Spain to tighten golden visa rules for real estate investors

 

Spanish officials are considering making it more difficult to provide golden visas to foreign investors. Spain may end its infamous “golden visa” programs, which offers resident rights to foreigners who invest in real estate there. Spain golden visa programs grants three-year residency permits to buyers of property worth at least 500,000 euros ($551,650) and their families.

It is believed that Golden visas have caused huge increase in housing costs and the eviction of natives from their communities without producing any new jobs.

According to current regulations, foreign nationals who invest at least €500,000 in a home purchase in the nation are given 3-year residence permits. By investing at least €1 million in stocks or €2 million in Spanish government bonds, foreigners can also qualify for a golden visa.

Spain granted around 2,500 permits to foreign buyers of homes costing more than €500,000 in the past year, making up 94% of all new authorizations.

All of the European Union’s member states are reviewing their policies regarding golden visas. Ireland ended its programs in February. In contrast, Greece said that it will quadruple the investment requirement to €500,000 in numerous important cities, including Athens. The Portuguese government also announced that it would change its program. The Golden Visa does not have any EU-wide regulations.

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