Spain announces the cancellation of the investor visa for property purchases.

Spain is abandoning the golden visa program, which grants residency rights to foreigners who make significant investments in real estate in the country, Prime Minister Pedro Sanchez told reporters on Monday. According to Sanchez, the termination of the Golden Visa program will help make access to housing "a right, not a speculative business." Currently, the program provides residency and work permits for a three-year period to foreigners who invest at least 500,000 euros in real estate in the country - without financing.

The Spanish government will begin the process of suspending the program on Tuesday during the weekly cabinet meeting, after reviewing a report presented by the Ministry of Housing.

After the changes in Portugal, investors have turned their attention en masse to Greece, which became the most popular destination for obtaining a Golden Visa last year. This year, with rising real estate prices, the Greek government has increased the minimum investment requirements for obtaining residency in the country.