The Spanish Cabinet of Ministers has decided to cancel the provision on “golden visas”, which has been in effect since 2013. It provided for the granting of a residence permit in the country with the right to work for hire to foreign investors who were not citizens of the European Union countries.
The Cabinet motivated its latest decision by “the desire to fight real estate speculation, which leads to higher housing prices and the ability to buy privileges in Spain with money.”
What is the difference between a “golden visa” and an ordinary one
According to the Madrid newspaper ABC, which refers to official sources, “golden visas” are especially popular among citizens of the United States and China.
Buying a home on a general basis costs less or more than 500 thousand. UAH euro does not give the right to permanent residence. In this case, non-citizens of EU countries can count only on a regular multiple-entry visa, renewed annually, which allows them to stay in Spain for no more than 6 months a year. Unlike the “golden” multiple-entry visa does not give the right to work in the country.