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.
Related News Articles
Tata Realty Secures Rs 825 Crore Loan from IFC for Sustainable IT Park in Chennai
Tata Realty has raised Rs 825 crore from the International Finance Corporation (IFC) to refinance its green commercial project in Chennai, Ramanujan Intellion Park, a landmark development in sustainable real estate.
Infrastructure Sector Receives Highest Ever Allocation in Budget 2024
The Indian government has allocated a record Rs 11.11 trillion to the infrastructure sector in Budget 2024, a significant boost to the country's development plans.
BramhaCorp's Star-Studded Night: A Tribute to Growth Partners
Pune, 2nd September 2024: BramhaCorp celebrates its esteemed Growth Partners with a luxurious 'Starlit Soiree' at the Sheraton Grand, Pune.
Mumbai Pays Final Tribute to Business Icon Ratan Tata
The last rites of business magnate Ratan Tata were performed with full state honors in Mumbai. The ceremony was attended by several dignitaries, including Union Home Minister Amit Shah and Piyush Goyal.
India's Real Estate Sector Soars in 2024: A Year of Growth, Innovation, and Broker Empowerment
Mumbai, Maharashtra - The year 2024 has seen remarkable progress in India's real estate market, with significant growth in office spaces, residential sectors, and investment flows. This article explores the key developments and the pivotal role of brokers
Understanding LIC's New Pension Plan: Eligibility, Annuity Options, and More
Life Insurance Corporation (LIC) has introduced a new pension plan to help individuals secure their financial future. This article covers the eligibility criteria, annuity options, and other important details of the plan.