The New Residency Law
Non EU investors can now take advantage of the Spanish Government?s recently approved law which grants permanent residence permits to those spending 500 thousand Euros or more on property or land.
The long-anticipated legislation opens the door to thousands of potential investors looking to benefit from Spain’s historic low property prices and fantastic lifestyle benefits.
The residency visa will:
- Initially entitle investors to stay in Spain for a maximum of one year (currently 90 days)
- Entitle investors to obtain a further two-year Residency permit, renewable every 2 years as long as the investment threshold of 500, 000 Euros is maintained
- Enable investors to travel without a visa within the 26-country European “Schengen zone”
- Allow family re-unification. The spouse and children under 18 can apply for Residency at the same time as or after the initial application.
The applicant must fulfil the following requirements:
- Not to have entered or stayed ilegally in Spanish territory
- Be 18 years or over
- Have no criminal record
- Not to have been refused entry in any of the Schengen countries
- Have public or private health insurance authorized to operate in Spain
- Have sufficient economic means to cover personal and family living expenses
- Prove ownership of one or more immovable properties in Spain with an overall net investment contribution above 500 thousand euros. Financing is possible for amounts in excess of 500 thousand euros.
- Proof of the investment must be made through a Registry of Property certificate attesting ownership. Or, if the ownership title is not yet registered, via a copy of the acquisition public deed and proof of filing the deed in the Registry.
For more information and advice on obtaining Residency in Spain please contact and Bestpropertyadvice on via email info@bestpropertyadvice.com.