Spain to scupper ‘golden visas’ for foreign real estate investors
Spain’s Prime Minister Pedro Sanchez announced the scrapping of the golden visa programme, which grants residency rights to foreigners who make large investments in real estate. The programme, which required a minimum investment of 500,000 euros, will be eliminated to make access to affordable housing a right instead of a speculative business. Portugal has also revamped its golden visa scheme, excluding real estate investment to address a housing crisis.