Spain has joined other European Union countries in announcing the end of its so-called “golden visa” scheme which has attracted wealthy foreign investors, including from Britain, but aggravated an overheating property market.
The scheme offered non-EU investors a three-year work and residency permit in exchange for investing at least €500,000 in property or a Spanish company.
But Pedro Sanchez, the Socialist prime minister who relies upon support from hard-left and separatist parties, announced that he would end the scheme during a visit to Seville.
Pedro Sanchez said the move will help young people and families access housing
MIGUEL TONA/EPA
The decision will allow the government to fight against “speculative investment” in property, which is preventing “many young people and families” from accessing housing, he said, adding: “We will take the necessary measures to ensure that housing is a right and
