Spain’s Golden Visa to Prohibit Investments in Projects That Raise Housing Prices

Spain’s Golden Visa to Prohibit Investments in Projects That Raise Housing Prices

Key Takeaways

1. Spain will stop allowing investments that raise housing prices in exchange for a Golden Visa.
2. A bill to amend the Golden Visa Program is currently being processed.
3. Spain has recently removed the real estate investment option from the Golden Visa Program.

Details on the Changes

Spain will prohibit investments that increase housing prices for Golden Visa applicants. The Congress of Deputies is processing a bill to implement these changes. The new proposal allows foreign investors to support business projects in Spain that are of general interest without inflating the housing market. This move addresses risks of money laundering and housing market pressure caused by high-value property purchases. 

New Golden Visa Program Rules

In an effort to address the housing crisis, Spain has eliminated the real estate investment option for the Golden Visa Program. Prime Minister Pedro Sanchez emphasized that housing should be a right, not a speculative business, and confirmed that purchasing property worth €500,000 or more will no longer grant residency. The law, initially passed in 2013, is under review to ensure these changes are implemented effectively.

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