British expats living in Spain are believed to be up in arms over plans to end the so-called ‘golden visa’ scheme, which could put paid to hopes of retiring in the sun.
Spain’s prime minister Pedro Sanchez told reporters on Monday that the scheme – which allows non-EU citizens investing at least €500,000 (£429,000) in Spanish real estate to live and work in the country – would be scrapped to make access to affordable housing for locals.
The country’s socialist leader said: “Today, 94 out of every 100 such visas are linked to real estate investment… in major cities like Barcelona, Madrid, Malaga, Alicante, Valencia or Palma de Mallorca that are facing a highly stressed market and where it’s almost impossible to find decent housing for those who already live, work and pay their taxes there.”
The golden visa scheme was introduced in Spain in a bid to bolster their economy in the wake of the global financial crisis, with many wealthy foreigners – many of whom were Brits – encouraged to invest in Spanish real estate.
But it has been under increasing pressure from the European Union after Brexit, which marked the end of freedom of movement.
Speaking to the Daily Mail, Mary Dunne, of estate agents Hamptons International, said: “It’s like a bomb went off this morning. It’s going to be a big issue for expats wanting to move and a lot of people are very unhappy about it.
“What’s being done isn’t hugely different from other European countries, but it’s not a positive message.”
Reaction to the news has been quick to flood in on social media.
Here’s a taste of what people had to say:
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