The Government justifies the elimination of the 'Golden Visa' after the rebound in the last two years

It thus responds to a type of visa under observation by the European institutions and whose concessions doubled in 2022.

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The Government has initiated the procedures to eliminate the 'Golden Visa' for foreigners not resident in the European Union who invest more than 500,000 euros in housing, a measure that began in 2013 during the Government of the Popular Party (PP), and that The Executive has suppressed to put an end to this type of real estate “speculation” and a practice that has increased considerably over the last two years.

“These types of investments stress the market, increase the price of housing and by eliminating them, we are going to cushion and paralyze this type of speculation,” stressed the Minister of Housing and Urban Agenda, Isabel Rodríguez, at the press conference after the Council. of Ministers this Tuesday, where he reported the measure.

During it, the head of Housing stressed that the end of the 'Golden Visa' responds to a type of visa that was being observed by European institutions, especially after the War in Ukraine, and that in 2022 “ignited the alarms” from the Government due to the increase in the number of visas granted in Spain.

According to data provided by the Housing Authority, from 2013 to 2023, 14,576 'Golden Visas' have been granted. Thus, in 2016, 461 real estate visas were issued, in 2017, 947; in 2018, 998; in 2019, 861; in 2020, 632 and in 2021, 997.

According to Rodríguez, the “alarms went off” in the Executive when 2,017 visas were issued in 2022 and 3,270 in 2023. “Starting in 2022, the alarms go off and, therefore, having doubled the concessions, we intervene,” Rodríguez stressed.

A rebound that has had to do with the departure of the United Kingdom from the European Union, a “notable” increase in the 'Golden Visa' for citizens of the United States and China and Russia, who continue to be at the forefront in foreign citizens non-EU citizens who acquire this type of visa.

Likewise, he has pointed out that in cities like Marbella or Barcelona the acquisition of homes linked to this type of investment represents 7.1% in the case of Marbella, 5.3% in the case of Barcelona or 10% in some municipalities of the Balearic Islands.

Likewise, he has pointed out that these investments are mainly from nationalities from China, Russia, the United Kingdom, the United States, Ukraine, Iran, Venezuela and Mexico and the main provinces to which they are directed are Barcelona, ​​Madrid, Malaga, Alicante, the Balearic Islands and Valencia.

“This measure aims to respond to these cities and, above all, to those who live there. To men and women, families and young people, who are looking for housing as an impossible mission. [en estas ciudades]”, has underlined.

Along these lines, the head of Housing has encouraged foreigners to invest in housing, but in a way that contributes to the promotion of properties at affordable prices, to the rehabilitation of housing and to guarantee it as a right.

10,528 VISAS SINCE 2016 WITH A TOTAL INVESTMENT OF 10,014 MILLION

According to data released by Housing, from 2016 to January 2024, 10,528 'Golden Visas' have been authorized, with a total investment of more than 10,014 million euros and an average investment amount of 951,203 euros.

The largest number of golden visas has been detected in the last two years. Thus, the 2,017 files authorized in 2022 are multiplied by more than those granted in 2021, also doubling the investment sum, from 838.1 million euros to 1,728.77 million euros.

Despite this, in average terms, the amount of the investment only rose slightly, from 840,698 euros in 2021 to 857,105 euros in 2022.

In the case of 2023, 3,273 'Golden Visa' were granted, which involved a total investment of 2,518 million euros, with an average investment amount of 769,332 euros.

In the case of 2024, 342 golden visas were granted in January, with an investment that, according to Housing, reached 255.7 million euros, with the average investor value being 747,785 euros.