Spain to End 'Golden Visa' Program Amid Housing Crisis

The move aims to combat speculative investment and improve housing affordability, following similar actions in other European countries.

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.