MADRID — Spain will scrap its so-called "golden visa" program granting residency rights to foreigners who make large investments in real estate in the country, Prime Minister Pedro Sanchez told reporters on Monday.Ending the scheme would help make access to affordable housing "a right instead of a speculative business", Sanchez said.
From the start of the golden visa scheme in 2013 until November 2022, Spain issued almost 5,000 permits, government figures show.Chinese investors top the list followed by Russians who invested more than 3.4 billion euros, according to a 2023 Transparency International report that questioned whether authorities investigated the origin of the funds.The measure is unlikely to affect the property market since less than 0.1% of 4.
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