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:

Business Plan Requirements in Detail

A strong Entrepreneur Visa business plan should include:

• Executive summary — clear overview of the project, its innovation, and expected impact
• Market analysis — demand in the Spanish/European market with competitor analysis
• Product or service description — what you will offer and why it is innovative
• Team and management — your experience and any key hires planned
• Financial projections — 3-5 years of projected revenue, costs, and profitability with initial investment deployment plan
• Job creation plan — positions to be created and timeline (heavily weighted by ENISA)
• Social and economic impact — contribution to local economy, sustainability, 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:

• Flat 24% tax rate — on Spanish-source income up to €600,000 (above taxed at 47%)
• No worldwide income tax — investments, rental properties, or business activities outside Spain are exempt
• Wealth tax exemptions — on foreign assets
• 6 tax years duration — 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 — online incorporation within days with reduced notary and registry fees
• Reduced corporate tax rate — 15% for the first four years (vs. standard 25%)
• Stock option advantages — tax-free stock options up to €50,000/year for employees of certified startups
• Flexible insolvency rules — more forgiving debt restructuring for startups that do not succeed
• Access to ENISA funding — 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.

Processing Time Reality

The official processing timeframe is 20 business days, but actual experience varies significantly by location.

Provincial Variations & Administrative Silence

Provincial variations matter. Applications processed in Madrid or Barcelona regularly take 2-3x the official timeframe due to high volume. Smaller provinces like Alicante, Bilbao, Zaragoza, or Sevilla often process within or close to the stated timeline. If you have flexibility in where you apply, consider this factor.

Administrative Silence (Silencio Administrativo)

If the administration fails to respond within the statutory processing period, Spanish law provides for administrative silence (silencio administrativo). For the Entrepreneur & Startup Visa, silence is considered positive — meaning your application is deemed approved.

In practice:

• Do not assume approval without confirmation — Request a written certificate of silence (certificado de acto presunto) from the issuing body.
• You can begin exercising rights — (e.g., working, if the permit allows it) once the statutory period expires with no response, but carry documentation of your application date.
• Appeals — If silence is negative (denial by inaction), you can file an recurso de alzada (administrative appeal) within one month.

Frequently Asked Questions

Two Paths: Startup Visa vs. Autonomo/Self-Employed Visa

It is important to understand that Spain offers two distinct entrepreneurial residency pathways, and they serve very different profiles:

Path 1: Startup Visa (Innovative Projects)

This is the pathway described in detail above. It requires a favorable ENISA report confirming your project is innovative and of economic interest to Spain. Best suited for:

• Technology companies, SaaS platforms, biotech ventures
• Projects with scalable business models and job creation potential
• Founders who can demonstrate genuine innovation in their sector

Path 2: Autonomo/Self-Employed Visa (Viable Business Activity)

If your business is viable but not necessarily innovative — for example, a consultancy, trade business, professional services firm, or traditional commerce — you may qualify through the autonomo (self-employed) pathway. This route does not require ENISA approval. Instead:

• Your business plan is validated through UPTA or ATA (Unión de Profesionales y Trabajadores Autónomos, or Asociación de Trabajadores Autónomos), Spain’s major trade unions for self-employed workers
• The emphasis is on economic viability and job creation rather than innovation
• You need to demonstrate sufficient funds to establish and sustain the business
• Registration as autónomo with Social Security is required, with access to the Cuota Reducida (reduced contribution rate) for new registrations