Spain to Eliminate “Golden Visa” Program for Foreign Real Estate Investors

The government announced plans to repeal the golden visa scheme, which grants residency in exchange for a 500,000 euros property investment. Prime Minister Sanchez expressed concerns about speculative investments in real estate, particularly in large cities such as Barcelona, Madrid, Malaga, and Alicante in the south, Valencia in the east, and the Balearic Islands. He emphasized the negative impact of such investments, highlighting the difficulty faced by many young people and families in accessing housing. The decision to eliminate the visa scheme is aimed at addressing the housing market tension and making it easier for residents to find suitable housing.

In line with this, several southern European countries have tightened the rules or discontinued similar schemes to alleviate their respective housing crises. Culture Minister Ernest Urtasun criticized the golden visa program, referring to it as a “European disgrace” and stating that residency permits should not be granted solely based on wealth. The European Commission also urged member states to take action against such schemes, citing concerns about their potential role in facilitating corruption and money laundering. It is important to note that this story has not been edited by NDTV staff and is published from a syndicated feed.