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The Congress of Deputies in Spain has voted in favor of abolishing the Golden Visa program. The proposal to end the Residency by Investment scheme of Spain was passed with 177 votes in favor and 170 against. As informed by a news report in Schengen.News.
The Senate vetoed the initiative to abolish the Golden Visa Program; however, after receiving an absolute majority in Congress, the veto has been lifted, and the regulation is now ready to become effective once it is published in the Official State Gazette (BOE).
The regulation was at first approved by the Congress of Deputies on November 14 and then moved forward in the parliamentary process upon reaching the Senate. However, on December 2, the Spanish Senate vetoed the bill that would put an end to the Golden Visa Program.
The bill was batted back to Congress after the Popular Party (PP), holding a majority in the Spanish Senate, pushed through the veto.
Based on the committee report, the veto proposed by the PP and approved by the Senate argued a lack of adequate legislative technique and also a lack of planning and order, therefore leading to the simultaneous processing of two bills affecting the same laws and creating not only confusion but also a serious threat to legal certainty.
The PP party also argued that Spanish law “provides safeguards for citizens against disorganized and abusive actions by the executive powers”.
The party also claimed that “Parliament cannot passively accept all kinds of tactics and strategies that harm those it represents, nor approve poorly structured legislative containers that are amended repeatedly to correct inconsistencies, omissions, and contradictions characteristic of the chosen legislative approach,” quoted by Idealist.
In April this year, Spain introduced plans to abolish the Golden Visa Program. The plan was announced by the President of the Government, Pedro Sanchez, emphasizing that Spain will take all the necessary measures to ensure that housing is a right and not a mere speculative business.
The Golden Visa Program of Spain contributes notably to the country’s economy. In the first ten months of this year, a total of 780 golden visas were granted by Spanish authorities, with an average investment of €657,204 per applicant.
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