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Spain to Scrap ‘Golden Visas’ for Rich Property Investors Due to Housing Worries

Spain To Scrap ‘Golden Visas’ Scheme For Wealthy Non-Europeans

Spain’s government announced plans to eliminate “golden visas,” which grant residency permits to non-European Union wealthy individuals who invest over half a million euros in real estate. Socialist Prime Minister Pedro Sánchez revealed this proposal, highlighting its consideration in the upcoming weekly Cabinet meeting.

The decision aligns with the government’s objective to prioritize housing as a fundamental right rather than a speculative venture. Introduced in 2013 by a previous right-wing Popular Party administration, the “golden visa” scheme aimed to attract foreign investors, issuing approximately 10,000 visas since its inception.

Spain to Scrap 'Golden Visas' for Rich Property Investors Due to Housing Worries

Spain to Scrap ‘Golden Visas’ for Rich Property Investors Due to Housing Worries (Credits: Reuters)

Critics argue that these visas have contributed to property price inflation and speculation in the housing market. The move to abolish them reflects concerns over the widening wealth gap and housing affordability issues, particularly prevalent in major Spanish cities where soaring house prices pose challenges for many citizens.

This reform underscores Spain’s commitment to address housing accessibility and affordability while signaling a shift away from policies perceived to exacerbate housing market distortions. By discontinuing the “golden visa” program, the government aims to create a more equitable housing landscape for its citizens and reduce the influence of foreign investment in driving up property prices.

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