The President of the Government, Pedro Sánchez, has announced in Seville that the Government is going to eliminate the ‘golden visa’, a residence permit granted to non-EU foreigners who make a real estate investment equal to or greater than €500,000 (or who make a significant capital contribution in debt, funds, shares or deposits). “We will take the necessary measures to ensure that housing is a right and not just a speculative business. We do not want a speculative investment model,” said the president.
The 10,000 authorisations granted for real estate investments (which do not have to be solely for the purchase and sale of housing, as they can include other assets – property, flats, land, premises… -, and worth a sufficient amount to exceed the threshold of €500,000) represent 94% of these VIP residence permits, since their entry into force in 2013.
According to data from the Ministry of Foreign Affairs, the Executive granted 589 residence visas for the acquisition of real estate and 20 residence visas for other forms of investment between January and September 2023.
Spain is one of only four countries in the European Union – along with Malta, Greece and Italy –that issue such a visa. Portugal announced its elimination last year.
