Mr Sanchez said ending the programme would make access to affordable housing a “right rather than a speculative business”. The Spanish government will begin the process of scrapping the programme at its weekly cabinet meeting on Tuesday, after studying a report from the housing ministry.
A real estate agent in Guernica, Spain. Photo: Reuters
The “golden visa” program is for non-EU citizens who invest at least 500,000 euros, without a mortgage, in Spanish real estate, allowing them to live and work in the country for three years.
“Today, 94 out of 100 such visas are linked to real estate investment… in major cities facing tight markets and where it is almost impossible to find decent housing for people who already live, work and pay taxes there,” Mr Sanchez said.
According to Spanish government figures, Spain has issued nearly 5,000 licenses since the program began in 2013 through November 2022. Chinese investors top the list, followed by Russians, who have invested more than 3.4 billion euros, according to a 2023 report by Transparency International.
The measure is unlikely to have any impact on the property market as less than 0.1% of the 4.5 million homes sold during that period were purchased under the scheme, according to real estate website Idealista.
Idealista spokesman Francisco Inareta said Spain’s housing problem was not caused by the “golden visa” program, but by a lack of supply, which has caused prices and demand to soar. He said the newly announced measures, which focus on international buyers rather than encouraging new home supply, were a “mistake.”
Portugal also recently revamped its own “golden visa” program, excluding real estate investment to address its housing crisis. Foreigners seeking residency can still invest in investment funds.
The European Commission has long called for an end to such programmes, citing security risks.
Thu Giang (according to Reuters)
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