Spain’s Prime Minister Pedro Sanchez announced that the “Golden Visa” program, which has been in place in the country since 2013 and grants temporary or permanent residency to foreigners who purchase real estate or make investments, will be terminated.
Sanchez, speaking at an event held in Seville, stated that the decision to end the Golden Visa program would be made at the regular Cabinet meeting on April 9. Sanchez also mentioned that a report prepared by the Ministry of Housing regarding the termination of the program, initiated by the right-wing People’s Party (PP) in 2013, would be discussed at the Cabinet meeting tomorrow. However, he did not provide details about the new decision or its implementation date.
While the Spanish government endeavors to control the rapidly rising housing prices in the country, partly influenced by the Golden Visa program, Sanchez stated, “We will take necessary measures to ensure that housing is not a speculative tool but a right.”
Amidst the economic crisis in 2013, which prompted Spain’s troubles, the Golden Visa program was introduced to grant easy residency permits to foreign investors, under conditions such as investing at least 1 million euros in Spanish companies, maintaining a bank account with at least 1 million euros, establishing a business, or purchasing real estate worth at least 500,000 euros. Of those benefiting from the Golden Visa program in Spain, 96% utilize it through real estate purchases, with China, Russia, Iran, the United States, and Venezuela being among the top five countries whose citizens benefit from the program.
