Like other European countries, Spain started to think about the future of its “Golden Visa” program. So far, there are two options: it will either become more expensive or disappear altogether.

The head of the Spanish leftist party Mas Pais, Iñigo Errejón, said that he had previously agreed with the Ministry of Social Security to terminate the program “Golden Visa”. The official argues that the program does not benefit the national economy and contributes to the eviction of the local population.

“Spanish citizenship cannot be bought,” noted Errejón, stressing that the scheme has led to a “catastrophic” increase in housing prices and has driven locals out of their neighborhoods without creating any new jobs. In addition, the Mas Pais party leader notes that the government of Spain does not conduct investigations into the sources of financing for the purchase of real estate.

Are the “Golden visas” in Europe fading? Causes and Prospects

In addition to the cancellation of the program, the government is considering another option—an increase in the minimum amount of investment. This is reported by the newspaper El Pais. Negotiations are continuing.

Recall that Spain introduced the program “Golden Visa” in 2013 to stimulate the country's economy. At this time, citizens of countries outside the EU need to invest at least €500,000 in accordance with the Spanish program—and then, they can get a residence permit in this country.

Since the beginning of the program until November 2022, the Spanish authorities have issued about 5000 such visas, most of which went to Chinese investors—2263 visas, or 45% of the total number.