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Spain Considers Doubling Golden Visa Minimum Investment or Eliminating Programme

Following the suggestion of a left-wing party negotiating the topic with the government, Spain could become the next European country to cancel the Golden Visa Programme.

Spain Considers Doubling Golden Visa Minimum Investment or Eliminating Programme

Ingio Errejon, the leader of the Spanish Mas Pais party, informed reporters on Monday that he had achieved a preliminary agreement with the Social Security Ministry to end the Golden Visa Programme.

Non-EU nationals can obtain residency in Spain through the Golden Visa scheme provided they invest at least €500,000.

According to an El Pais report, the government is considering either raising the minimum amount of investment required for the Golden Visa Programme or repealing the initiative, as advocated by the Mas Pais party.

Errejon stated that golden visas encourage speculation in home values in this country, emphasising that the programme benefits the national economy while expelling the local population.

"Spanish citizenship cannot be bought," Errejon said, emphasising that the scheme has resulted in a "brutal" increase in home costs and has pushed locals out of their neighbourhoods while creating no new jobs.

With the goal of stimulating the country's economy, the Spanish government launched the Golden Visa Programme in 2013, granting residency to applicants who meet the required requirements and make significant investments, thus providing visa-free access to the Schengen Zone and a path to permanent residency, among other benefits.

Authorities in Spain gave over 5,000 permits from the program's inception until November of last year, with Chinese investors benefiting the most, accounting for 45 percent of the total (2,263 visas issued).

Arguing that the programme provides no benefits to the country, the Spanish left-wing political party, Mas Pais, proposed a bill to Congress in February this year to terminate the Residency by Investment initiative.

Errejon distinguished it from real estate investment and from international investments in Spanish enterprises that eventually contribute to the country's economic progress.

Furthermore, the leader of the Mas Pais party stated that the Spanish government does not check where the money for real estate purchases comes from.

Following their involvement in various criminal activities, Golden Visa programmes introduced in several European nations have frequently been denounced and asked to be cancelled by EU authorities.

Portugal declared earlier this year that it was discontinuing its Golden Visa Programme, while Ireland likewise decided to discontinue its Residency by Investment scheme.



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