Spain to stop issuing ‘golden visas’ for foreign real estate investors

The Spanish authorities plan to abolish their ‘golden visa’ scheme for foreigners, envisaging a residence permit issued in exchange for large investments, TASS reports

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“What we are going to do is to begin the procedure for cancelling the issuance of the so-called ‘golden visa’, enabling foreigners to receive a residence permit when investing in real estate more than €500,000,” Spain’s Prime Minister Pedro Sanchez noted.

According to information published in the newspaper El País, in 2022, the number of residence permits issued to investors in Spain exceeded 2,400 – almost 60 percent up compared to the previous year. In total, more than 11,000 golden visas have been granted since the programme was launched.