Spain Scraps ’Golden Visa’ Program to Tackle Housing Crisis

"Housing is a right, not a speculative activity," said Prime Minister Pedro Sánchez. "This program has contributed to driving up prices in major cities, where it has become extremely difficult to find housing for those who live and work there."

The Spanish "golden visa" offered a three-year residence and work permit to non-European investors and their families for the purchase of a property worth at least 500,000 euros. According to Mr. Sánchez, 94% of the visas issued under this program were related to real estate investment, mainly in large cities where the market is already strained.

The abolition of the program, which will come into effect as early as Tuesday after its adoption by the Council of Ministers, is part of a series of measures taken by the Spanish government to fight the housing crisis. neighboring Portugal has already taken similar measures by excluding real estate investment from its "golden visa" program.