In an announcement made by Pedro Sánchez, the
president of Spain on Monday 8 April, the highly popular Golden
Visa, acquired by investment in residential real estate is to be
withdrawn. The Golden Visa, introduced by several European
countries as well as Spain, permits the applicant to obtain
residency when they invest in a range of commercial investments or
purchase a mortgage-free property valued at €500,000 or
more.
Pedro Sánchez further stated "We will start the
process to withdraw this legislation that allows for someone to get
a residency whenever you invest over €500,000 in property. We
will take the necessary steps to guarantee that housing is
a right and not a speculative business." Pedro
Sánchez's cabinet may, on Tuesday, take the first steps
towards removing the criteria related to residential real estate
purchase with regard to the Golden Visa. However, there is no
certainty as to how quickly the amendment to the Golden Visa will
take place. There will
