Spain is to do away with the so-called Golden Visa given to foreigners purchasing real estate or making financial investments in the country.
This was announced by the Prime Minister, Pedro Sanchez, today.
“We are going to start the procedure to eliminate the granting of the so-called golden visa,”said Sánchez during a visit to the Sevillian municipality of Dos Hermanas. “We will take the necessary measures to ensure that housing is a right and not a mere speculative business.”
The Spanish government will formally launch the programme to eliminate this scheme at the weekly cabinet meeting tomorrow, Tuesday 9th, after studying a report issued by the Spanish Housing Ministry.
The EU has also stated that these type of visas pose a serious risk of security and opens the door to money laundering, corruption and tax avoidance.
Portugal, Ireland, the Netherlands, Greece and Malta will also either scrap the current Golden Visas or seriously tighten up the rules around their issue.
One less way of acquiring residency.