The long-anticipated legislation granting non-EU nationals automatic Spanish residency via property investments has now officially been finalized on 29 September 2013.
After having been approved by the Spanish Parliament, the law has been officially published in the state Gazette (BOE), opening the door to thousands of potential investors.
The new legislation states that investors outside of the European Union who spend half a million euros or more on residential, commercial property or land in Spain will qualify for a visa allowing them to stay in Spain for 12 months (up from the current 90 days), plus a further two-year residency permit, renewable every two years.
The law is also retroactive, allowing those who have already invested half a million Euros or more on Spanish real estate to be granted residency.
Spain is now granting the Golden Visa to non-EU citizens, on condition that one of the following investments is carried out in Spain:
SPAIN RESIDENCE PERMIT:
- Purchase of Spanish real estate of at least 500.000 €
Investment in multiple properties and co-ownership allowed.
- Capital transfer of at least 1.0 Mn € into the Banking System or Spanish Companies
To be invested in any type of business or company.
- Creation of a Business Venture leading to job creation, local economic development or scientific/technological innovation
- Investment in Spanish Debt Bonds of at least 2.0 Mn €
Major shareholders of foreign companies who invest in Spain may individually obtain the Golden Visa.
Some addition things to consider,..
- No minimum stay means no necessity to be tax resident
- Permanent residency can be applied for after five years
- Property investment can be sold once permanent residency obtained
- Visa allows unlimited travel throughout EU Schengen visa zone
- Application takes a maximum 20 days
- Investment must be made before application
- Positive acceptance (usually only a criminal record will prevent acceptance)
- Citizenship in Spain can be granted after five further years permanent residency
- With Spanish citizenship comes automatic EU citizenship.
- At that point (10 years) family can live, work and study anywhere within Europe.
If you are interested in Spanish Property in the Northern Costa Blanca region of Spain, why not book one of our Independent Property Viewing Trips. We offer you the opportunity to come and see the area without any pressure or obligation.
The La Safor Region of Spain is an area highly recommend for families seeking permanent residence in Spain. The superb scenery, premier coastal towns, property selection and access to beaches and international schools make this area a perfect choice for a family home.