The Spanish government will abolish the provision that grants residency visas based on real estate investment, commonly known as golden visas. This mechanism allows granting residency permits to foreigners investing over 500,000 euros in real estate in Spain without factoring in debts or mortgages.
Golden visas were introduced in 2013 during the financial crisis to attract foreign investors when the real estate market was struggling post-housing bubble burst.
Between 2013 and 2022, the Spanish government estimates that 6,200 golden visas have been granted since its introduction.
Spanish Prime Minister Pedro Sánchez emphasized the need to phase out golden visas, ensuring housing is a right, not just a speculative venture.
The government contemplated either eliminating or toughening the golden visa scheme as the 500,000 euro limit was deemed inadequate in major Spanish cities where such amounts no longer signify luxury real estate.
In recent years, the reliance on real estate investments to secure residency has surged, prompting concerns about foreign investment losses if the golden visa program ends.
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