Permanent Spanish Residency For Non-EU Buyers
The Spanish government has introduced a new law to grant permanent Spanish residency to non-EU citizens who invest €500,000 or over in Spanish real estate.
FOLLOWING CYPRUS AND PORTUGAL SPAIN HAS ANNOUNCED A GOLDEN VISA FOR NON EU BUYERS INVESTING 500,000 EUROS IN A SPANISH PROPERTY.
The Foreign Ministry in Spain is now receiving hundreds of calls each week from potential Russian, Chinese, American, Arabian and Asian buyers enquiring about the new legislation.
Until now investors from non-EU countries have suffered many difficulties when considering setting up a life in Spain, with a significant amount of red tape getting in the way of them settling into new lives in the sun.
In November 2012 the Spanish government announced plans to offer residency to those spending €160,000 or more on a residential property in Spain. The purchase threshold has now been increased to 500,000 euros.
Under a similar scheme Portugal has seen Chinese buyers flocking to buy property and according to one Portuguese real estate agent they have seen Chinese buyers generate €25 million in just two and a half months that would otherwise not have existed.
Residency in Spain will also be granted for spouses and children of the non-EU citizens investing €500,000, and may also be a possibility for those who invest €500,000 in shares, and those who study a Master’s degree in Spain with the intention of creating a company within Spain.
This is a Golden opportunity for Chinese investors to get into Europe, reports show that over 400,000 Chinese families have over €1 million and many want a European lifestyle or education for their Children.
In 2012, Cyprus sold 1,200 properties to Chinese buyers when they gave residency to anyone who bought a house for over €300,000.
In Spain, the price is higher (€500,000), but with the added advantage of being part of the Schengen space, meaning they could travel freely in 25 European countries.
The Saudi Gazett have reported a huge surge in interest from mideastern buyers looking at Spain particularly property in the Marbella area on the Costa del Sol.
This law has NOW BEEN PASSED by the Spanish Government.
At Hudson International we are only promoting Costa del Sol and Marbella properties we believe to be genuine investment opportunities in prime locations with good rental and resale prospects. We also have experts on hand to advise our international clients on the buying process and also to assit in the Residnecy Application process.
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