Spain Joins Other EU Nations In Plan To End Golden Visas
Spain will end its golden visa program for foreigners who invest more than €500,000 ($541,200) to buy a house in the country, Prime Minister Pedro Sanchez said Monday.
(Bloomberg) -- Spain plans to end its so-called golden visa program for foreign property buyers in a bid to increase the amount of affordable housing available to locals.
The move will help ensure that “housing is a right and not just a mere speculative business,” Prime Minister Pedro Sanchez told reporters on Monday.
The program grants residence permits to non-EU citizens who invest at least €500,000 ($541,200) in a house in Spain. Last year, Portugal followed Ireland in shutting down its golden visa program for real estate purchases. Both plans were popular with wealthy applicants from China.
The Spanish government will discuss the matter at a weekly cabinet meeting on Tuesday, Sanchez said during an event in the southern Spanish region of Andalusia.
Spain and a handful of other European countries launched their golden visa programs in the wake of the 2008 financial crisis to try to plug budget deficits with residency-for-sale programs. EU officials have long pressured governments to terminate these schemes on the grounds that they’re anti-democratic and can serve as an means for dirty money to enter the region.
(Updates with details throughout about golden visa schemes in Europe)
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