Spain plans to pull the plug on Golden Visa program

Spanish authorities are now considering the complete abolition of the Golden Visa Program, rather than just eliminating the real estate investment option, as per news reports.

The Government of Spain led by Prime Minister Pedro Sanchez’s Socialist Party (PSOE) has introduced an amendment to the country’s Residency by Investment Program through which, all routes for acquiring residency through this program would be ended, according to Schengen News report.

Local media reports indicate that the decision follows research showing that nearly all golden visas were issued through the real estate investment option.

The new changes would eliminate all golden visa routes, taking also into account those acquired in exchange for investments made in a business project, the report says.

Launched in 2013, Spain’s Golden Visa Program enables foreigners to obtain residency by making a financial investment and meeting specific requirements.

Since its inception, over 15,000 affluent individuals have gained residency in Spain through this program, with most achieving this by buying properties valued at €500,000 or more.

Real estate investment was a popular method for securing residency in Spain. However, to address the housing crisis, the Spanish government announced in April that purchasing property for €500,000 will no longer be a valid route to Spanish residency.

Source: https://economictimes.indiatimes.com/nri/migrate/spain-plans-to-pull-the-plug-on-golden-visa-program/articleshow/112189405.cms