Spain to Scrap "Golden Visas" for Foreign Investors

Spain's prime minister, Pedro Sanchez, has announced the end of the country's "golden visa" scheme. This program grants non-EU nationals residency and work permits in Spain upon investment in real estate worth at least €500,000. The scheme is being terminated due to concerns over house price speculation and affordability for locals. Portugal, Ireland, and Australia have also revised or ended similar programs. Spain's culture minister, Ernest Urtasun, has criticized the golden visa as a "European disgrace." Ending the program aims to make access to affordable housing a right rather than a speculative business.