Spanish authorities will curtail the program for issuing “golden visas” for investments. According to Bloomberg, Prime Minister Pedro Sanchez said this.

Currently in Spain you can get a residence permit if you invest more than 500 thousand euros in the purchase of real estate in the country.

Cancel Golden Visa Spain

According to Sanchez, the government will study the issue of ending the program at a meeting on April 9. The Prime Minister noted that 94% of the “golden visas” currently issued by Spain go to property owners.

Shortly after the start of the war in Ukraine, the European Commission called on EU countries to curtail their “golden passport” programs. (issuance of citizenship) for investments. The European Commission also called on not to issue “golden visas” to (residence permits in exchange for investments) to citizens of Russia and Belarus.

In Spain, the golden visa program operated since 2013.

Over the past two years, the issuance of golden visas has been significantly reduced. Portugal, Ireland and non-EU UK.

Why was the Golden Visa canceled in Spain?

Here are some possible reasons why a country might change its policy regarding such visas:

  1. Government Policy Change: The new government may decide to review the golden visa program as part of its immigration and economic policies.

  2. Changes in internal or external circumstances: Changes in the economic or political situation in the country or in the world may require adjustments to immigration policies, including the golden visa program.

  3. Negative Public Perception: The Golden Visa Program may cause negative public perception due to the perceived purchase of citizenship or the oversight of potentially undesirable applicants.

  4. Program Ineffectiveness: The government may believe that the Golden Visa program is not achieving desired economic or immigration goals and decide to cancel it or make changes to improve its effectiveness.

  5. Prevention of corruption: Spain may take measures to prevent abuse or corruption under the golden visa program, such as tightening eligibility criteria or monitoring investment funds.

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