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Spanish authorities have announced that they will abolish the Golden Visa program, effective 3rd April 2025. The program has granted residency to foreign investors who invested substantial sums in Spanish real estate and has been particularly popular among Moroccan investors in recent years.
This move is part of the Spanish government's broader efforts to tackle real estate speculation and address the growing housing crisis in major cities like Madrid and Barcelona.
Launched in 2013, the Golden Visa program was designed to attract foreign investment by offering residency to individuals who invested a minimum of 500,000 euros in Spanish real estate. The initiative garnered significant interest from international investors, including many from Morocco, who viewed the visa as a gateway to residency in Spain and its economic and social benefits.
Spain's housing crisis, particularly in key cities, has led to accusations that the Golden Visa program has contributed to rising property prices, making housing less affordable for local residents. In response, the Spanish government aims to curb real estate speculation and make housing more accessible to Spanish citizens by discontinuing the program.
The abolition of the Golden Visa is expected to impact foreign investment flows into Spain, particularly from countries that have made significant use of the program. It could also lead to shifts in the Spanish real estate market as investors reassess their options.
The decision has sparked mixed reactions. Some have praised the move, viewing it as necessary to address the housing shortage and ensure that local populations are not priced out of the market. On the other hand, critics argue that the abolition could harm Spain's economy by reducing its appeal to foreign investors and potentially stalling growth in the real estate sector.
