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Spanish Govt. to "Start The Procedure to Eliminate" Golden Visa Program · IMI Podcasts

• 0:00
  SPEAKER_00: This episode first appeared as an article titled Spanish Government to Start the Procedure to Eliminate Golden Visa Program and authored by Christian Henrik Nesheim on IMIDAily.com.
• 0:12
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• 0:31
  SPEAKER_00: ElPais reports that during a visit to a suburb of Seville today, Spanish Prime Minister Pedro Sanchez said, quote, I want to announce that the Council of Ministers tomorrow will study a report submitted by the Minister of Housing and Urban Agenda to modify the law approved by the Partido Popular in 2013, which allows you to obtain a residence visa if you invest in housing in our country, end quote.
• 0:58
  SPEAKER_00: The Prime Minister signaled that his administration would, quote, start the procedure to eliminate the granting of the so-called golden visa, which allows access to the residence regime when more than half a million euros are invested in real estate.
• 1:14
  SPEAKER_00: We are going to take the necessary measures to guarantee that housing is a right and not a mere speculative business.
• 1:22
  SPEAKER_00: He further divulged that some 94% of all investment-based residence permits issued pertain to real estate and were heavily concentrated in popular tourist destinations like Barcelona, Madrid, Málaga, Alicante, Valencia, and Palma de Mallorca.
• 1:41
  SPEAKER_00: Those cities, he said, quote, are facing a highly stressed housing market where it is almost impossible to find decent housing for those who live and work in them and pay their taxes every day.
• 1:52
  SPEAKER_00: That is not the country model we need, that of the speculative investment in housing, because it is a model that leads us to disaster and above all, leads us to painful inequality as a consequence of the inaccessibility of many young people and families to housing.
• 2:11
  SPEAKER_00: The Sanchez administration has the stated aim of quote, guaranteeing affordable housing so that no citizen has to allocate more than 30% of their income to having a home.
• 2:24
  SPEAKER_00: While Spain stopped publishing detailed statistics on its Golden Visa program some two years ago, the most recent figures indicate Spain had approved nearly 11,500 by the end of 2022, 94% of which were real estate related.
• 2:43
  SPEAKER_00: Sanchez heads a minority government and will rely on the support of a number of small parties to pass new legislation.
• 2:52
  SPEAKER_00: Thanks for joining us today on IMI podcasts.
• 2:56
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• 3:03
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