Spain's government is moving towards abolishing golden visas for those who purchase luxury real estate. Enough with the speculation in the real estate market.

In recent days, Spain has decided to follow the example of other European Union countries and end the practice of issuing so-called "golden visas." These visas are granted to foreigners who invest at least 500,000 euros in the country's real estate, giving them the right to permanent residency in Spain. The country's Prime Minister, Pedro Sánchez, confirmed that the process of canceling this measure will begin on Tuesday. Portugal had previously taken similar steps.

The legislation on "golden visas" was introduced in 2013 by a government led by the People's Party as a means to attract foreign investment amid a stagnating real estate market. After the 2008 crisis, Spain was one of the countries most affected by the economic consequences, and "golden visas" became popular among wealthy individuals, especially from China, who directed their funds towards purchasing homes and apartments in cities like Barcelona, Madrid, Malaga, Alicante, and also in Mallorca. These regions account for nearly 94% of all visas issued in recent decades.

Nevertheless, since 2013, the real estate market in Spain has changed dramatically.

Furthermore, it is worth noting that the European Union has long insisted on the cessation of such programs, emphasizing their anti-democratic nature and high risks. These measures become a channel for the influx of funds with unclear origins into Europe, which raises serious concerns.

In addition to this, reports indicate that budget expenditures on super bonuses in construction have exceeded122 billion eurosThere are increasing questions about the sustainability of such programs. The government's readiness to amend the rules regarding inheritance, gifts, and wills, as well as to abolish the inheritance tax, is also being discussed.