The Spanish government plans to eliminate the program that grants residency to non-European Union citizens who invest at least 500,000 euros in real estate. Prime Minister Pedro Sanchez cited concerns about affordable housing as the reason for discontinuing the program. The move to end the “golden visa” program is part of the government’s efforts to address the housing crisis in major cities. The program, which began in 2013, has issued almost 5,000 permits to investors, mainly from China and Russia.
While critics argue that the elimination of the program may not have a significant impact on the housing market, others believe it is a necessary step to ensure that housing remains accessible to residents. Spain joins other European countries like Portugal and Ireland, as well as Australia, in reevaluating or ending similar visa programs for foreign investors. In the United States, the EB-5 Immigrant Investor Program offers permanent residency to foreign investors who meet certain investment and job creation requirements.
The Spanish government has decided to eliminate its “golden visa” program, which grants residency to non-European Union citizens who invest at least 500,000 euros in Spanish real estate for three years. The program, which started in 2013, has seen almost 5,000 permits issued, with Chinese investors being the majority. However, Prime Minister Pedro Sanchez cited concerns about affordable housing as the reason for ending the program, stating that housing is a constitutional right and not just a speculative business. Critics believe that the program’s impact on housing prices has been minimal and that the decision to end it is more of a political maneuver with a touch of xenophobia. Other European countries such as Portugal and Ireland have also reevaluated their golden visa programs, with Australia halting theirs earlier this year. The United States has a similar program called the Eb-5 Immigrant Investor Program, where foreign investors can gain permanent residence by making a minimum investment and creating jobs for U.S. workers.
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