Spanish prime minister Pedro Sanchez said yesterday (8 April) that its government was to start the procedure to eliminate the granting of the so-called golden visa scheme which allows residence permits to be granted to foreigners who invest more than €500,000 in a home in Spain.
He made the comments during a visit to the municipality of Dos Hermanas to participate in an event on social housing, El Pais reported.
“We are going to take the necessary measures to guarantee that housing is a right and not a mere speculative business”, he said.
“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,” Sanchez said.
He added that the government would launch the process to eliminate the scheme in today’s (9 April) weekly cabinet meeting after studying a report submitted by the Housing Ministry
The programme awards non-EU citizens investing at least €500,000 – without taking out a mortgage – in Spanish real estate a special permit allowing them to live and work in the country for three years.
The Spanish golden via was launched in 2013 as part of the national strategy to boost the Spanish economy and increase foreign investment.
