A new law empowering investors to get residence permits when buying properties in Spain has come into effect.
According to this new law, a residence permit will be issued when buying real estate in the amount of 500,000 euros or more. It could be both commercial and residential real estate, as well as parcels of land. A purchase of one or several objects for a total amount of half a million euros for each applicant will be considered. Family members will be able to get residence permits together with the applicant.
It does not matter if purchased real estate is going to be rented out or used as the main residence. Such residence permit enables to:
- Live on the territory of Spain;
- Travel to other Schengen countries.
Upon the expiration of a primary residence permit, it could be prolonged for five more years.
Real estate purchased in Spain cannot be saddled with any debts or liabilities.
According to Cristobal Montoro, Chancellor of the Exchequer, the new law of entrepreneurs and their internationalization has become “the next step towards the reform sphere which will permit to go back to economic growth sooner”. In such a way, Spain is set to foreign investment stimulation policy which already exists in several countries harmed by real estate crisis, such as the USA, Ireland and Portugal. We wrote an article on this topic here.
Experts are expecting a rise in the demand for real estate in Spain on the part of foreign investors, especially proceeding from Russia and China.
Top House Realty assists its clients who have bought real estate in Spain in getting golden visas and investor residence permits. For more information, please contact us via telephone +(34) 933 153 147 or e-mail firstname.lastname@example.org.
F.A.Q. about investor visa: PART I. GOLDEN VISA.
F.A.Q. about residence permit for investors: PART II. RESIDENCE PERMIT FOR INVESTORS.
F.A.Q. about family reunification, types of real estate items, further Spanish citizenship admission, tax residence, etc.: PART III. GENERAL QUESTIONS ABOUT INVESTOR VISA AND RESIDENCE PERMIT.