Spain may abolish golden visas for investors

The Spanish government is considering the possibility of canceling the program for issuing residence permits (RP) in exchange for investment in real estate.

This was stated by Prime Minister Pedro Sanchez at an event in Seville.

According to Sanchez, in the near future the Council of Ministers will discuss amendments to the law that allows foreigners to obtain a residence permit for investing in Spanish real estate. The Government intends to take action to ensure that "real estate is a right, not a business." The Prime Minister also noted that 94 out of every 100 golden visas are issued for property investments in major Spanish cities. According to Sanchez, this contributes to the housing crisis.

Spain will join Portugal, which has already abolished the possibility of obtaining a residence permit for the purchase of real estate under the Mais Habitao program. However, according to a study by the Jornal de Negocios, more than 60% of Portuguese are dissatisfied with the government's actions and do not believe that the Mais Habitao program has solved the problem of housing affordability.

Currently, investors can still obtain a residence permit in Spain for the purchase of real estate. However, a decision by the Council of Ministers may change this situation in the near future.

We will monitor developments and report on the decision of the Council of Ministers. Contact our investment program experts for advice if you are planning to obtain a residence permit for investment. We will tell you how to arrange a second home abroad in the shortest possible time.