Spanish Prime Minister Pedro Sanchez announced a new government decision on April 8, 2024. According to the statement, the country plans to cancel the "golden visa" program, which allows foreigners to obtain a residence permit in Spain in exchange for real estate investments.
Great Demand
This initiative is aimed at curbing the growth of housing prices and preventing speculation in the real estate market. The Golden Visa program has been popular among citizens of China, Russia, Iran and the United States, providing them with a relatively easy way to obtain a residence permit in Spain by purchasing expensive real estate.
Investor Reaction
The news of the cancellation of the program caused a serious reaction from potential investors, who immediately began applying for a residence permit, seeking to take advantage of the latest features of the program. However, the residence permits already issued will remain valid, and the holders of these documents will be able to continue living in Spain in accordance with the terms of the program.
It is important to note that those who planned to use this program in the future now have limited time to apply, as the cancellation of the program may occur in the near future. In addition to curbing real estate prices, this decision may be related to public discontent. Many Spanish residents have criticized the practice of granting residence permits in exchange for buying real estate, pointing out that this increases the cost of housing, making it less affordable for the local population.