Spain's government announced plans to eliminate 'golden visas,' which grant residency permits to non-EU individuals investing over half a million euros in real estate. The move, set to be discussed in the upcoming Cabinet meeting, is part of the government's efforts to prioritize housing as a fundamental right rather than a speculative venture.
Introduced in 2013 by a previous right-wing administration, approximately 10,000 'golden visas' have been issued to attract foreign investors. However, these visas have faced criticism for contributing to property price inflation and speculation within the housing market.
The decision to revoke 'golden visas' comes amidst concerns over escalating housing costs, particularly in major Spanish cities. The government aims to address these challenges and create a more sustainable and equitable housing market for its citizens.
