Residency Permits can be awarded to non-EU investors who spend 500,000 euros or more on properties in the Balearic Islands. | ARCHIVO

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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.

The PP, Ciudadanos and PI defended the so-called “Golden Visa” claiming it’s aimed at investors, entrepreneurs and workers.

The Socialist deputy, Mercedes Garrido explained that the possibility that Venezuelan, Chinese, Indian or Russian millionaires benefit from this measure sometimes implies that the money has a dubious origin as stated by Transparency International.

A Més spokesperson said the measure has not fulfilled its objective to generate foreign investment and Podemos Deputy, Pablo Jiménez, said his party could not support a law that considers people more important just because they have money.

According to the latest government data, a total of 116 foreigners were awarded Express Visas for the Balearic Islands after buying property valued at half a million euros or more.

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It will now be up to the Government to decide whether to continue to offer Express Visas to non-EU investors, or not.