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Spanish Prime Minister Pedro Sánchez plans to scrap the “Golden Visa” program

09/04/24
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Spanish Prime Minister Pedro Sánchez has announced plans to scrap the “golden visa” program that allows foreigners to receive residency in Spain by investing in real estate. The program is said to contribute to rising housing prices, especially in big cities like Madrid and Barcelona.

According to Sánchez, 94% of all residence permits are based on real estate investment. In particular, golden visas are concentrated in popular tourist destinations such as Barcelona, Madrid, Málaga, Alicante, Valencia and Palma de Mallorca. These cities are facing a severe housing shortage.

The government wants to ensure housing is a right, not a speculative commodity. The Sánchez administration has set the goal of:

  • Ensure affordable housing.
  • No citizen should have to spend more than 30% of their income on buying a home.

However, the elimination of the golden visa program will need to be approved by the Spanish Parliament.

Thủ tướng tây ban nha dự định loại bỏ thị thực vàng
Spanish Prime Minister Pedro Sánchez plans to scrap the “Golden Visa” program

Investment Immigration Consultant Krista Victorio Comments:

  • It is still unclear whether the government will eliminate the entire program or just the real estate investment category.
  • Changes to the law typically take 6 to 12 months in Spain.
  • The recently created Housing Law (Ley de Vivienda) took 5 years to pass.

With this change, Sánchez will need the support of smaller parties to pass the new law.

Eliminating the golden visa program would be a major change for Spain. It remains to be seen how the Spanish Parliament will decide on this issue.

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