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Updated: Mon 22 Jul 2024 12:05 CET (BUTTON) Share * [91]Add a comment * (BUTTON) * (BUTTON) * (BUTTON) Pressure rises on Spain to axe golden visas 100 days after announcement It's still possible to get the Spanish golden visa even though its cancellation was announced in April. Photo: M�rcio Azevedo/Unsplash An MP for Spain's junior government partner has urged Pedro S�nchez to "keep his word" and "urgently" repeal the golden visa scheme for foreigners who buy Spanish property worth EUR500K+, 100 days after the PM made the announcement. Advertisement Comprom�s deputy Alberto Ib��ez, part of the left-wing group Sumar which governs together with S�nchez's Socialists, on Friday said the Spanish premier "must keep his word" and scrap the golden visa scheme through property purchase "urgently". Ib��ez, a Sumar spokesperson for Housing in the Spanish Congress, warned that this visa "encourages speculation, increases the price of housing and puts pressure on neighbourhoods". Advertisement "It discriminates based on people's economic capacity," he argued, affecting above all high-demand and tourist areas such as the province of Alicante, where more than 10 percent of golden visa holders are located. Sumar urge al Gobierno a derogar las 'Golden Visa' de "forma urgente" tres meses despu�s de que S�nchez anunciara su fin: "Debe cumplir su palabra" [92]https://t.co/st6mGJhmNN [93]pic.twitter.com/1l38UCAuIi -- Europa Press (@europapress) [94]July 19, 2024 These were some of the reasons given by S�nchez back [95]on April 8th when he announced the annulment of the visado de oro (golden visa) which gave residency to non-EU nationals who bought one or more properties in Spain worth at least EUR500,000. READ ALSO: [96]What the end of Spain's golden visa means for foreigners However, more than three months after Spain's Prime Minister stated that the golden visa had its days numbered, the scheme has not been revoked and people can still apply for the visa by buying a home worth half a million euros. In fact, there's been a [97]surge of Chinese buyers in recent months getting their golden visas before the door closes. "Countries such as Portugal, Ireland and Greece have taken measures to end this practice that increases the violation of the right to housing," Ib��ez added, while arguing that Spain was "at a critical point" and that Housing Minister Isabel Rodr�guez had to act "quickly". In Portugal's case, the golden visa announcement was made in February 2023 but it [98]wasn't until October of that year that the scheme's residency for real estate option was actually scrapped. INTERVIEW: [99]'There are three main alternatives to Spain's golden visa' As for Greece, the government is planning to [100]raise the golden visa threshold and to introduce two tiers but not completely eliminate the option (these changes have not yet happened and are expected to come into force in August 2024). Advertisement In Ireland, the golden visa scheme is officially over now but in February 2024 authorities had a backlog of previously submitted applications to resolve that [101]could take "years". All this points to the fact that although several European countries are following EU advice and cancelling a scheme not considered to be in keeping with the bloc's principles, actually doing so in practice can take time and be complex. Last June, The Local reported how Spain's government wasn't sure how it would cancel its golden visa scheme, with ministers hoping they could slip the amendment through parliament in an unrelated bill. READ MORE: [102]Spain unclear how it will legally cancel golden visa scheme Nobody truly knows yet when exactly the property-based golden visa will end, but what does seem almost certain is that it will happen eventually. Spain's other golden visa options - buying EUR1 million in shares in Spanish companies, or EUR2 million in government bonds, or transferring EUR1 million to a Spanish bank account - are to remain in place. READ ALSO - [103]Spain's soon-to-end golden visa: Can I still apply and what if I have it already? More [104]#Visas [105]#Property in Spain Comments Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [106][email protected]. Please keep comments civil, constructive and on topic - and make sure to read our [107]terms of use before getting involved. Please log in [108]here to leave a comment. 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