Britons and other non-EU citizens are in a race against time to obtain a “golden visa” residency card in Spain before the country shuts off applications.

Spain’s Left-wing government is closing the scheme next month, in a bid to cool the country’s housing market, a decision described as “ideological” by property experts.

Under the scheme, foreigners can obtain renewable residency and work permits by investing €500,000 (£420,000) in Spanish property – a considerably smaller outlay than the alternatives of €2 million (£1.7 million) in sovereign debt bonds or €1 million (£840,000) in shares or as a bank deposit.

But Pedro Sánchez, Spain’s prime minister, ended the scheme, saying it contributed to “speculative business” in Spain’s overheated housing market.

Now buyers have until April 3 to complete their applications and secure a European Union residence permit.

Some are destined to fail in the stampede because of the delays inherent in property purchases, and the need to get an ID number to do business in Spain and open a bank account.