Spain Abolishes the « Golden Visa » Program

Spain has decided to abolish the « Golden Visa » program, which allowed Moroccans and non-EU citizens to quickly obtain permanent residency in exchange for a significant financial investment. With this decision, Spain joins several other countries that have discontinued the program.

Spanish Prime Minister Pedro Sánchez stated that the move aims to « ensure that housing is a right and not a subject of commercial speculation. » He added that « the residential real estate market is under immense pressure, making it almost impossible for local residents to find housing at an affordable price. »

While many investors saw this program as an opportunity for a fresh start or a way to escape political, social, or economic risks in their home countries, it also faced criticism from anti-corruption activists and politicians. Critics warned about its exploitation by criminals and the rising property prices, which made housing unaffordable for local populations.

What is the « Golden Visa » or « Golden Passport »?

The « Golden Visa » programs grant wealthy foreigners the right to live and work in another country in exchange for a significant financial investment.

The required investment varies by country, ranging from $100,000 in real estate in Panama to $21.4 million deposited in a Luxembourg-based financial institution.