Spain Bids Farewell to Golden Visa Scheme to Boost Housing Affordability
After a 12-year run, Spain has decided to scrap the Golden Visa scheme to prioritize housing affordability and address speculative concerns in the real estate market.
Golden VisaSpainReal EstateHousing AffordabilityInvestmentReal Estate NewsApr 08, 2025
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.
Frequently Asked Questions
What is the Golden Visa scheme?
The Golden Visa scheme is a program that allows non-EU citizens to obtain residency in Spain by making significant investments in property or other assets. It was introduced in 2013 to attract foreign investment.
Why is Spain scrapping the Golden Visa scheme?
Spain is scrapping the Golden Visa scheme to address concerns over housing affordability and speculative investments in the real estate market. The government aims to make housing more accessible to its citizens.
When will the Golden Visa scheme end?
The phase-out of the Golden Visa scheme has been announced, with no new applications being accepted. Current applications will still be processed, and the deadline for completing investments is set for December 31, 2023.
What new measures will the government introduce?
The government plans to introduce new measures to support the housing market, including increased funding for social housing, rental subsidies, and initiatives to increase the supply of affordable housing.
How will this decision affect the real estate market?
The decision to scrap the Golden Visa scheme could have a significant impact on the real estate market by reducing speculative investments and helping to stabilize property prices, making housing more affordable for locals.
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