Spain to scrap 'golden visas' for foreign real estate investors

April 09, 2024

Spain will scrap its so-called "golden visa" programme granting residency rights to foreigners who make large investments in real estate in the country, Prime Minister Pedro Sanchez told reporters on Monday. The programme awards non-EU citizens investing at least 500,000 euros ($541,250) - without taking out a mortgage - in Spanish real estate a special permit, allowing them to live and work in the country for three years. From the start of the golden visa scheme in 2013 until November 2022, Spain issued almost 5,000 permits, government figures show. Spain's housing problem was not caused by the golden visa scheme, but rather by a lack of supply and a spike in demand, said Idealista spokesperson Francisco Inareta. Neighbouring Portugal has recently revamped its own "golden visa" scheme and excluded real estate investment to tackle a housing crisis.

The source of this news is from Tuoi Tre News

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