Spain’s plan to terminate its ‘golden visa’ program, which grants residency to property buyers from abroad, is poised to impact hundreds of thousands of British expatriates eyeing relocation.
The scheme, introduced in 2013 to stimulate the Spanish economy, permits non-EU citizens who invest a minimum of £429,000 in Spanish property to reside and work in the country for three years. However, Spanish Prime Minister Pedro Sanchez announced the decision to prioritize affordable housing for Spaniards, citing concerns about price inflation and exploitation by criminals.
The move follows Portugal’s similar decision to end its non-habitual resident visa scheme, raising challenges for British expats post-Brexit. Spain, a favoured destination for Britons in Europe, currently hosts around 303,000 British residents.
While alternative routes to residency exist, the termination of the golden visa scheme will add pressure on British expats seeking to establish residency in Spain. The removal of these avenues could lead to more stringent criteria and tax implications for those wishing to relocate.
The impact of this decision cuts across expat communities, with concerns raised about its effect on individuals planning to move. Mary Dunne of estate agents Hamptons International described the announcement as akin to a bombshell, signaling significant challenges ahead for expats.
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