(qlmbusinessnews.com Wed. 10th April, 2024) London, UK —
“Government Decision: Spain Phases Out ‘Golden Visa' Programme”
The Spanish government has initiated steps to terminate the controversial “golden visa” programme, marking a significant shift in immigration policy.
Introduced in 2013 under the conservative government of Mariano Rajoy, the scheme offered expedited residency to foreign investors who purchased property valued at €500,000 or more.
At a recent Cabinet meeting, ministers unanimously agreed to halt the issuance of these visas, responding to concerns about the programme's implications for housing affordability and market speculation.
While initially intended to attract foreign investment following the eurozone crisis, the “golden visa” scheme has faced criticism for exacerbating housing market pressures, particularly in major cities like Madrid, Barcelona, and Valencia.
Statistics reveal that of the 6,200 visas issued until 2023, nearly half were granted to Chinese nationals, with Russians, Iranians, Americans, and Britons also among the top beneficiaries.
In response to growing discontent and demands from left-wing allies within the coalition government, Prime Minister Pedro Sánchez reaffirmed his commitment to housing as a fundamental right rather than a commodity for speculative gain.
Critics, however, argue that scrapping the visa programme may not address the underlying housing challenges, pointing to issues of supply and demand imbalance.
The move to abolish the “golden visa” scheme aligns with broader European trends, with the European Commission urging member states to tighten regulations on such programmes amid security concerns, particularly in light of geopolitical tensions such as Russia's invasion of Ukraine.
While Spain joins other countries like the UK and Ireland in ending similar schemes, the decision underscores a broader shift in immigration and investment policies across the European Union.
As Spain moves to phase out the “golden visa” programme, the focus now shifts to implementing measures that ensure housing accessibility and affordability for both residents and investors alike.
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