Overview
- Spain is set to terminate its 'golden visa' program, which grants residency to non-EU citizens investing at least €500,000 in real estate, aiming to address the housing affordability crisis.
- The decision follows similar moves by Portugal, Greece, and Ireland, amid EU concerns over security risks and the schemes inflating local housing markets.
- Prime Minister Pedro Sánchez emphasized the need to make housing a right rather than a speculative business, highlighting the pressure on housing in major cities.
- Critics argue the program's end may not significantly impact housing prices but acknowledge it as a political move against speculative investment.
- The scheme, introduced in 2013 to attract foreign investment, has been popular among wealthy foreigners, including British expats, and has issued around 10,000 visas.