BBC is reporting that the Spanish government has begun eliminating golden visas which allowed people who bought property worth half a million Euro or more to get a fast tracked residency which allowed them to live year round in Spain.
I wonder if Italy and others may take similar actions.
Good.
It was mostly abused by Chinese and Russian real estate companies who bought up a lot of property in major Spanish cities already highly impacted by overtourism /airbnbs, making it even more difficult for locals to find housing.
Italy's program looks fairly strict already---unless I am reading it wrong, merely purchasing property doesn't cut it.
Greece seems to have a fairly accessible program, though it has increased the purchase price in obvious places like Santorini, etc.
https://www.theolivepress.es/spain-news/2024/04/09/exclusive-ending-the-golden-visa-in-spain-is-a-big-blow-to-british-and-us-buyers-say-property-experts-as-political-leaders-brand-it-senseless-and-anti-business/
Excerpt:
Sean Woolley, CEO of Cloud Nine Properties, based in Marbella, told the Olive Press: “When you consider that fewer than 10,000 Golden Visas have been granted in Spain in the last 10 years, it really is not a policy that needed adjusting.
“Some 1,000 across the whole of Spain each year is really a negligible amount, and hasn’t really had an effect on the housing market in any way.
He added: “Also, most people believe that we are seeing an influx of Russian and Chinese people taking advantage of the Golden Visa.
“Whilst these may have been the main GV clients at the start of the scheme, all of our GV clients in the last 2 years have been Brits and North Americans… not exactly enemies of the state!”
