Isobel Neilson, director at law firm Fragomen, writes:
“The closing of the Investor visa in Spain from 3 April 2025 will be a huge blow for retirees from the UK looking to move to Spain.
“They will now have to look to other passive routes to obtain residency such as the non-lucrative visa – this is unfortunately less flexible, does not allow the applicant to work (even remotely) in Spain and requires full time residency (6 months a year) to maintain the status.
“One of the requirements of this visa is that the applicant needs to evidence accommodation in Spain. This can either be through a lease or showing title deeds to a property in Spain.
“If the proposed 100% tax on home ownership for non-EU nationals were to be introduced our clients would most likely look to rent instead of buying or alternatively explore other more favourable EU jurisdictions offering similar status such as the D7 visa in Portugal or the elective residency permit in Italy.”
And Seila Sanches Lucas, a lawyer at international law firm Broadfield, comments:
“The proposal by the Spanish Prime Minister will be concerning for those that have already chosen to retire in Spain and for those considering a retirement in the sun.
“It is just a proposal at this point in time and is not guaranteed to make it onto the Spanish statute books.
“It would be interesting to know whether this proposal would extend to the entire country or to particularly regions. UK nationals who have already retired and living in Spain will also want to know whether this tax could be levied retrospectively.
“It should be noted that some consider the Spanish Prime Minister is politically vulnerable and this may simply be a pre-election soundbite to boost his popularity. Even if adopted, the legislative process in Spain is tortiously slow and it is perhaps a little early for UK nationals to worry about this proposal.
“If adopted, there are many other jurisdictions looking to attract wealthy retirees and investors. For example, Dubai has been called the ‘New Marbella’.”