Residency by Investment in 2026: Dubai vs Spain

Residency-by-investment programmes have long been a consideration for investors combining real estate returns with mobility planning. In the markets Arkon covers, the position is now asymmetric: the UAE grants residency for a qualifying property purchase, and Spain no longer does. ## Spain: The Golden Visa Is Closed Spain's Golden Visa — a residency permit granted against a €500,000 real estate investment — was closed to new applications on 3 April 2025. Since that date no new application can be filed, on any amount, for any property. Investors who already hold the permit can still renew it under the old rules, but a purchase completed today confers no residency right whatsoever. Buyers who want to live in Spain now use one of two routes, neither of which is granted for buying property: - **Non-lucrative visa** — for the financially self-sufficient who will not work in Spain. It requires proof of passive income or savings (roughly €30,000–€40,000 a year for a single applicant, indexed to IPREM) and does not permit local employment. - **Digital nomad visa** — introduced under the 2023 Start-up Law, for remote workers and entrepreneurs earning from outside Spain, with a monthly income floor of about €2,849. Owning a Madrid apartment can help evidence accommodation on either application. It is not a qualifying investment and does not shorten or replace the income tests. ## UAE Golden Visa: Structure and Stability The UAE Golden Visa grants a ten-year renewable residency to investors who purchase property with a minimum value of AED 2 million (approximately €500,000). It requires no minimum stay to maintain validity, making it particularly attractive for investors who do not intend to relocate. The visa covers the investor, spouse, and dependent children, and it can also be extended to domestic staff. There is no path to UAE citizenship through the Golden Visa — UAE naturalisation is exceptionally rare and discretionary — but the residency itself is highly valued for its practical benefits. The UAE programme is politically stable and has been actively expanded rather than withdrawn. The government has used it as a deliberate tool to attract global talent and capital, and there is no credible legislative threat to it as of 2026. ## Comparison Table | Feature | Spain | UAE Golden Visa | |---|---|---| | Residency for a property purchase | No — closed 3 April 2025 | Yes, from AED 2M (~€500,000) | | Alternative routes | Non-lucrative or digital nomad visa (not property-based) | — | | Residency duration | n/a | 10 years (renewable) | | Minimum stay required | n/a | No | | Path to citizenship | Via ordinary residency only (10 years) | No | | Income tax on rental income | 19–24% (IRNR) | 0% | | Capital gains tax | 19–24% | 0% | | Annual wealth tax | 0.2–3.5% (above €700K) | 0% | | Family inclusion | n/a | Yes | ## Tax Residency Implications A Golden Visa does not by itself establish tax residency. Tax residency in Spain requires spending more than 183 days per year there, or having the centre of vital interests (family, business) in Spain. Tax residency in the UAE requires more than 90 days per year (for those with no other tax residency) or more than 183 days (for those with an existing tax residency elsewhere). Investors who obtain a UAE Golden Visa and establish UAE tax residency can potentially eliminate their home country income tax on rental income from Dubai properties, subject to any applicable double taxation treaty. ## Which Route Suits Which Investor If residency is the objective, Dubai is the only one of the two markets where a property purchase delivers it. Madrid should now be underwritten purely as an investment — entry price per square metre well below comparable EU capitals, gross yields around 4–5% in mid-market districts, and enough transaction volume to exit without a discount — with any residency plan pursued separately through the non-lucrative or digital nomad visa. Compare investment opportunities across markets: [View Comparison Tool](/compare)