Spain Axes ‘Golden Visa’ Scheme to Curb Property Speculation

Residence by investment schemes put local housing markets ‘under enormous pressure,’ Spanish Prime Minister Pedro Sánchez said.

For sale signs written in Russian are displayed on the window of a real estate agency in Platja d'Aro, Spain on March 18, 2013. Josep Lago/AFP via Getty Images

Following the UK, Portugal, and Ireland, Spain will axe its “Golden Visa” scheme, a fast-tracked residency for foreign investors.

At a cabinet meeting on April 9, Spanish ministers reached a consensus on scrapping the visa program.