Why Spain has bid ‘adios’ to its popular golden visa programme

This week can mean a before and after in the real estate market: this Thursday the end of the Golden Visa has entered into force, the mechanism by which foreign investors could obtain the residence permit in Spain when buying properties for more than 500,000 euros. From this Friday, the new tourist flats will have to be approved by 60% of the neighbors of the building in which they are located. And this Saturday, the Sindicato de Inquilinas has …

In Spain, on April 3, a law came into force ending the “golden visa” program, a residence permit for foreigners in exchange for investments. As reported on the website of the Spanish government, the law completely abolishes resident visas for investors.

Spain scraps golden visa program for foreign real estate investors

Most beneficiaries from China, Russia, UK, US, Ukraine, Iran, Venezuela, Mexico - Anadolu Ajansı

In order to solve the housing problem, the Spanish government has abolished the issuance of residence permits in exchange for investments.

From April 3 this year, Spain will stop issuing “golden visas” - residence permits granted for investments in the country's economy.

Why Spain has bid ‘adios’ to its popular golden visa programme

Following a decree in January, Spain is discontinuing its golden visa scheme from today (April 3). The residency-by-investment programme was among Europe’s most popular — nearly 15,000 people have acquired it since its inception in 2013. The reason for axing this programme is because of the housing crisis in the nation; many locals complain that they have been pushed out of their homes as foreigners buy real estate, pushing up the prices