The Spanish Government is set to make significant changes to the country’s residency and housing policies through amendments to the organic law on efficiency measures in the justice system and consumer protection. One of the key amendments being proposed is the abolition of the ‚Golden Visa‘ scheme, which was introduced in 2013 under the Popular Party (PP) government. This scheme allows non-resident foreigners in the European Union to obtain residency by investing over €500,000 in property.
The decision to eliminate the ‚Golden Visa‘ scheme comes as a response to the initiative’s failure to achieve its intended goals of attracting investment. The amendment argues that removing the scheme will not have adverse effects on the economy, especially given the EU’s tightening of such measures. The move is supported by the PSOE, which is pushing for the swift implementation of this housing measure.
In addition to abolishing the ‚Golden Visa‘ scheme, another amendment proposed by the PSOE aims to address the issue of tourist flats in residential buildings. The amendment stipulates that homeowners‘ associations should have the authority to decide whether to allow or veto tourist flats in their buildings. This decision-making power is granted to neighbors who are most directly affected by the negative impacts of tourist flats, such as disturbances, reduced availability of residential rental properties, higher rents, and gentrification of neighborhoods.
The PSOE justifies this amendment by highlighting the detrimental effects of the rise in tourist flats and the need to protect the interests of residents. The amendment empowers homeowners‘ associations to approve or reject the use of properties for tourist accommodation, with the association president having the authority to request the suspension of a property’s use if the owner does not have the necessary permit.
The government’s decision to abolish the ‚Golden Visa‘ scheme has been welcomed by Sumar, a coalition party that has been advocating for the swift elimination of these residence visas for property investors. While Sumar supports the government’s move to abolish the scheme, they have also called for further action to address the issue of tourist flats. One member of Sumar, Alberto Ibáñez, has proposed a tax increase on tourist flats in the upcoming General State Budget to discourage property speculation and encourage owners to rent their properties for permanent residence instead.
Overall, the amendments proposed by the PSOE aim to bring about significant changes to Spain’s residency and housing policies. By abolishing the ‚Golden Visa‘ scheme and giving homeowners‘ associations the power to regulate tourist flats, the government is taking steps to address the negative impacts of these policies and protect the interests of residents. These amendments reflect a commitment to promoting sustainable and equitable housing practices in Spain.