Spain to End: Spain’s Prime Minister, Pedro Sanchez, announced plans to terminate the controversial golden visa program, which grants residency rights to foreign investors in Spanish real estate.
Sanchez stated that ending the scheme aligns with the government’s goal of ensuring affordable housing as a fundamental right rather than a speculative business.
Spain to End
Under the program, non-EU citizens investing a minimum of 500K euros in Spanish real estate could obtain residency permits for three years.
Sanchez highlighted concerns that the majority of these visas were linked to real estate investments in major cities facing housing shortages, exacerbating the challenges for residents already struggling to find suitable housing.
Following a report from the Housing Ministry, the government intends to initiate the process to abolish the scheme in its upcoming weekly cabinet meeting.
This decision mirrors similar actions taken by neighbouring country Portugal, which recently revised its golden visa program, excluding real estate investments to address housing crises.
While foreigners seeking residency rights will no longer be able to invest solely in real estate, alternative avenues such as investment funds remain available.
The move also reflects the European Commission’s longstanding stance calling for an end to such programs due to security concerns.
The termination of Spain‘s golden visa program marks a significant shift in policy, signalling a commitment to addressing housing challenges and prioritizing the needs of residents over foreign investors.
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