Spain will cancel the “golden” visas for foreign real estate investors, which were used by foreigners who made significant investments in the country’s real estate.
This was reported by the Spanish government.
Citizens of countries outside the European Union used to be able to invest from €500 thousand in Spanish real estate without a mortgage and obtain a so-called golden visa. This is a permit to live and work in Spain for three years.
Isabel Rodriguez, Spain’s Minister of Housing and Urban Development, said the program’s cancellation should help citizens who have difficulty accessing housing in certain areas, mainly due to high real estate prices.
Foreigners who applied for golden visas before the law came into force can obtain documents under the previous rules. Those who received a residence permit under the program will retain it for the period specified in their documents.
Real estate investment was considered the most popular option for obtaining a residence permit in Spain under the golden visa program. According to the Spanish newspaper El Pais, as of 2023, the Spanish authorities have issued 22,430 “golden” visas.
At the same time, 75% of all residence permits were issued to citizens of Asian countries, mainly China and non-EU European countries, primarily Ukraine, the United Kingdom, and Russia. Almost all golden visa holders (93%) live in seven provinces: Barcelona, Madrid, Malaga, Alicante, the Balearic Islands, Girona, and Valencia.