Spain's Golden Visa Program Remains Active Despite Plans for Abolishment

Spain's Golden Visa Program Remains Active Despite Plans for Abolishment

Key Takeaways  

1. Despite announcing plans five months ago, Spain has yet to eliminate the real estate investment option from its Golden Visa Program.  
2. The Spanish government revealed its intention to end the property investment route in April this year.  
3. The real estate option remains the most popular choice for those seeking residency through Spain's Golden Visa.

Five months have passed since Spain declared its intention to remove the real estate investment option from its Golden Visa Program. However, no formal decision has been made yet.

On April 9, the Spanish Council of Ministers announced its plan to terminate the property investment route in response to the ongoing housing crisis.

The Golden Visa Program, known for offering residency through real estate investments, has been the most favored option among international applicants. In an effort to address the housing crisis, the Spanish government proposed ending this route.

During the announcement, Housing Minister Isabel Rodríguez stated that removing the real estate investment option would be a significant step towards increasing the availability and affordability of housing.

According to a report from Blevins Franks, over 14,000 golden visas related to real estate investments have been issued since 2013, with most beneficiaries coming from:

- China
- Russia
- United Kingdom
- United States
- Ukraine
- Iran
- Venezuela
- Mexico

Spain Abolished Its Real Estate Investment Option from the Golden Visa Program

In April, Prime Minister Pedro Sanchez announced the decision to eliminate the real estate investment option from the Golden Visa Program. This change means that foreign nationals can no longer obtain residency by purchasing a property worth €500,000 or more.

Sanchez emphasized that the government would take the necessary steps to ensure that housing is a right, not just a speculative commodity.

“I want to announce that tomorrow’s Council of Ministers will review a report from the Minister of Housing and Urban Agenda to amend the law, initially passed by the Popular Party in 2013, that allows obtaining a residence visa through property investment,” said Sanchez.

Portugal and Greece Have Already Phased Out Real Estate Investment Options

In an effort to tackle their own housing crises, Portugal and Greece have also made changes to their Golden Visa Programs. Portugal has removed the real estate investment option entirely, while Greece has raised the minimum investment amount required for residency.

Although these programs have greatly contributed to the economies of these countries, they have often faced criticism for their association with issues like money laundering and corruption.

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