Spain is weighing tighter rules on issuing golden visas to foreign investors, newspaper El País reported Monday, citing people at the social security ministry it doesn’t identify.
(Bloomberg) — Spain is weighing tighter rules on issuing golden visas to foreign investors, newspaper El País reported Monday, citing people at the social security ministry it doesn’t identify.
Current rules grant 3-year residence permits to foreign citizens who spend at least €500,000 ($552,330) to buy a house in the country. Foreigners can also receive a golden visa by investing at least €1 million in shares or more than €2 million in Spanish treasury bonds.
Last year, Spain issued almost 2,500 permits to investors who bought a home for more than €500,000, which accounted for 94% of the new authorizations, the newspaper said.
Countries across the European Union are reevaluating their golden visa programs. Ireland shut down its scheme in February, while Greece says it will double the investment threshold to €500,000 in several key locations including Athens and the Portuguese government has said it will revise its program. There are no EU-wide rules for golden visas.
Press offices of the Social Security and Economy ministers contacted by Bloomberg confirmed they have requests to toughen golden visa requirements.
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