The ‘Golden Visa’ programme allowing wealthy expats a fast track to live in Spain will be axed, the country’s Prime Minister has announced.
The scheme, which allows residency rights to foreigners who make large investments in real estate in the country, will be scrapped to increase access to affordable housing.
Spain’s Prime Minister, Pedro Sanchez, told reporters the aim is to make affordable housing “a right instead of a speculative business”.
The Golden Visa programme currently awards citizenship to non-EU citizens investing a minimum sum of 500,000 euros (£428,840) in Spanish real estate, without taking out a mortgage.
The Golden Visa granted citizenship to wealthy real estate investors
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This grants visitors the right to live and work in the country for a minimum of three years.
The Prime Minister announced: “Today, 94 out of every 100 such visas are linked to real estate investment… in major cities that are facing a highly stressed market and where it’s almost impossible to find decent housing for those who already live, work and pay their taxes there.”
The nation’s housing issues have emerged from a growing gap between supply and demand for property, according to Idealista spokesperson Francisco Inareta.
“The measure announced today, which focuses on international buyers rather than encouraging new homes to come onto the market, is yet another misdiagnosis,” they said.
More to follow…