BARCELONA – The Golen Visa programs are either being amended or scrapped as Spain is the latest country to do away with its program.
The prime Minister of Spain has confirmed that the government was planning to eliminate residency through an investment scheme that allowed billionaires from across the world to invest 500,000 euros or more in real estate to get residency rights.
Spain is now aligning with other nations that have also discontinued similar residency-by-investment initiatives and the decision stems from concerns about housing affordability, with Premier Sánchez emphasizing housing as a constitutional right rather than a speculative venture.
Portugal, Ireland, and Australia have already adjusted or terminated their own Golden Visa programs, citing housing-related issues that skyrocketed in recent years.
Though the announcement has been made by the prime minister, details regarding the program’s conclusion remain pending, leaving investors uncertain about their status, especially those who already invested in or moved to Spain.
Statistics imply that the Spanish Golden Visa program created housing concerns for youngsters. According to the Organisation for Economic Co-operation and Development, the age at which young people leave their parents’ home in Spain increased to 30 last year. When compared with the EU, the average is 26 – all due to the unaffordability of houses in Spain.
The European Union has also urged countries to discontinue Golden Visa programs due to concerns about enabling criminal activity under the guise of investment; one of the most attractive Golden Visa programs is offered by the United Arab Emirates (UAE).
