between 2016 and 2023. However, as the Spanish economy started recovering, property prices and rents started going up, eventually causing a housing crisis for Spanish nationals themselves, especially in cities like Madrid and Barcelona.

Some also argued that while the Golden Visa programme helped a wobbling real estate market, it did little to encourage Spain’s economic growth, falling short of business investments or employment generation. The programme came under the EU’s scrutiny as well. In 2019, the European Commission identified such visa programmes as a “threat to the security of the EU” in their report, urging member states to at least restrict such schemes if not completely do away with them.

On 3 January 2025, the Spanish government published Organic Law 1/2025, terminating the Golden Visa programme. A three-month window was provided to people willing to submit their Golden Visa applications. Accordingly, Spain stopped receiving new Golden Visa applications effective from 3 April 2025 onwards.

Can Existing Spanish Golden Visa Holders Renew Their Visas?

Existing Golden Visa holders are allowed to hold their visa and renew the same as long as they continue meeting the eligibility requirements. People who applied for a Golden Visa before the 3 April 2025 deadline, would also be able to get/hold their visa provided their applications were successful.

If your Spain Golden Visa application is successful, you will be issued a work permit valid for a year. For applicants who have purchased real estate through a deposit contract, the validity of the initial permit is six months. After this period, you will be eligible to apply for a resident permit.

The resident permit is valid for three years and renewable thereafter provided you continue to maintain your respective qualifying investment. You will also need to travel to Spain at least once every year. After five years, you may be eligible to apply for permanent residency in Spain.

After living in Spain continuously for ten years as a permanent resident, you may apply for citizenship by naturalisation provided you have no criminal record and have successfully passed relevant language and cultural exams.

Alternative Long Visa Options to Immigrate to Spain From Nigeria

While the doors are now closed for a new Spanish Golden Visa application, you may consider other long-term visas to immigrate to Spain from Nigeria, which may lead to permanent residency (provided you meet the eligibility criteria including the residency requirement) and eventually Spanish citizenship.

Depending on your immigration circumstances and your reason(s) for coming to Spain from Nigeria, you will have to choose the most suitable option from several Spanish long stay visas, known as National visas or ‘D’ visas. These include:

• Entrepreneur visa
• Non-Lucrative residence ​visa
• Digital Nomad visa
• Employee visa
• Self-employed work visa​
• Visa for highly qualified workers and for intra-company transfers
• Residence visa with working permit exemption​
• Student visa
• Researcher visa 
• Internship visa
• Family reunification visa

Entrepreneur Visa

For an Entrepreneur visa, you must undertake an innovative, entrepreneurial activity in Spain which is of particular economic interest to the country. Your innovative start-up must meet the following parameters:

• Generate employment in Spain
• Create sound investment opportunities
• Leverage high-end technology for day-to-day company operations
• Enhance the country’s socio-economic development

Moreover, your innovative idea must be original and preferably have no existing competitors in Spain. In case competitors already exist in the market, you will need to prove why your business idea is better than theirs. Having patents, recommendation letters or already existing clients will go a long way to increase the chances of your visa approval.

Non Lucrative Residence Visa

A Non-lucrative visa allows foreign nationals with sufficient financial means to stay in Spain without taking up any gainful employment.

You must be able to meet the minimum threshold of passive income and provide evidence thereof, to convince the concerned authorities that you do not intend to take up employment in Spain.

Digital Nomad Visa

This visa allows foreign nationals traveling in Spain to work for companies based outside the country. The visa holder is expected to work on a remote basis through computer, telematic, and telecommunication means.

To apply, you must either be employed for an overseas company located outside Spain, or be self-employed. If the latter, you can also work for a Spanish company, provided the same is not more than 20% of your total amount of professional activity. You must be able to prove your legitimate sources of income.

Spain Employment and Self-Employment Visas

An Emplo​yee visa, a Self-employed work visa​, and visas for highly qualified workers and for intra-company transfers allow foreign nationals to live and work in Spain. If you have received a job offer from a Spanish company, your employer will first apply for a work permit on your behalf. On the other hand, if you want to set up a business in Spain or work as a freelancer, you need to apply for a self-employment work visa.

Highly qualified professionals, including both foreign nationals in senior management positions and graduates/post-graduates of prestigious educational institutions, might apply to work as highly qualified workers in Spain. Visa for intra-company transfers covers senior management personnel, specialists or trainees to perform pre-approved work activities in Spain when the transfer is made within the same company or group of companies.

A residence visa with work permit exemption allows eligible foreign nationals to live and work in Spain without the need of applying previously for a work permit. Researchers, scientists, teachers or technicians invited or contracted by Spanish authorities or a university, reputed managerial/teaching/research staff from cultural or educational institutions, civil servants, military officers under bilateral cooperation agreements, foreign media correspondents, artists, etc. might be eligible for this visa.

Student Visa

International students, who have already received an acceptance letter from an accredited Spanish school or educational institution, will need to apply for a long stay visa for study purposes if their course duration is longer than three months.

A long stay study visa in Spain can be applied for any of the following purposes:

• Full-time studies for a diploma, certificate, or degree
• Exchange programs for secondary schools
• Doctoral studies
• Teaching assistantship
• Training
• Internships at private or public entities that do not qualify for Spain internship visa
• Au pair programs
• Conversation class assistants
• Volunteer work

Researcher and Internship Visas

A Researcher visa allows foreign nationals to carry out research activities in a university, business, or research organization in Spain. You must have an offer from such Spanish entities to be eligible to apply.

Foreign nationals with a university degree obtained in the past two years (or those pursuing a university degree level course) will have to apply for an Internship visa to participate in an internship programme in Spain.

Family Reunification in Spain

Foreign nationals with resident status in Spain might bring their following family members to the country via the family reunification route:

• Spouse/partner
• Minor (or disabled) children, biological or adopted, represented legally by the applicant
• Parents of the applicant or their spouse/partner, if they are above 65 and in the care of the applicant

Long Stay Visas to Permanent Residency and Citizenship in Spain

Nigerian nationals lawfully living in Spain on eligible long-term residency permits may apply for permanent residence after residing in the country for a specified period. Working in Spain is not a prerequisite to obtain permanent residence in the country.

A permanent residence permit in Spain gives you access to various rights and benefits, such as:

• Right to indefinite residency with your eligible family members without any restrictions
• Right to work or study in Spain under the same conditions as for Spanish citizens
• Access to Spain social security benefits and public healthcare
• Travelling visa-free in the Schengen Area
• Right to retain your nationality and passport issued by your home country
• Apply for Spanish citizenship after ten years

A permanent residence is issued indefinitely, so they will not need to renew it unlike a temporary residence permit. After living in Spain continuously for ten years as a permanent resident, you may apply for citizenship by naturalisation provided you have no criminal record and have successfully passed relevant language and cultural exams.

Other Golden Visa Options in Europe

Among other EU countries, the golden visa programmes of Greece, Italy, Malta, Latvia and Portugal are the most popular ones. The Greece golden visa comes with a relatively low investment requirement, making it one of the most affordable immigration pathways to Europe. You can obtain a golden visa in Greece by investing just €250,000 in real estate.

The Italian golden visa lets you get residency in return of a minimum investment of €250,000, but it should be for innovative start-ups. You may also invest in Italian companies (at least €500,000), government bonds (at least €2 million), or donate to public projects in Italy promoting culture or education (€1 million).

To obtain citizenship by investment in Malta, there are a combination of different investment requirements. You may either buy real estate worth €375,000 or rent one for €14,000 annually for at least five years. Plus, you must contribute €37,000 to the economy, donate €2,000 to a non-governmental organisation, and also pay a non-refundable administration fee of €60,000.

You can get a golden visa in Portugal by investing €250,000 in qualifying funds or cultural projects. The Portuguese government has terminated the former real estate investment option. To get an investment-based residence permit in Latvia, you may buy property (at least worth €250,000), make a bank deposit (€280,000), buy government securities (€250,000) or invest in a Latvian company (€50,000 into the share capital of the company and €10,000 to the state budget).

You may also want to explore similar residency by investment programmes in Europe offered by Hungary, Cyprus, Bulgaria, Luxembourg, or Switzerland.

Golden Visa Options in Other Parts of the World

Apart from the European countries, certain other nations also offer golden visa-like programmes or citizenship-by-investment options, such as:

1. UAE Golden Visa
2. St. Kitts and Nevis 
3. Antigua and Barbuda citizenship by investment
4. Dominica citizenship by investment
5. Türkiye citizenship by investment
6. The US Investor Visa
7. Grenada citizenship by investment
8. St Lucia citizenship by investment
9. Vanuatu citizenship by investment
10. Nauru citizenship by investment

All these programmes have their pros and cons. Plus, not all of the above countries may be appealing to foreign investors, or suitable for you and your family given your immigration circumstances. We strongly recommend consulting with a reputed and experienced immigration lawyer to discuss your situation and explore your options.

How Can IAS Help?

Spanish immigration rules are complex and varied in nature. All visa applications are subject to stringent checks by Spanish consular authorities to rule out any immigration abuse. Even if you meet the eligibility requirements, you must pay due diligence while filling up the relevant form(s) as well as arranging for supporting documentation.

The Spain Golden Visa was a comparatively easier and viable route to residency in Spain for foreign investors and entrepreneurs. However, now that it is closed for new applicants, you must consider what other options you have to move to Spain from Nigeria, or explore other countries that still offer a golden visa option.

Note that immigration controls are tightening almost everywhere in the world, and appealing a visa refusal is not only a lengthy but also an expensive process. In certain scenarios, you may not have the opportunity to appeal or ask for an administrative/judicial review at all. Focus on getting your visa application right at the first time.

As such, please consider consulting an immigration lawyer before and during your immigrant visa application. Speak to IAS.

Our team of sympathetic immigration lawyers come with the required expertise and legal knowledge to assist you, even if your circumstances are complex. If you are seeking overall advice with your long-term visa application or you would like an immigration expert to complete your application on your behalf, we are happy to help.

We offer a document and application checking service, in case you just need us to conduct a final check to confirm that your documents and application adhere to Spanish immigration regulations. IAS also has an appeal package if you would need to appeal your visa refusal. To find out more about the bespoke services we provide to the Spanish D visa applicants and how we can help you, reach out to our legal team today on +2342013306361.