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Spain will end the "golden visa" program, which has granted residency rights to citizens of countries outside the European Union (EU) who invest or purchase property since 2013, in April. According to the law passed in the Senate and the Assembly last November and published in the Official Gazette on January 3, the "golden visa" program will cease as of April 3. Due to the economic crisis, the program was implemented in 2013 by the decision of the then-right-wing government, granting "golden visas" to citizens of non-EU countries who purchased properties worth over 500,000 euros or invested more than 1 million euros. 15,300 PEOPLE BENEFITEDAccording to statistics, approximately 15,300 foreign investors have benefited from the "golden visa" in Spain so far. While 96% of those benefiting from the program achieved this through real estate purchases, looking at the list of foreign nationals who benefited, China, Russia, Iran, the USA, and Venezuela were in the top 5.Meanwhile, it was reported that those who applied before the law came into effect would also be able to benefit from the "golden visa." The current left-wing coalition government wanted to end the "golden visa" program due to the housing crisis experienced in the country in recent years, which has reduced the purchasing power of Spaniards.
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