Spain's Congress Votes to End the Golden Visa Program
Key Takeaways
- The Spanish Congress of Deputies has voted to abolish the Golden Visa Program.
- The proposal was approved with 177 votes in favor and 170 against.
- Earlier this month, the Spanish Senate had vetoed the bill to end the Residency by Investment Program.
Spain's Congress of Deputies has passed a decision to terminate the Golden Visa Program. The proposal to end Spain's Residency by Investment scheme received 177 votes in favor and 170 against.
Though the Spanish Senate previously vetoed the bill, the veto was overturned after gaining an absolute majority in Congress. The regulation will now take effect once it is published in the Official State Gazette (BOE).
Initially approved by the Congress of Deputies on November 14, the bill moved to the Senate, where it was vetoed on December 2. The Popular Party (PP), which holds a majority in the Senate, pushed the veto through, arguing that the bill lacked adequate legislative technique and caused confusion. The PP also claimed that the legislation was poorly structured and raised concerns about legal uncertainty.
Efforts to End the Golden Visa Program Intensified
In April, Spain's President Pedro Sánchez announced plans to end the Golden Visa Program, stressing that housing should be a right, not a speculative business. The program had allowed investors to obtain residence visas by investing in housing.
The program has contributed significantly to Spain's economy, with 780 Golden Visas granted in the first ten months of the year, averaging €657,204 per investment.