Buying Up the Semi-Periphery: Spain’s Economy of ‘Golden Visas’

Abstract

After the 2008 crisis, Spain forged new economic connections with Asia as relations with EU core countries soured, including a programme called ‘golden visas’ that offers EU visas, and eventual citizenship, linked to purchasing second homes. Southern European countries with housing gluts, sovereign debt, austerity measures, and aging populations embraced these programmes while discouraging the migration of refugees. Using research with potential Asian property purchasers, this article shows that those seeking visas are not only motivated by political conditions in their home countries but they also seek to ‘buy into’ the European social model. Home-purchasers see their investment as a means ..