- Golden Visa Abolished: Spain’s Congress of Deputies voted to end the Golden Visa program, which granted residency to those investing in Spanish real estate.
- Vote Outcome: The proposal passed with 177 votes in favor and 170 against.
- Senate’s Initial Veto: Earlier, the Spanish Senate had vetoed the bill, arguing it lacked legislative clarity.
- Congress Reverses Senate Veto: After Congress reapproved the bill, the veto was lifted, and the law is now set to be published.
- Golden Visa Impact: The program had attracted significant foreign investment, with 780 visas granted in 2024 alone.
- Reason for Cancellation: The Spanish government emphasized the need to prioritize housing as a basic right, not as a speculative business.
- Public Discontent: Critics argue that the Golden Visa program inflated housing prices and made it harder for locals to afford homes.
- Legislative Timeline: The bill initially passed in November 2024 and faced a delay following the Senate’s veto.
- Political Disagreements: The Popular Party, holding a majority in the Senate, had pushed to block the bill due to perceived legislative flaws.
- Economic Considerations: While the Golden Visa had bolstered Spain’s economy, the government aims to refocus on social housing policies.
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