Spain considers ending or curbing controversial 'golden visa' scheme

Inigo Errejon, the leader of the Mas Pais political party, told reporters that his party and the Social Security Ministry had reached an agreement to end the program. The programme allows property buyers who spend at least €500,000, as well as their families, to receive a three-year residence permit.

Errejon stated that "Spanish citizenship can't be bought" and added that the golden visas have led to an "brutal rise" in housing prices, forcing locals from their neighborhoods without creating new jobs.

The ministry refused to confirm any plans to end the program. Officials familiar with the discussions said that no agreement has yet been reached, as the ministry is still studying the proposals of political parties.

El Pais reported earlier on Monday (8 May) that Spain is considering stricter requirements for applications of golden visas.

The European Commission urged EU member states not to allow investors to become citizens and to tighten the checks on residency permits. They described these programs as a risk to security and money laundering.

Portugal, a neighboring country, said that it would stop a similar program in March.

According to government statistics, from the beginning of the golden visa program in 2013 up until November last year, Spain granted almost 5,000 permits. Chinese investors topped the list.

Errejon claimed that the visas were a kind of "backdoor privilige" for millionaires and turned Spain into "a sort of colony which often attracts dark money".

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