GOOD-BYE VISA

Expat property investors could lose right to visa for property investment

SPAIN’S ‘Golden Visa’ scheme is in danger of being abolished under a new bill submitted to Congress.

The Residence by Investment scheme, introduced in 2013, allows foreigners to obtain a Spanish residence permit by buying real estate worth at least €500,000 in the country.

Left-wing political party

Mas País said this type of investment drives up housing prices, making it difficult for locals to purchase their own homes.

At the same time, it claims,

By Walter Finch

the government does not carry out checks on the provenance of the funds, opening the door for crooks and fraudsters. The bill submitted to Congress would limit the Golden Visa to foreigners who launch a business project with job creation or innovation that contribute to the growth of Spain’s economy. Simply purchasing property would not be enough, with

Cheapest deal

TALAVERA de la Reina in Toledo province - known for its ceramics industry and popular with tourists - has the cheapest properties for sale coming in at just €350 per m2. The city in central Spain came top of a survey conducted by property appraisal firm Tecnitasa.

It was followed by the Carrus district of Elche and the Juan XXIII neighbourhood in Alicante - both at €440 per m2 - with the two districts regarded as deprived areas. The low prices contrast with €11,400 per

Mas Pais arguing that this does not create jobs or bring any other economic benefits and drives up inflation. Leader of Mas País, Iñigo Errejon said: “The Spanish

CHEAPEST: Talavera de la Reina m2 in Madrid's Calle Serrano and €10,000 on Barcelona's Paseo de Gracia, which are the highest prices in the country. government does not check where this money comes from, nor how it was earned or what the rest of the relatives who come get up to. It is basically a class shortcut.” “There are parts of Spain that are being colonised by people who do not want anything to be regulated.”

Portugal

Last week Portuguese Prime Minister Antonio Costa announced the ending of his country’s Golden Visa scheme in order to ‘fight real estate speculation.’ The European Commission has also expressed its opposition to Golden Visa and Golden Passport schemes in the EU.

HOME property sales in Spain reached 650,000 in 2022 - the biggest total since 2007 when nearly 780,000 residences were sold.

The National Institute of Statistics (INE) figures showed a 14.7% rise in sales on the previous year despite a 10.2% annual fall in December caused by rising interest rates and increasing financing costs. With the exception of 2020, which was an untypical year due to the pandemic, house sales have exceeded 500,000 annually in Spain since 2018. Used homes accounted for 532,459 sales in the 2022 total.