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MADRID (AP) — Spain’s authorities mentioned Monday it plans to scrap so-called “golden visas” that permit rich folks from exterior the European Union to acquire residency permits on investing greater than half 1,000,000 euros ({dollars}) in actual property.
Socialist Prime Minister Pedro Sánchez mentioned his minority coalition authorities would research the reform within the weekly Cupboard assembly Tuesday.
Talking Monday, Sánchez mentioned the reform was a part of the federal government’s push to make housing “a proper, not a speculative enterprise.”
The federal government says some 10,000 such visas have been issued for the reason that measure was introduced into regulation in 2013 by a earlier right-wing Common Get together authorities as a way to draw overseas traders.
“Golden visas” are strongly criticized for spurring property worth hikes and hypothesis within the housing sector. Hovering home costs have lengthy been a significant downside for a lot of Spaniards, notably within the nation’s main cities.
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