Spain's PM talked about cancelling the Golden Visa Scheme, this facility is available on investment of 5 lakh euros
Visa: Spanish PM Sanchez, visiting an area near the southern city of Seville, said the government is going to scrap the so-called golden visa scheme that allows access to Spain in exchange for a 500,000 euro investment in property.
According to Prime Minister Pedro Sanchez on Monday, Spain is discontinuing its 'golden visa' programme, which grants residency to foreign investors in exchange for real estate investments of up to 500,000 euros.
Speaking while touring a region close to Seville in the south, Sanchez announced that the government would discontinue the so-called "golden visa" programme, which grants entry to Spain in return for a 500,000 euro real estate investment.
He said the move, to be approved at Tuesday's cabinet meeting, would facilitate the government's fight against "speculative investment" in the property sector. Due to this "many young people and families" are unable to access housing.
The scheme was launched in 2013 when the economy was struggling and Spain wanted to attract foreign capital. Under it, non-EU investors are granted a three-year work and residence permit in exchange for investing at least 500,000 euros ($542,000) in property or a Spanish company.
