Fear, uncertainty and reduction in investment: consequences of eliminating the Golden Visa

The political group, Más País, presented a bill a few days ago in the Congress of Deputies to eliminate the Golden Visa, the “golden” visa for those foreign investors who buy a home on Spanish soil worth 500,000 euros. Inaki Unsaina benchmark real estate personal shopper in Spain, believes that this measure would contribute to increasing instability in the market: “The application of this bill would generate uncertainty and fear among foreign investors and, therefore, investment in our country would be reduced”.

From the party, they have registered this proposal with the aim of stopping speculation on property and inflation of prices in the national market. “15% of foreigners who buy in Spain do not buy with the interest of obtaining the Golden visa ”, highlights Iñaki Unsain. “Mainly foreign investors buy in Spain to have a second residence and this noise may generate instability and reduce investment”, insists.

Íñigo Errejón, spokesperson for Más País, considers it necessary a new regulation that benefits the real estate marketHowever, for the expert, this measure could only have a negative impact: “In 2021, only around 1,000 homes were purchased by foreign citizens to obtain this permit, which is an insignificant number.”

Regarding the loss of this foreign capital, the expert insists: “The effect that eliminating the Golden Visa may have is not so much the loss of the thousand visas that are obtained annually, but the uncertainty that it can create among investors.”

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