Today, April 3, is the deadline for applications for the «Golden Visa»applications for residents outside the EU who want to reside in Spain by virtue of their investments.
The elimination of this visa of residence by investment represents a significant change in the policy of migration and economy of Spain and aims to put a brake on its negative impact on access to housing.
Since 2013, when the Golden Visa policy was introduced by the government of the Partido Popular, some 14.576 Golden Visas, tied directly to investment in housing, have been granted. The majority were given to investors from China, Rusia, the United Kingdom, United States, Ukraine, Iran, Venezuela and Mexico. The main provinces for investors, where 90% of properties were purchased, are Barcelona, Madrid, Malaga, Alicante, Baleares and Valencia.
According to the Government, this type of investment puts excessive tension on the housing market, raising the prices of housing and favouring speculation. The objective of the elimination of this visa is to «end speculation that has notably increased since 2022 when the number of Golden Visas doubled, says a Government spokesperson.
