Visas
Balearics wants an end to the “Golden Visa” scheme
Residency Permits can be awarded to non-EU investors who spend 500,000 euros or more on properties in the Balearic Islands. | ARCHIVO
Palma21/10/2019 14:53
The Balearic Parliament has formally asked the Central Government to stop handing out Residency Permits to non-EU investors who spend 500,000 euros or more on properties in the Balearic Islands.
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In rich person's terms, €500,000 is peanuts...look at the Classifieds in this newspaper to see plenty of property around that mark. We want bigger spending than that from people who'd normally not be alliwed on this island than that!
The whole system needs to be scrapped. It encourages money of dubious origin and with property prices rising so fast, most buyers will come into this price bracket soon anyway.