Spain has decided to terminate its ‘golden visa’ program, allowing foreign investors residency through property investment. Initiated in 2013, concerns over transparency and potential abuse led to its discontinuation. Over 6,200 visas were issued by 2023, with a significant portion going to Chinese, Russian, and Iranian nationals. Worries include facilitating illegal activities, inflating housing costs, and unfair advantages for wealthy foreigners. Spain’s move follows similar actions by Portugal and Cyprus. Prime Minister Pedro Sánchez cited housing rights and speculation as reasons. The program’s termination aims to alleviate housing affordability crises, particularly in regions like Ibiza.
Spain Halts Golden Visa Scheme Amid Transparency and Housing Concerns
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