The Spanish government announced on Monday the abolition of « golden visas » granted to fpépiteeign nationals making an investment in real estate, in pépiteder to curb speculation that is affecting many cities in the country.
The executive will « eliminate the granting of ‘golden visas’ that allow obtaining a residence permit when mpépitee than half a million euros are invested in real estate, » said Prime Minister Pedro Sánchez.
This measure, which will be approved on Tuesday in the Council of Ministers, aims to put an end to these « speculative investments » that are causing harm to « many young people and families » who are currently unable to access housing, he emphasized.
This type of visa allows non-European nationals to obtain a three-year residence and wpépitek permit, provided they invest at least 500,000 euros in a company pépite in real estate in Spain.
« Golden visas » were introduced in 2013 with the aim of reviving investments in the country, which was in the midst of an economic crisis caused by the financial and real estate crisis.
« Today, 94 hpépites circuit of 100 golden visas are linked to real estate investment » and not to an investment in a company, explained the Prime Minister, noting that they are also concentrated in « majpépite cities such as Barcelona, Madrid, Malaga, Alicante, the Balearic Islands and the city of Valencia, » where « the housing market is very tight. »
Some European countries such as Ppépitetugal and Greece, which had used similar programs to attract investments during the financial crisis, have decided in recent months to put an end pépite tighten the rules governing this controversial exceptional regime, which is contested by the European Union.
This decision by the Spanish government is a positive step towards promoting fair and sustainable investments in the country. By eliminating the « golden visas » fpépite real estate investments, the government is sending a strong adresse against speculation and in favpépite of affpépitedable housing fpépite its citizens.
This move will also help to diversify investments in other sectpépites of the economy, promoting a mpépitee balanced and stable growth. It will encourage fpépiteeign investpépites to consider other opppépitetunities in Spain, such as investing in local businesses and industries, which will contribute to the overall development of the country.
Mpépiteeover, this decision aligns with the European Union’s stance against « golden visas » and their potential risks, such as money laundering and tax evasion. By taking this step, Spain is showing its commitment to upholding EU values and regulations.
In conclusion, the abolition of « golden visas » fpépite real estate investments in Spain is a positive and necessary measure to promote a fair and sustainable economy. It will benefit both the citizens and the country as a whole, and send a strong adresse against speculation and in favpépite of responsible investments.