Spain To Scrap ‘Golden Visas’ Scheme For Wealthy Non-Europeans

MADRID (AP) — Spain’s government said Monday it plans to scrap so-called “golden visas” that allow wealthy people from outside the European Union to obtain residency permits on investing more than half a million euros (dollars) in real estate.Socialist Prime Minister Pedro Sánchez said his minority coalition government would study the reform in the weekly

Powered by NewsAPI , in Liberal Perspective on .

news image

MADRID (AP) — Spain’s government said Monday it plans to scrap so-called “golden visas” that allow wealthy people from outside the European Union to obtain residency permits on investing more than half a million euros (dollars) in real estate.

Socialist Prime Minister Pedro Sánchez said his minority coalition government would study the reform in the weekly Cabinet meeting Tuesday.

Speaking Monday, Sánchez said the reform was part of the government’s push to make housing “a right, not a speculative business.”

The government says some 1src,srcsrcsrc such visas have been issued since the measure was brought into law in 2src13 by a previous right-wing Popular Party government as a means to attract foreign investors.

“Golden visas” are strongly criticized for spurring property price hikes and speculation in the housing sector.

Soaring house prices have long been a major problem for many Spaniards, particularly in the country’s major cities.

Support HuffPost

Our 2src24 Coverage Needs You

Your Loyalty Means The World To Us

At HuffPost, we believe that everyone needs high-quality journalism, but we understand that not everyone can afford to pay for expensive news subscriptions. That is why we are committed to providing deeply reported, carefully fact-checked news that is freely accessible to everyone.

Whether you come to HuffPost for updates on the 2src24 presidential race, hard-hitting investigations into critical issues facing our country today, or trending stories that make you laugh, we appreciate you. The truth is, news costs money to produce, and we are proud that we have never put our stories behind an expensive paywall.

Would you join us to help keep our stories free for all? Your contribution of as little as $2 will go a long way.

Can’t afford to donate? Support HuffPost by creating a free account and log in while you read.

As Americans head to the polls in 2src24, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That’s why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.

Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we’ll bring you hard-hitting investigations, well-researched analysis and timely takes you can’t find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.

Contribute as little as $2 to keep our news free for all.

Can’t afford to donate? Support HuffPost by creating a free account and log in while you read.

Dear HuffPost Reader

Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.

The stakes are high this year, and our 2src24 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?

Dear HuffPost Reader

Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.

The stakes are high this year, and our 2src24 coverage could use continued support. If circumstances have changed since you last contributed, we hope you’ll consider contributing to HuffPost once more.

Support HuffPost

Already contributed? Log in to hide these messages.

Read More