The majority of these investments are very concentrated: 94 visas out of 100 obtained through this legal procedure are linked to real estate investments in large cities such as Barcelona, Madrid, Malaga, Alicante, Valencia or Palma de Mallorca, reports El País.
According to the socialist leader, the program has become a “speculative model” which has “made it impossible to find decent housing for those who live there, work there and pay their taxes on a daily basis”.
“This is not the model country we need,” Sánchez argued, adding that it is “a model that leads to disaster and heartbreaking inequalities.”
The Spanish government will officially launch the process to eliminate the project on Tuesday at the weekly cabinet meeting, after studying a report submitted by the Housing Ministry, Sánchez told reporters.
In 2022, the European Commission urged member countries to end all similar programs, citing security risks in the context of Russia’s invasion of Ukraine.
“European values are not for sale,” declared European Commissioner for Justice and Consumers Didier Reynders at the time. “The sale of citizenship using ‘golden passports’ is illegal under European law and poses serious risks to our security. This opens the door to corruption, money laundering and tax evasion,” he added.
Since then, Ireland, the Netherlands, Portugal, Greece and Malta have all either removed or tightened the rules on their existing – or equivalent – “golden visa” system.
Politico
