How Americans with a Non-Lucrative Visa (NLV) Can Buy Luxury Property in Spain | 2026 Complete Guide

Spain is more attractive than ever for Americans seeking a better quality of life. With the Golden Visa program for property investment officially discontinued, the Non-Lucrative Visa (NLV) has become the easiest and most realistic path for those looking to relocate — including those interested in buying luxury property.

⚠️ Important: The Golden Visa / Investor Visa in Spain has been eliminated and is no longer available in any modality. Following recent legal changes, Spain has ended the Golden Visa program. Our team can advise on the most suitable alternative based on your profile, such as the Digital Nomad Visa, Non-Lucrative Visa, or Entrepreneur Visa.

In this guide, we explain how U.S. citizens holding an NLV can legally purchase high-end real estate in Spain, the importance of proper tax planning, and the critical mistakes CostaLuz Lawyers can help you avoid.

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Can You Buy Property in Spain with a Non-Lucrative Visa?

Yes, absolutely.

Holding a Non-Lucrative Visa allows you to buy real estate in Spain without restrictions. You can purchase one or multiple properties for personal use, investment, or long-term rental purposes (as long as the rental is professionally managed).

Unlike the now-defunct Golden Visa, the NLV does not require a minimum investment in property. To qualify and renew, you must simply demonstrate financial independence — around €30,000 per year for the main applicant and €7,200 per year per dependent (2025 figures — see our current guide to the NLV income requirement for the figure that applies now).

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Where Are Americans Buying Luxury Homes in Spain?

According to the latest Idealista/Data study (Q1 2025), these are the most in-demand locations for homes above €1 million:

Madrid Region

• Majadahonda
• Pozuelo de Alarcón
• La Moraleja
• Boadilla del Monte

Barcelona and Surroundings

• Barcelona City
• Gavà
• Sant Cugat del Vallès
• Esplugues de Llobregat

Costa del Sol

• Marbella
• Benahavís
• Estepona
• Casares

Balearic Islands

• Mallorca (Bunyola, Santa María del Camí)
• Ibiza (Santa Eulalia, Sant Josep)

Costa Blanca and Costa Brava

• Altea
• El Campello
• Begur
• Palafrugell

Typical luxury property prices in these areas range from €1.2 million to €4.5 million. These locations offer international schools, top healthcare, excellent connectivity, and a high standard of living — making them especially popular with U.S. families and retirees.

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Timeline: Buying Property Under a Non-Lucrative Visa

You can buy property in Spain:

• Before arriving, once you’ve obtained your NIE (Foreigner Identification Number)
• After arrival, using your NLV to formalize the transaction in person

The typical property purchase process takes 6 to 12 weeks, from offer to notary deed. At CostaLuz Lawyers, we manage the process from start to finish, ensuring every legal detail is handled securely.

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Key Advantages of Buying While Holding an NLV

• Freedom to invest: No restrictions on the number or type of properties
• No minimum thresholds: No €500,000 requirement, unlike the Golden Visa (this program has ended)
• Lifestyle focus: Designed for retirees, families, or financially independent individuals
• Asset diversification: Real estate hedges against inflation and currency fluctuations

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Can I Earn Income with an NLV?

Yes — but only passive income is permitted. Examples include:

• Dividends from companies (as a shareholder, not manager)
• Rental income from Spanish or foreign real estate, if managed externally by a third-party company
• Interest income from savings, bonds, or investment portfolios

What’s not allowed:

• Managing a business
• Providing services or freelance work
• Employment for a Spanish company

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Summary: What’s Allowed and What’s Not with an NLV

Allowed	Not Allowed
Buying property	Working for a Spanish employer
Receiving dividends (passively)	Managing or running a company
Collecting rental income (via external manager)	Freelancing or providing services
Earning investment income	Signing contracts on behalf of a business

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Tax Planning Is Critical: Key Considerations for U.S. Citizens

If you spend more than 183 days per year in Spain, you become a Spanish tax resident, which triggers:

• Worldwide income reporting: U.S. pensions, investment income, and rental income must be declared in Spain
• Modelo 720: You must declare foreign assets worth over €50,000 (bank accounts, investments, real estate, etc.)
• Wealth Tax: May apply based on global assets, depending on the region and exemptions
• Double taxation risk: Spain and the U.S. have a tax treaty, but expert planning is necessary to avoid overlapping taxes

Example:
IRA withdrawals, U.S. dividends, and Social Security income — even if taxed in the U.S. — may still need to be reported and potentially taxed in Spain.

Non-compliance with tax obligations can result in severe penalties.

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Real Case: John and Lisa’s Move from California to Marbella

John and Lisa, a retired couple from California, secured their NLV in early 2024. With CostaLuz Lawyers’ help, they purchased a €1.6 million villa in Marbella.

Our team:

• Ensured their passive rental income complied with NLV rules
• Structured their real estate ownership to reduce Wealth Tax risk
• Helped them file Modelo 720 and settle into Spain tax-efficiently

Today, they enjoy the Mediterranean lifestyle — with peace of mind. We keep helping them today with:

Private health insurance tailored to your visa and lifestyle

Annual Spanish tax declarations and international tax planning

Registration with the public health system (where eligible)

Utilities setup and Spanish bank accounts

https://www.costaluzlawyers.com/estate-planning-for-assets-in-multiple-countries-how-to-handle-the-complexities/Wills and estate planning

Property rental licensing and compliance

Guidance on vehicle importation, driver’s license exchange, and more

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Common Mistakes to Avoid (That We Help Prevent)

• Misunderstanding when tax residency begins
• Failing to submit Modelo 720
• Holding real estate in your personal name when corporate ownership is better
• Believing property ownership gives you a work permit
• Underestimating Wealth Tax obligations

At CostaLuz Lawyers, we offer integrated legal, immigration, and tax services — so your relocation is safe, efficient, and stress-free.

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FAQ

Can I buy property in Spain with an NLV?
Yes. You can buy any type of property, without limitations.

Can I earn income while holding an NLV?
Yes — passive income only. No active work or management roles.

Does owning property help me get citizenship?
Not directly. But it helps maintain legal residency, which can lead to permanent residency in 5 years and citizenship in 10.

Do I have to report my U.S. accounts?
Yes. If you become tax resident in Spain, Modelo 720 is required for foreign assets over €50,000.

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Your Move to Spain Starts with Smart Planning

Buying a luxury property under the Non-Lucrative Visa is a smart move for many Americans — but it must be done right.

At CostaLuz Lawyers, we ensure:

• Seamless property purchase process
• Total legal and tax compliance
• Protection and optimization of your wealth

Contact us today for a personalized consultation.We work nationwide across Spain and can assist you with your relocation — whether you’re moving to Madrid, Barcelona, the Costa del Sol, the Balearic Islands, or the Costa Blanca and Costa Brava.
Let’s make your new life in Spain a success — from start to finish.