The ‘golden visa’ had hoped to attract thousands of investors and property buyers from around the globe.
According to the Spanish newspaper El Pais, the scheme has barely been a success, with only 72 people having signed up.
The controversial visa ‘opportunity’ offered investors a Spanish residency if they bought property for at least €500,000.
The law which was introduced in September last year has had a strong resonance among estate agents throughout the country.
Property buyers that took advantage of the new law, include foreigners from China, Russia, Ukraine, Lebanon and Egypt, according to Spain’s Secretary of Immigration.
Initially the golden visa scheme targeted buyers from €160,000 properties, with the hurdle later raised to €500,000.