Residency in Spain News

Leading luxury estate agency Lucas Fox has registered a tripling in enquiries from non-EU property investors following the recent enactment of Spain’s new law to fast track Residency permits. The legislation, which was made law at the end of September 2013, grants automatic residency to investors outside the European Union who invest half a million euros or more on property or land in Spain. Benefits include free movement within the European Shengen Zone and a straightforward renewal process.

Lucas Fox has established a new company called Residency in Spain to deal with the demand for property from the so-called Golden Visa which allows residency for those investing over €500,000. The strategy appears to be working with enquiry volumes running at thirty per day.

Five years on from the 2008 financial crisis, Spain’s property market remains in the doldrums, but the recent introduction of a new “Golden Visa” looks set to reignite foreign investment and contribute towards the gradual recovery of real estate sector.

The new law which entitles non-EU citizens Spanish residency via property investments is increasingly being featured across media in China, Russia and the Middle East.

The new law granting non-Eu citizens Spanish residency via property purchases has attracted interest from media not just outside the Eurozone, but also those who have traditionally had strong links with Spain such as Great Britain.

The long-anticipated legislation granting non-EU nationals automatic Spanish residency via property investments has now officially been made law. 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.

Spain’s new Residency Law has been ratified by the Congress of Deputies following its approval by the Spanish senate. Once the legislation has been signed by the King it will be published in the official state gazette (Boletín Oficial del Estado) and will become law. This could be as soon as next week.

Estate agents specializing in high-end Spanish properties believe that the market will be boosted by a new law expected to pass in the near future that offers long-term residency to high net-worth individuals from outside the European Union.

In recent data collected by luxury Spanish estate agency Lucas Fox, it has been discovered that property sales in Barcelona are up 13.5 per cent from January to May 2013 in comparison to the same period last year. Furthermore, an increase in sales transactions has been noted, with a particular interest coming from the British and Scandinavian buyers. Luxury properties have also been seen to have been selling well, with the average sales price of properties sold by Lucas Fox in the first six months of 2013 being €1million in areas including Barcelona, Mallorca, Ibiza and the Costa Brava.

Spain’s ‘Golden Visa’ regulations have been agreed by the Spanish Senate without being amended and could become law in a few weeks.
They has now been sent back to the Congreso de los Diputados (Congress of Deputies), the lower house, and could be ratified within weeks.
Under the current ‘Golden Visa’ regulations, those who invest €500,000 or more in land or residential or commercial property would be able to live legally in Spain for two years, with the option of renewal every two years.