The New Go-To Visa After the Golden Visa Ended

When Spain officially terminated its Golden Visa program in April 2025 — ending the ability to obtain residency through a €500,000+ real estate investment — many international investors and entrepreneurs were left wondering about their options. The answer, for most business-minded individuals, is the Entrepreneur Visa (Visado de Emprendedor), a pathway established under Spain’s Startup Law (Ley 28/2022) that rewards innovation, job creation, and strategic investment over passive property purchases.

The Entrepreneur Visa is now Spain’s primary residency route for founders, investors, and business operators who want to launch or relocate a venture to Spanish soil. Unlike the Golden Visa, which required only a large bank transfer, the Entrepreneur Visa demands a genuine business plan and a project that Spain considers beneficial to its economy. It is more involved — but it also comes with significant advantages, including Beckham Law eligibility, access to Spain’s startup ecosystem, and a genuine path to building a European business presence.

The “Innovative Project” Requirement

The cornerstone of the Entrepreneur Visa is proving that your business project is innovative and of economic interest to Spain. Spanish authorities evaluate applications based on four main criteria:

1. Innovation — Does the project introduce new or significantly improved products, services, or processes? Pure innovation (tech, biotech, AI) scores highest, but creative applications in traditional sectors also qualify.
2. Economic interest for Spain — Will the project create jobs, contribute to local economic development, or fill a gap in the Spanish market?
3. Professional profile of the applicant — Do you have relevant education, experience, or a track record that makes you credible as the project’s leader?
4. Business plan viability — Is the financial model sound? Do you have sufficient investment or funding to execute the plan?

It is important to understand that “innovative” does not necessarily mean “technology startup.” Spain has approved Entrepreneur Visas for projects in sustainable agriculture, renewable energy installations, innovative hospitality concepts, health-tech services, creative industries, and educational platforms. The key is demonstrating that your project brings something new or improved to the Spanish economy.

The Two-Step Process: ENISA Report + Visa Application

The Entrepreneur Visa follows a distinctive two-step process that separates it from most other Spanish visa categories:

Step 1: Obtain a Favorable Report from ENISA

Before applying for the visa itself, you must obtain a favorable report (informe favorable) from ENISA (Empresa Nacional de Innovación), Spain’s national innovation agency operating under the Ministry of Industry, Trade, and Tourism.

To request the ENISA report, submit the following through their online portal:

• A detailed business plan covering your project concept, target market, competitive analysis, financial projections (3–5 years), and implementation timeline
• Your professional CV highlighting relevant experience, education, and any prior entrepreneurial ventures
• Proof of funding or a credible financing plan — this can include personal savings, investment commitments, grants, or letters of intent from investors
• Documentation of the innovative aspects of your project — patents, prototypes, market research, or technical specifications

ENISA aims to respond within 20 business days. The report evaluates whether your project meets Spain’s innovation and economic interest criteria. A favorable report is essential — without it, the visa application will be rejected.

Practical tip: The business plan is the single most important document. Invest in having it professionally prepared, ideally with input from a Spanish business consultant or lawyer who understands what ENISA evaluators look for. Plans written in Spanish tend to be processed faster, though English submissions are accepted.

Step 2: Apply for the Entrepreneur Visa

With a favorable ENISA report in hand, you can proceed to the visa application through the UGE (Unidad de Grandes Empresas y Colectivos Estratégicos) or at your local Spanish consulate:

1. Complete the visa application form and gather supporting documents
2. Submit your application along with the favorable ENISA report
3. Receive a decision within 20 business days — as with the Digital Nomad Visa, administrative silence is considered a positive resolution
4. Collect your visa and travel to Spain
5. Apply for your TIE within 30 days of arrival

Business Plan Requirements in Detail

A strong Entrepreneur Visa business plan should include:

• Executive summary — a clear, concise overview of the project, its innovation, and its expected impact
• Market analysis — demonstrating demand in the Spanish and/or European market, including competitor analysis
• Product or service description — what exactly you will offer and why it is innovative
• Team and management — your experience and any key hires planned
• Financial projections — 3 to 5 years of projected revenue, costs, and profitability. Include your initial investment amount and how funds will be deployed
• Job creation plan — how many positions will be created and on what timeline. Job creation is heavily weighted by ENISA
• Social and economic impact — contribution to the local economy, sustainability goals, or alignment with Spain’s strategic priorities

Financial Requirements and Proof of Funds

There is no fixed minimum investment amount for the Entrepreneur Visa — unlike the former Golden Visa’s €500,000 threshold. However, you must demonstrate that you have sufficient funds to execute your business plan and to support yourself in Spain during the startup phase.

In practice, most successful applications involve:

• €30,000–€100,000+ in available capital for the business, depending on the sector and scale
• Personal financial means to cover your living expenses for at least 12 months (approximately €28,800 for a single applicant, based on 400% of the IPREM)
• Bank statements, investment portfolios, or funding commitments backing up the numbers in your business plan

ENISA evaluators will scrutinize whether your financial projections are realistic given the capital you have available. Underfunded plans with ambitious projections are a common reason for rejection.

Sectors Spain Is Actively Encouraging

Spain’s economic strategy prioritizes certain sectors for innovation and investment. Entrepreneur Visa applications in these areas tend to receive more favorable evaluations:

• Renewable energy and cleantech — solar, wind, energy storage, grid technology, and sustainability solutions
• Technology and SaaS — software platforms, cloud services, cybersecurity, and digital transformation tools
• Artificial intelligence and machine learning — including applications in healthcare, logistics, agriculture, and finance
• Biotechnology and health-tech — pharmaceutical innovation, medical devices, telehealth platforms, and clinical research
• Agri-tech and sustainable agriculture — precision farming, organic supply chain innovation, and food technology
• Creative and cultural industries — film production, gaming, digital media, and cultural tourism innovation
• Smart cities and urban innovation — mobility solutions, IoT infrastructure, and urban planning technology

Tax Benefits: Beckham Law for Entrepreneurs

One of the Entrepreneur Visa’s most significant advantages is eligibility for the Beckham Law. As an entrepreneur relocating to Spain, you can opt into the special tax regime and benefit from:

• A flat 24% tax rate on Spanish-source income up to €600,000 (income above this threshold is taxed at 47%)
• Exemption from taxation on worldwide income — meaning your income from investments, rental properties, or business activities outside Spain is not subject to Spanish tax
• Wealth tax exemptions on foreign assets
• The regime lasts for 6 tax years (the year of arrival plus five additional years)

For entrepreneurs who maintain business interests in multiple countries, the Beckham Law’s worldwide income exemption is extraordinarily valuable. It essentially allows you to be taxed only on the income your Spanish venture generates, while income from your other global activities remains untouched by Spain’s tax authorities.

Duration, Renewal, and Long-Term Prospects

Phase	Duration	Key Requirement
Initial Entrepreneur Visa	1 year	Favorable ENISA report + visa application
First renewal	2 years	Demonstrate business activity and progress
Second renewal	2 years	Continued business operations
Permanent residency	Indefinite	After 5 years of continuous legal residence

At renewal, you will need to show that your business is operational, that you are actively involved, and that the project continues to meet the innovative criteria established in your original ENISA report. You do not need to be profitable — early-stage losses are expected — but you do need to demonstrate genuine business activity and progress toward your stated goals.

Startup Law Benefits

Beyond the visa itself, Spain’s Startup Law provides additional advantages for qualifying businesses:

• Simplified incorporation — a certified startup (empresa emergente) can be incorporated online within days, with reduced notary and registry fees
• Reduced corporate tax rate — 15% for the first four years (compared to the standard 25%)
• Stock option advantages — tax-free stock options up to €50,000 per year for employees of certified startups
• Flexible insolvency rules — more forgiving debt restructuring for startups that do not succeed
• Access to ENISA funding — once established, your company may qualify for participative loans and other ENISA financing instruments

To access these benefits, your company must be certified as an empresa emergente by ENISA, which requires that the company be less than five years old (seven for biotech companies), not have distributed dividends, and meet the innovation criteria.

Frequently Asked Questions

Can I buy property in Spain through my Entrepreneur Visa?

Yes, having an Entrepreneur Visa (and the accompanying NIE) allows you to purchase property in Spain just like any other resident. However, buying property alone does not help you obtain or renew the Entrepreneur Visa — that still depends entirely on your business project. This is a key distinction from the former Golden Visa.

What if my startup fails?

If your business does not succeed, you can still maintain your residency as long as you can demonstrate either ongoing entrepreneurial activity (pivoting to a new project) or seek a modification to a different permit type. Immigration authorities understand that startups carry risk; the key is showing good-faith effort and continued economic activity.

Can I bring employees from abroad?

Yes. The Startup Law includes provisions for intra-company transfers and simplified work permit processes for key personnel of certified startups. Your foreign employees may also qualify for their own Beckham Law election.

How does this compare to the old Golden Visa?

The Golden Visa required a €500,000 real estate investment but had no business activity requirement — you could buy property and never visit. The Entrepreneur Visa requires genuine business activity and innovation but has no minimum investment threshold. For people who actually want to build a business in Spain, the Entrepreneur Visa is arguably the better pathway, offering Beckham Law access and integration into Spain’s startup ecosystem. For purely passive investors, other EU residency programs may be worth exploring.

Do I need to live in Spain full-time?

You should maintain Spain as your primary residence, spending at least six months per year in the country. However, business travel and short trips abroad are expected and will not jeopardize your permit. Extended absences (more than six consecutive months) can cause problems at renewal.