The President of the Government, Pedro Sánchez, has announced that the Council of Ministers will study a report presented by the Minister of Housing and Urban Agenda in which the elimination of the granting of the “Golden Visa” to foreigners who invest in housing is proposed. .

The “Golden Visa” refers to a modality of access to the residence visa for investors (concession for one year) or the Spanish residence authorization (concession for three years). It allows access to the residence regime when more than half a million euros are invested in real estate.

94% of investor visas are granted to real estate investors. Barcelona, Madrid, Málaga, Alicante, Palma and Valencia are the ones that register the greatest demand for this type of visa, and are also the areas with the greatest increases in housing prices. The aim is to “guarantee that housing is a right and not a mere speculative business,” according to the Government.

The “golden visa” for investment in financial assets or for investment in a business project would not be affected in principle.