Spain ends 'golden visa' program

In accordance with the law passed by the Senate and Parliament last November and published in the Official Gazette on January 3, the "golden visa" program ends as of April 3.

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The program, which was introduced in 2013 by the decision of the right-wing government of the time due to the economic crisis, granted "golden visas" to citizens of non-EU countries who purchased homes valued at more than 500,000 euros or made investments exceeding 1 million euros.

15 THOUSAND 300 PEOPLE BENEFITED

According to statistics, approximately 15 thousand 300 foreign investors have benefited from the "golden visa" in Spain to date.

While 96 percent of those who benefited from the program did so through real estate purchases, China, Russia, Iran, the USA, and Venezuela were in the top 5 when looking at the list of foreign citizens who took advantage of it.

REASON IS THE HOUSING CRISIS

Meanwhile, it was reported that those who applied before the law came into effect would still be able to benefit from the "golden visa."

The current left-wing coalition government wanted to end the "golden visa" program due to the housing crisis that has been experienced in the country in recent years and has reduced the purchasing power of Spaniards.

News Source: 12punto

Spain ends 'golden visa' program

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