Spain is considering ending or restricting the controversial golden visa scheme.

It is known that Spain may cancel its so-called "golden visa," which grants residency rights to foreigners who invest in real estate in the country. This was stated by leftist party leader Iñigo Errejon, who has been negotiating the issue with the government.

According to Errejon, his Mas Pais party has reached a preliminary agreement with the Social Security Ministry to end a program that allows buyers of properties worth at least 500,000 euros and their families to obtain three-year residency permits.

"Spanish citizenship cannot be bought," Errejón said, adding that the golden visas have led to "severe" increases in housing prices and forced locals to leave their neighborhoods without creating new jobs.

The ministry has not confirmed plans to end the program.

Earlier on Monday, El Pais newspaper reported that Spain is considering tougher requirements for golden visa applications.

The European Commission has called on EU countries to end programs allowing investors to obtain citizenship and tighten checks on residence permits, calling them a security and money-laundering threat.

Neighboring Portugal said it would end a similar program in March.

Since the start of the golden visa program in 2013 until last November, Spain has issued nearly 5,000 permits, with Chinese investors topping the list, according to government data.

Errejon said the visas are "a privilege for millionaires turning Spain into a kind of colony, often attracting dubious money. "