Spain's Golden Visa stopped after 5 years
The Spanish Golden Visa program has been officially completed since the third of this month and will not be implemented anymore.
This decision means that citizens of non -EU countries can no longer obtain financial investment in Spain, reside, as well as visa -free travel to the Schengen area.
Details of the Golden Visa Schedule and its impact
The Golden Visa Program, launched by the Mariano Rakhoi government since 2008, issued a visa before the cancellation of about 1,800 visas and played a significant role in strengthening the Spanish economy.
The minimum capital requirement for financial investment in Spain was announced at 4,000 euros.
Although the program provided several different options for the applicants, 5 % of visas were issued through real estate investment.
The cause of the Golden Visa Schedule Stop
High demand for investment in the real estate sector created problems for the Spanish residents and the housing market, especially in the cities of Madrid and Barcelona.
In addition, most of the golden visas were awarded to areas such as Malaga, Balloor Islands, Alicante, Khyrona and Valencia. On the other hand, the major recipients of these visas were generally citizens of China, the United States and the United Kingdom.
Investments, especially in the real estate sector, increased housing prices and reduced access to Spanish residents.
Pedro Sanchez, the head of the Spanish government, in response to the issue, said her country would take all the necessary steps to ensure access to housing as a citizenship and counter speculative trade in the area.
Prior to the cancellation of the Golden Visa Program, the Spanish prime minister said: "The Council of Ministers will soon be on the agenda of a residence permit through housing investment. "This is a process for the legal review and amendment adopted by the People's Party in year 2 and a report was prepared by the Minister of Housing and Urban Development."
Approval of the Cancellation of the Program by Congress of Representatives
The Spanish House of Representatives voted to cancel the Golden Visa program in December. The proposal was approved by four votes against 2 votes.
On January 1, the Organic Law No. 1/2 was published in the Spanish official newspaper and confirmed the end of the plan.
According to the law, the decision to cancel the Golden Visa Program was required three months after publication in the official newspaper.
Statistics show that from January to October 5, a total of 5 gold visas were awarded to investors, most of them issued after Pedro Sanchez's announcement to end the plan.
Despite the lack of official statistics, the Spanish real estate estimates that about 5 gold visas were issued in the first three months of this year.
Thus, in short, the Spanish Golden Visa program officially stopped after 5 years due to a negative impact on the housing market and rising prices. The move was aimed at protecting the rights of Spanish residents in accessing housing and preventing speculation in the real estate market.
Younes Mahmoudi
I am Younis Mahmoudi, a writer who has been writing for many years in the field of immigration and visa. I have always tried to explain complex and formal immigration information in a simple and understandable language for Persian speakers on the path of immigration. My experience of studying the laws of different countries and talking to those who really go this path has helped me write things that are practical and painful.