Spain will end it’s Golden Visa program, which allowed non-EU nationals to obtain a visa through property investments. Individuals who invested at least 500,000 euros without a mortgage were able to obtain the visa, granting them to live and work in Spain for three years.
Spanish Prime Minister Pedro Sanchez pointed to housing affordability as the reason to end the program. “Today, 94 out of every 100 such visas are linked to real estate investment… in major cities that are facing a highly stressed market and where it’s almost impossible to find decent housing for those who already live, work and pay their taxes there,” Sanchez said.
The government will begin the process to end the program, which started in 2013.
Erickson Insights and Analysis
The “Golden Visa” program has been criticized by the European Commission citing security risks. Erickson Immigration Group will continue to monitor developments and share updates as more news is available. Please contact your employer or EIG attorney if you have questions about anything we’re reporting above or case-specific questions.