As of April 3, Spain has officially discontinued its “golden visa” program, which granted residence permits to foreign investors purchasing real estate worth over 500,000 euros.
This decision, announced in April 2024, follows the European Commission’s 2022 call for EU countries to abolish citizenship-by-investment schemes. The Spanish government’s move is aimed at alleviating housing pressures in certain areas, where locals have faced challenges accessing affordable homes.
“The abolition of the ‘golden visa’… aims to provide opportunities to those who today face difficulties in accessing housing in certain areas, as well as dealing with price pressure and a lack of housing supply,” said Spain’s Minister for Housing and Urban Planning, Isabel Rodríguez.
Neighboring Portugal also adjusted its “golden visa” program in 2023, removing real estate investments as part of its efforts to tackle the housing crisis. Foreign investors can still obtain residence permits through investment funds.
