MADRID (AP)– Spain’s federal government stated Monday it prepares to ditch so-called “golden visas” that permit rich people from outside the European Union to acquire residency authorizations on investing over half a million euros (dollars) in property.
Socialist Prime Minister Pedro Sánchez stated his minority union federal government would study the reform in the weekly Cabinet conference Tuesday.
Speaking Monday, Sánchez stated the reform became part of the federal government’s push to make real estate “a right, not a speculative company.”
The federal government states some 10,000 such visas have actually been provided considering that the step was brought into law in 2013 by a previous conservative Popular Party federal government as a way to bring in foreign financiers.
“Golden visas” are highly slammed for stimulating home cost walkings and speculation in the real estate sector.
Skyrocketing home costs have actually long been a significant issue for lots of Spaniards, especially in the nation’s significant cities.
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