Spain Will Abolish ‘Golden Visa’ for Foreign Real Estate Investors

Reuters

A Espanha abolirá o programa de “Golden Visa” que concede direitos de residência a estrangeiros que fazem grandes investimentos em imóveis no país, anunciou o Primeiro-Ministro Pedro Sánchez a repórteres na segunda-feira.

Ending the scheme would help make access to housing a right rather than a speculative business, Sánchez stated.

O país vizinho, Portugal, recentemente reformulou seu próprio esquema de “Golden Visa” e excluiu o investimento imobiliário para enfrentar uma crise habitacional. Estrangeiros que desejam obter direitos de residência ainda podem investir em fundos de investimento.

The European Commission has long called for the end of all such programs, citing security risks.

The program allows non-EU citizens who invest at least €500,000 (approximately $541,250) in Spanish real estate—without taking out a mortgage—to receive a special visa that permits them to live and work in Spain for three years.

Today, 94 out of every 100 of these visas are linked to real estate investments... in major cities facing a highly stressed market where it is nearly impossible to find decent housing for those already living, working, and paying taxes there,” Sánchez added.

He mentioned that the government would begin the process of eliminating the scheme during Tuesday's cabinet meeting after reviewing a report presented by the Ministry of Housing.

For the original article, visit: https://english.alarabiya.net/amp/News/world/2024/04/08/spain-to-scupper-golden-visas-for-foreign-real-estate-investors

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