To fight the housing scarcity in Spain, the left-wing central authorities has determined to finish the Golden Visa programme for property traders from non-EU international locations.
The purpose is to curb hypothesis, Prime Minister Pedro Sánchez defined in Seville on Monday. “We are going to take the required measures to make sure that housing is a proper and never a speculative enterprise.”
The Socialist politician mentioned that the Council of Ministers would finalize the required modification to the regulation on Tuesday in Madrid, however he didn’t give a attainable date for the entry into pressure.
The Golden Visa programme has allowed residents from non-EU international locations to accumulate residency in Spain since 2013 in the event that they purchase property price at the very least €500,000 ($543,000) within the nation. It additionally applies to monetary investments of at the very least €1 million in firms or €2 million in authorities bonds.
Related programmes had been additionally launched in different European Union international locations in the course of the euro disaster.
The investor visa in return for the acquisition of property is controversial in all places as a result of it’s seen as one of many causes of the value will increase on the property market and the housing scarcity.
Sánchez mentioned on Monday that 94% of all Golden Visas in Spain are granted for property investments. Nonetheless, the purpose is to realize “actual and sustainable progress.”
“We need to be a rustic for productive funding that creates innovation and high-quality employment,” he emphasised.
In accordance with Sánchez, the housing scenario is especially tense in main cities reminiscent of Madrid, Barcelona, Málaga and Valencia, in addition to on the Balearic Islands, together with the vacation island of Mallorca.
As a result of demand from rich foreigners, it’s nearly unattainable for locals “who reside, work and pay taxes there to search out respectable lodging.”
In accordance with official figures, Spain has granted greater than 5,000 Golden Visas since 2013, with greater than 2,000 going to residents from China.
