Spain’s Golden Visa comes to an end: Perspectives from the Costa Blanca

In a significant move on Tuesday, April 2, the Spanish Council of Ministers made a decisive decision to bring the curtain down on the much-debated ‘golden visa’ programme, aligning its stance with other European nations.

Does this decision mark a pivotal moment in Spain’s immigration and investment landscape, will it have any effect on the country’s real estate?

57-year-old Yvonne, a holidaymaker from England currently enjoying time in Alicante on the Costa Blanca, expressed scepticism about the programme’s impact.

Drawing parallels with the UK property market, she confirmed: ” I don’t know how the system works in Spain, but the challenge faced by average first-time buyers in the UK is accumulating the deposit to get on the property market ladder.”

“I can’t see how the termination of the Golden Visa will directly address these issues.”

Bernadette, a 79-year-old retiree who settled in Guardamar del Segura from the UK 25 years ago, echoed similar sentiments. “The Golden Visa was a visa for the wealthy. I can’t see how it will affect house prices or help  those who are saving for a deposit for a property.”

24-year-old native, David Molina Martínez, is currently in the process of buying his first home in Alicante said: “If it does have any impact at all, I think it will be minor as house prices are high anyway.”

Finally, we caught up with 36-year-old Sylvia. A Dutch national, Sylvia moved to the Alicante region 18 months ago, she added: “I don’t think scrapping the Golden Visa will make any difference to anything! There will always be loopholes for the rich to get into a country and there will always be working-class people who find it difficult to buy real estate.”