Spain Bids Farewell to Golden Visa Scheme to Boost Housing Affordability

After more than a decade of attracting foreign investment, Spain has officially decided to phase out its Golden Visa scheme. This decision, announced by the Spanish government, aims to level the real estate market and ensure that housing remains affordable for its citizens. The move comes in response to growing concerns over speculative investments and the impact on local property prices.

The Golden Visa program, introduced in 2013, allowed non-EU citizens to obtain residency by making significant investments in Spanish property. Over the years, it has attracted billions of euros in foreign investment, primarily from wealthy individuals looking to gain residency in the European Union. However, the scheme has also been criticized for exacerbating the housing crisis, making it difficult for locals to find affordable homes.

According to the Ministry of Transport, Mobility, and Urban Agenda, the government's decision is part of a broader strategy to tackle the housing crisis.