SPANISH prime minister Pedro Sanchez recently announced his intention to cancel the Golden Visa scheme. The Socialist PSOE leader said the move would stop speculation of the property market. The programme grants any foreigner residency if they buy a home worth €500,000 or more. The law was approved in 2012 in the middle of a recession following the real estate crash in 2010. Its main aim was to reactivate the Spanish property market and attract foreign investors to buy all the real estate portfolio left with the banks, especially in those days when prices were extremely low and economies were suffering across the EU. During its first years, the main […]
