MADRID — Spain’s government said Monday it plans to scrap “golden visas” that allow wealthy people from outside the European Union to obtain residency permits on investing more than $542,000 in real estate.

Socialist Prime Minister Pedro Sánchez said his minority coalition government would study the reform in the weekly Cabinet meeting Tuesday as part of the government’s push to make housing “a right, not a speculative business.”

The government says 10,000 such visas have been issued since the measure was brought into law in 2013.

Golden visas are strongly criticized for spurring property price hikes and speculation in the housing sector. — Associated Press