On Thursday, Spain The end of “gold visas”, Pedro Sanchez announced exactly a year ago. At that time, the President of the Spanish government said that 94 out of every 100 requests were made thanks to the purchase of housing.
Permission to the residency of a neuropean residency, which will make minimal investments of 500,000 euros in real estate in Spain, ended with the entry into force of the new law, which, in addition to other issues related to the “efficiency of public service”, includes housing measures.
Sanchez justified the end of the measure with difficulties in “access to worthy housing” in Spain, the main problem facing families and youth, ”he said in April 2024.
The measure, created in 2013, was in force for ten years and provided more than 14,500 permits for living in real estate investments. These requests have increased with Brexit and War in Ukraine.
Barcelona, Madrid, Malaga, Alikant, Baler and Valencia were the most visited regions (90%) in ten years when this measure was valid. 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 tighten or consider these permits, the law on the support of entrepreneurs and their internationalization were changed, recalling articles related to living visas for investors.
In addition, the Spanish government also wants to limit the purchase of housing not by common foreigners, introducing tax containment that should be identified, whether it will pass 100% VAT or transfer tax.
“Golden visas” in Spain allowed to resolve the residence of foreigners in exchange for real estate investments, bank deposits, public debt, investment funds and classified business projects representing the total percentage.
In Portugal, the end of Visas Gold was approved by parliament in July 2023. The norm reviews entered into force last year in the program “More Home” by the executive branch, headed by Antonio Costa. With the new law, Portugal was unable to allow new requests for concession on accommodation in neuropeians, however, the extension of permits has already been provided.
Both in Spain and in Portugal, there is not enough housing, especially for rent, which forces prices to increase, especially in the most tourist areas and main cities.