Spanish Prime Minister Pedro Sanchez announced that the “golden visa”, which has been in force in the country since 2013 and allows temporary or permanent residence permits for foreigners if they buy a house or invest in that country, will be abolished.
In a speech at a gathering in Seville, Sanchez announced that the decision to abolish the “golden visa” will be made at the regular weekly meeting of the Council of Ministers, which will be held on April 9th.
He stated that today the Council of Ministers will discuss the report prepared by the Ministry of Housing on the abolition of the practice initiated by the right-wing People’s Party (PP), which was in power at the time in 2013.
Sanchez did not provide further details about the decision or when it might take effect.
This program offers the rich “disguised privileges” and turns Spain into “a kind of colony that often attracts dirty money”.
As the Spanish government aims to control the country’s rapidly rising house prices due to the impact of the “golden visa”, Sanchez said: “We will take the necessary measures to ensure that housing is a right and not a speculative business.”
About 96 percent of those who use the “golden visa” obtained it by buying real estate in Spain. Citizens of China, Russia, Iran, the United States (U.S.). and Venezuela are leading in this.
