Spain to stop issuing "golden visas" to foreigners

The Spanish government plans to cancel the provision of so-called golden visas to foreigners - residence permits in exchange for multi-thousand dollar investments, Prime Minister Pedro Sanchez said, Report informs via TASS.

“What we are going to do is to begin the procedure for canceling the issuance of the so-called golden visa, which allows access to the residence permit when investing more than €500,000 in real estate,” Sanchez noted.

In 2022, Spain issued more than 2,400 such permits to investors, which is almost 60% more than in 2021. In total, since the mechanism came into force, more than 11,000 “golden visas” have been presented.