Spain has decided to put an end to its Golden Visa program tied to property investments worth at least €500,000. President Pedro Sanchez emphasized that ensuring access to housing as a fundamental right is more important than treating it solely as a means for speculative profit. This move marks a significant shift in Spain’s visa policy, although the impact on other pathways within the program remains unclear at this time.
The Golden Visa program in Spain, which allowed foreigners to gain residency through financial contributions, particularly in real estate, has been a popular choice, especially in major cities like Madrid, Barcelona, Málaga, Alicante, Palma, and Valencia. Critics of the program have long argued that it has facilitated various irregularities, including money laundering, tax evasion, and corruption. The decision to end the property investment option reflects growing concerns about the program’s potential misuse and its alignment with broader policy objectives.
These changes come amidst broader discussions within Spain about the merits and drawbacks of the Golden Visa program. Minister of Culture Ernest Urtasun has openly criticized the program, referring to it as a “European shame,” highlighting the need to ensure that residency permits are not solely based on financial status. Additionally, political parties such as Más País have pushed for reforms, advocating for measures that they believe will better serve the interests of Spain as a whole.
Spain Ends Golden Visa, Property Investment Impact, Spanish Golden Visa Changes, Residency Permit Spain, Visa Scheme TerminationTop of Form