Thursday, Spain The end of the “gold visas”, Announced precisely a year ago by Pedro Sánchez. At that time, the president of the Spanish Government said that 94 out of every 100 applications were granted through the purchase of homes.
The residence authorization to the non -European residence that would make a minimum investment of 500,000 euros in real estate in Spain ended with the entry into force of a new law that, among other issues related to the “efficiency of public service”, includes housing measures.
Sanchez justified the end of the measure with difficulties in “access to decent housing” in Spain “, the main problem facing families and young people,” he said in April 2024.
The measure, created in 2013, was in force for a period of ten years and granted more than 14,500 residence permits for real estate investments. These requests have increased with Brexit and war in Ukraine.
Barcelona, Madrid, Malaga, Alicante, Balear and Valencia were the most visited regions (90%) in the ten years in which the measure was in force. Most of the beneficiaries were Chinese and Russian citizens, the Spanish news agency EFE.
With this decision, and after several neighboring countries, Like Portugal, To harden or reviewed these authorizations, the law of support of entrepreneurs and their internationalization have been amended, revoking articles related to residence visas for investors.
In addition, the Government of Spain also wants to limit the purchase of housing by non -community foreigners, introducing a tax disincentive that must be seen if it will approve a 100% VAT or transmission tax.
The “gold visas” in Spain allowed the authorization of the residence for foreigners in exchange for real estate investments, bank deposits, public debt, investment funds and commercial projects classified of general interest.
In Portugal, the end of the “Gold Visas” was approved by Parliament in July 2023. The revocation standard entered into force last year in the “More Housing” program of the Executive led by António Costa. With the new law, Portugal did not admit new requests for granting residence to non -Europeans, however, the renewal of authorizations already granted.
Both in Spain and in Portugal, there is a lack of housing, especially for lease, which makes prices increase, especially in the most tourist areas and the main cities.
