The Spanish government intends to cancel the program that provides foreigners with “golden visas” in exchange for real estate investments, the Financial Times reports, citing a statement by Spanish Prime Minister Pedro Sanchez.
Currently, citizens of non-EU countries can obtain a Spanish residence permit for a period of three years by investing at least EUR 500 thousand in real estate in the country.
The abolition of the program will improve the situation with the availability of housing in Spain, Sanchez said.
“Currently, 94 out of 100 of these visas are issued for real estate investments in large cities that are already facing a very difficult market. Those who already live there, work and pay taxes, can hardly find decent housing,” the prime minister said.
