Approximately five hundred thousand euros is the amount that grants access to reside, work, or study in Spain through a special permit known as the “golden visa.”

Approved individuals, along with their families, not only gain the right to reside on Spanish soil but also enjoy the freedom to travel across all European Union countries and the Schengen Area, which comprises 26 nations.

Additionally, this visa provides benefits such as access to public healthcare and education services, as well as reduced administrative fees at state universities.

To obtain the “golden visa,” one must purchase property in Spain worth at least five hundred thousand euros, invest in financial assets equivalent to one million euros within Spanish territory, or make an initial investment of at least two million euros in Spanish government bonds.

Another way to qualify for the visa is by establishing a business in Spain that creates jobs, as the purpose of this visa is to attract foreign investment.

In the context of rising rents in major Spanish cities and increasing difficulties in obtaining mortgages due to high interest rates, the government, led by President Pedro Sánchez, recently announced plans to end access to golden visas through property purchases.

Sánchez emphasized that this measure aims to “ensure that housing is a right and not merely an object of corporate speculation.”

He pointed out that most of the visas granted were tied to property purchases in cities like Madrid, Barcelona, Valencia, Málaga, Alicante, and the Balearic Islands—all facing significant pressure in their real estate markets.

“These cities are dealing with a highly strained real estate market, where it is nearly impossible to find decent housing for those who live and work there and pay taxes daily,” the president stated.

“This is not the model of a country we need—one based on real estate speculation. It is a model that leads us to disaster and, more importantly, creates a tearing inequality, leaving many young people and families without access to housing,” Sánchez added.

Experts consider it unlikely that the measure will significantly impact the real estate market, as less than 0.1% of the 4.5 million properties sold since the golden visa program’s implementation in 2013 were purchased under this scheme, according to the real estate website Idealista.

Francisco Inareta, a spokesperson for Idealista, told Reuters that “Spain’s housing problem was not caused by the golden visa program but by a lack of supply and increased demand.”

Guillermo Santos Aramburo, a partner at iCapital, a financial and wealth management advisory firm, suggested that “the figures show that the regulatory change is a sensationalist and purely cosmetic measure meant to create a good impression.”

“Real estate speculation is not driven by a few thousand visas issued over 11 years. The problem is far more complex,” Santos Aramburo told BBC News Mundo.

In 2022, the European Commission urged EU member states to end all similar programs, citing security concerns in the context of Russia’s invasion of Ukraine.

Spain now joins other European nations that, in recent years, have eliminated golden visas tied to property purchases.

In 2022, the UK government ended a program allowing wealthy foreigners to settle in the country through asset transfers. The following year, Ireland discontinued its golden visa program, and Portugal also ceased offering residency in exchange for property purchases.

Golden visas were introduced by Spain’s Popular Party government in 2013, following the housing market crash, as a way to encourage foreign capital inflows into the country.

“This occurred at a time when banks were collapsing, and the state had to intervene with cash injections to rescue them,” explained Santos Aramburo.

A report published the previous year by Transparency International noted that “if these investment-for-citizenship or residency programs are properly managed, they can theoretically benefit both host countries and applicants.”

“However, in practice, these programs pose serious risks related to kleptocracy and particularly money laundering, security, fraud, tax evasion, and corruption, among others,” the report added.

According to the report, Spain granted the highest number of these visas to Chinese and Russian investors.

Between 2013 and 2023, a total of 2,712 golden visas were issued to Chinese investors, 99.33% of which were granted based on property purchases.

Next were Russian investors (1,159) and Iranians (203).

Mexicans and Venezuelans were also mentioned by Transparency International, ranking 9th and 10th, with 114 and 98 golden visas, respectively.

As with other nationalities, the vast majority of visa applications were tied to property purchases worth over 500,000 euros.

According to Spanish government estimates, only 6% of the visas were granted for reasons other than property acquisitions.

For Jorge Galindo, deputy director of the Esade Center for Economic Policies research institute, the limited use of golden visas by citizens of Latin American countries can be attributed to historical ties with Spain.

“It is more likely that there exists another alternative pathway to residency, more commonly used by those seeking to move to Spain,” he said, referring to the Democratic Memory Law, also known as the Grandchildren’s Law.

By the end of 2023, more than 182,400 people had applied for Spanish nationality under this law.

Migration to Spain has been a significant phenomenon over the decades, driven by various motivations and origins. Historically, Spain has been both a source of emigrants and a destination for immigrants.

In recent years, Spain has experienced a notable increase in migration, mainly due to factors such as economic crises in certain regions, political and social conflicts in other countries, and the pursuit of work and education opportunities.

Migration to Spain is diverse in terms of geographic origins and reasons. Many migrants come from African countries, especially North Africa, seeking better economic conditions and job opportunities. Others come from Latin American countries like Ecuador, Colombia, and Venezuela, also in search of economic opportunities and, in some cases, fleeing political and social crises in their home countries.

Additionally, Spain attracts migrants from other European countries, mainly due to its mild climate, lifestyle, and job opportunities in sectors like tourism, technology, and services.

However, migration to Spain also faces challenges, such as bureaucratic processes for obtaining visas and residency permits, cultural and linguistic integration issues, and, in some cases, xenophobia and discrimination.

The Spanish government has implemented policies to address the challenges and opportunities brought by migration, including measures to regularize undocumented immigrants, promote cultural and linguistic integration, and facilitate legal migration through programs like the aforementioned golden visa.