Achi news desk-
MADRID (AP) – Spain’s government said Monday it plans to scrap a so-called “golden visa” that allows wealthy people from outside the European Union to obtain residence permits upon investment of more than half a million euros (dollars) in real estate.
Socialist Prime Minister Pedro Sánchez said his minority coalition government would study the reform at Tuesday’s weekly Cabinet meeting.
Speaking on Monday, Sánchez said the reform was part of the government’s effort to make housing “a right, not a speculative business.”
The government says around 10,000 such visas have been issued since the measure was brought into law in 2013 by the previous right-wing Popular Party government as a means of attracting foreign investors.
“Golden visas” are heavily criticized for triggering property price rises and speculation in the housing sector. Rising housing prices have long been a major problem for many Spaniards, especially in the country’s main cities.
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