As per the latest development, Spain is all set to do away with its popular ‘golden visa’ program. For your information, it’s the scheme that helped foreign investors gain residency by investing €500,000 in property. This announcement was made by Prime Minister Pedro Sanchez on Monday. The decision comes as Spain aims to tackle the rampant speculation plaguing many of its cities.
During a visit near Seville, Sanchez declared, “We will eliminate the so-called golden visa program, which grants residency in exchange for a €500,000 property investment.” The move, slated for approval at Tuesday’s cabinet meeting, aims to combat speculative property investments hindering access to housing for numerous young individuals and families.
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Introduced in 2013 during economic struggles to attract foreign capital, the scheme grants non-EU investors a three-year work and residency…
