Spain has become the latest EU country to eliminate “golden visas” that attracted thousands of foreign property investors, as soaring housing costs render the programmes politically toxic.
Prime Minister Pedro Sánchez said his cabinet would on Tuesday take the first steps towards scrapping the visas, which were introduced in 2013 and enabled investors who spent at least €500,000 on real estate to obtain the right to live in Spain.
“We will take the necessary measures to ensure that housing is a right and not just a speculative business,” said Sánchez, head of a Socialist-led coalition government.
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