Spain Real Estate
Spain real estate has no foreign ownership restrictions, 94 million annual tourists, and Andalusian markets still 9% below pre-crisis peaks. The Golden Visa is gone. The fundamentals remain.
Vetted
properties
Pre-construction and ready-to-deliver properties from developers who have passed our vetting standard.
Why investors
choose Spain
The Spain real estate market shifted in April 2025 when the Golden Visa was abolished. What remains is one of the world's most-visited countries, zero foreign ownership restrictions, and regional markets like Cadiz still trading below 2008 peaks. This is 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-resident)
Annual international tourists
What foreign
buyers must know
Understanding the legal framework is essential for any investment in Spain. Here are the key structures and processes.
No Golden Visa (Abolished April 2025)
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.
Foreign Ownership & NIE
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.
Tax Reality for US Buyers
Non-residents pay a flat 19% capital gains tax on property sales, regardless of EU status. Rental income is taxed at 24% for non-EU/EEA owners (19% for EU/EEA); following a 2025 court ruling, non-EU owners may now deduct income-generating expenses. 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.
What to weigh,
and what we vet for
International buying has a few moving parts in every market. Here is what to consider in Spain, and the standard every developer clears before we list them.
Key Considerations in Spain
- •Spain places no restrictions on foreign ownership; a tax number (NIE) is needed before purchase.
- •Residency runs through non-investment routes such as the non-lucrative and digital-nomad visas.
- •Tax planning matters for non-EU owners, covering capital gains and imputed income, so plan it early.
- •Transfer tax and closing costs vary by autonomous community, so confirm them up front.
What We Vet For
- ✓Completed Project History: Proven track record of successfully delivered developments with documented on-time completion history.
- ✓Buyer Infrastructure: Legal and transaction support, financing advice, and post-sale services designed for international buyers.
- ✓Design and Build Quality: Build quality, materials, and design, reviewed at completed projects where possible.
- ✓Market Reputation: Developer claims cross-checked against public records, operating history, industry references, and local market feedback where available.
- ✓Community Amenities: Quality of shared amenities, community design, and resident services, reviewed where possible.
Every developer on this page cleared our vetting standard.
Who thrives
in Spain
Not every market fits every investor. These profiles are where Spain has the strongest alignment between market fundamentals and investor goals.
Lifestyle & Vacation
Personal use combined with short-term rental income. Curated beachfront and resort developments.
Explore strategy →Retirement
Healthcare proximity, stable communities, favorable climates. Verified developer delivery records.
Explore strategy →Portfolio Diversification
Hard assets in non-correlated emerging markets. Inflation hedge and currency diversification.
Explore strategy →Guides for
Spain
What we have published on buying, owning, and paying tax on property in Spain.
Spain
vs. alternatives
A side-by-side on the metrics that matter against markets a Spain investor is likely also evaluating. Current data, no spin.
| Metric | Spain | Portugal | Greece |
|---|---|---|---|
| Avg. price per sqm | €3,100 | €3,908 | €3,200 |
| Annual appreciation | — | 5.9% | 8-12% |
| Foreign ownership | Direct ownership for foreigners | Direct ownership for foreigners | Direct ownership for foreigners |
| Tax/Visa advantage | No foreign-ownership limits; flat 19% CGT | Golden Visa via fund route | Golden Visa at EUR 800K |
| Best for | Lifestyle, retirees | Retirees, lifestyle | Golden Visa, pre-construction |
Investing in
Spain
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.
A property purchased for EUR 300,000 and sold for EUR 400,000 (a EUR 100,000 gain) incurs Spain's flat 19% non-resident capital gains tax, about EUR 19,000. The US-Spain tax treaty allows you to credit this amount against your US tax liability, so true double taxation is unlikely. That is broadly in line with Cyprus (20%) and above Montenegro (15%), while Greece has suspended its CGT through 2026. 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.
Explore vetted developers
in Spain
No pressure, no obligation. Just a confidential conversation about your investment goals.