The requirements for issuing Golden Visas in Spain may tighten or cancel such visas altogether, according to the Portuguese scenario

The Spanish government is considering tougher requirements for granting residency permits to foreign wealthy individuals who purchase accommodation in Spain worth 500,000 euros. These permits, known as “golden visas,” were introduced in 2013 and have allowed 100,000 wealthy foreigners to obtain residency in Spain through real estate investments.

However, they have been criticized for encouraging speculation in housing prices, not benefiting the national economy, and expelling the local population. The government is considering either raising the minimum investment required to one million euros or abolishing the program altogether. The European Union has also questioned the program, as it grants residency without checking the origin of the invested capital.

The political party Más País has proposed a legislative reform to ensure that foreign investments in housing do not distort the real estate market in Spain. The party suggests that non-resident foreigners who intend to enter Spanish territory to make a significant capital investment should apply for a stay visa or a residence visa for investors. The proposed definition of “significant capital investment” would be equal to or greater than two million euros in public debt securities, one million euros in shares or participations in Spanish companies, or bank deposits in financial institutions in the country.

We should remind that the Portuguese government has already ended the program as part of an effort to “combat property speculation.”

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