to buy residency rights by investing 500,000 euros or more in cash in real estate, Prime Minister Pedro SánchezSánchez connected the move to concerns about affordable housing. “Housing is a constitutional right and not a mere speculative business,” he said in a social media
Sánchez said that such visas were linked to property investment “in major cities that are facing a highly stressed market and where it’s almost impossible to find decent housing for those who already live, work and pay their taxes there,” ReutersThe program has been connected to only a small fraction of houses purchased in Spain and experts do not expect it to significantly impact the housing market.
Spain’s golden visa stood out in that it allowed foreigners a path into the country through relatively inexpensive real estate, Holleran said, noting he was surprised it wasn’t scrapped or modified earlier. Through the program, investors could receive an initial three-year residence permit, renewable for five years, after which they can obtain permanent residence,“It’s heartless in some ways,” he noted.
Australia earlier this year halted a program for investors investing more than 5 million Australian dollars, or $3.3 million, in favor of allowing more skilled workers in.