The Ministry of Inclusion, Social Security and Migration is considering measures to tighten or even eliminate the granting of residence permits for foreigners who buy a property in Spain worth €500,000, also known as 'golden visa'. These visas were introduced in 2013 to attract foreign investors at a difficult time for the real estate sector.

According to the newspaper El País, the Ministry is working with the political party Más País to raise the minimum investment required to obtain residency and reduce the impact on the Spanish real estate market. Specifically, it is considering raising the minimum investment to €1 million or even eliminating the option of obtaining a residency permit in exchange for investment in a property.

Más País, led by Íñigo Errejón, supports this initiative arguing that these visas cause housing prices to increase "artificially" in many areas of the country. In addition, they consider that they encourage the investment of "black" money and put the country's morality at risk. Eliminating the 'golden visas' has been one of the star proposals of Más País and they presented a law in February in Congress, although it was rejected.

Even so, Errejón is in favor of maintaining the 'golden visa' for those foreigners who buy Spanish debt for a value of two million euros or develop a business project in Spain. The measure is still under discussion and it is not known when it will be implemented.

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