The government is considering tighter rules for granting residence permits to foreign investors who buy property in Spain. This approach follows discussions reported by Europa Press citing sources from the Ministries of Economic Affairs and Inclusion, Social Security and Immigration.
These permits are known as golden visas. Media outlets such as El País have noted that authorities are weighing either raising the minimum investment required or banning the program altogether, a move that aligns with a bill introduced by Más País in February.
Íñigo Errejón’s party argues that the golden visa fuels real estate speculation in Spain, does not strengthen the national economy, and may repel local residents, creating a negative ripple effect in the housing market.
Más País has proposed changes to the program. The plan would modify or end these permits, which were introduced by the government of Mariano Rajoy in 2013 to support entrepreneurs and their internationalization. At that time, the policy enabled residency for thousands of wealthy foreign buyers who invested at least 500,000 euros in real estate.
The concept of the golden visa has drawn scrutiny from the European Union for allowing residency without a clear examination of the source of invested capital.
In ongoing talks, Más País is negotiating with the government on legal reforms to ensure that foreign property investments serve Spain’s real economy and do not disrupt the housing market. The aim is to craft a framework that preserves economic interests while addressing concerns about market impact and capital origin.
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As a tradeoff for a revised framework, Más País proposes that non resident foreigners planning to enter Spanish territory should make a meaningful capital commitment to qualify for a residence visa or, where appropriate, investment housing for investors.
In this view, the concept of a significant capital investment would include investments of two million euros in public debt securities, one million euros in shares or subsidiaries of Spanish companies, or bank deposits within Spanish financial institutions.
Más País echoes a strategy seen elsewhere in Europe, drawing comparisons with a government approach in Portugal that phased out similar visas as part of efforts to curb real estate speculation.
Nearly 5,000 golden visas since 2013
In a recent parliamentary reply, the government disclosed that about 4,940 investor visas or golden visas had been issued between 2013 and 2022. The total covers not only real estate investments but also capital and business projects supported by foreign investors.
The official response noted that a significant share of these permits went to Chinese nationals, accounting for roughly 45 percent of issuances, or about 2,263 people.
Investors from Russia represented about 19.6 percent, totaling 969 visas. The government also highlighted that Ukrainian citizens received around 2.7 percent, amounting to 136 permits.
These figures illustrate the scale of the program and underscore why the debate over golden visas continues to evolve at the national level. The government and opposition alike are examining how to balance the appeal of attracting foreign investment with safeguards that prevent market distortions and ensure fiscal and economic soundness for Spain.