Residency in Spain News

The new residency law was announced by the government last year and could come into effect this autumn

A new programme offering residency by investment is starting to breathe new life in Spain’s flagging property market—even though it is still at draft stage.

The details of Spain’s Golden Visa residency-for-property rules have now been published and agents report rising interest from overseas investors. Rather than only being allowed to purchase one home for up to €500,000 to qualify, applicants can buy several properties of different kinds to make up the total. Residential, commercial and land deals all qualify.

Leading luxury international estate agency Lucas Fox has registered a tripling in enquiries from non-EU property investors following the Spanish government’s approval of a new law to fast track Residency permits.

New legislation will permit non-EU residents to get residency in Spain. CNN’s Al Goodman reports.

Español New residency visas for foreign buyers are expected to cause a boom in the Spanish property market, according to a recent report by the Property Showrooms website.

Al Jazeera TV reports about Spain’s approved plans to grant wealthy foreign home buyers permanent residency if they buy property worth $650,000 or more.Spain’s government has approved plans to grant wealthy foreigners residency if they buy property, or set up businesses.

The law, set to be enacted in the coming months, provides certainty for Estate agents in Spain targeting non-EU customers, particularly the Chinese and Russian markets where interest has been very lively since the proposal was initially mooted. Chinese companies are already advertising Spanish residency in Shanghai and Beijing.

Spanish property is set to become particularly attractive this summer, as a new law expected to come into force by July will allow non-EU residents to get Spanish residency automatically if they buy a property worth €500,000 or more.

The government is expected to shortly announce that homebuyers outside the EU will need to spend a minimum of 500 thousand Euros on property before automatically being granted residency. This figure is more than three times the original 160,000 Euro figure announced by the Spanish press in November.

It is believed that the residency permits will extend to spouses and children but will not be retroactive, as many non-EU buyers have requested.The new figure now mirrors similar agreements established in Portugal and Ireland.