The Senate in Spain last week approved the final draft that will allow non EU nationals to obtain a residence permit if they purchase property in Spain to the value of 500.000 Euros or more.
This draft will now go before the Spanish Congress for final approval and once passed, will be published in the BOE, the state bulletin gazette. The new law would then come into force the day after publication. If there are no further complications this new law could come into force in early October (2013).
Included within the draft are the following proposals:
The new law will allow a single or multiple purchase of property in order to qualify for a residence permit, as long as the total investment is superior to 500.000 Euros.
Foreign non EU nationals will lose their residence permit if they sell their property (ies) within five years.
The Spanish finance ministry explained that the granting of a residence permit for foreigners to buy a property for a price in excess of 500,000 € will be subject to maintaining the investment for at least five years.
During this period the investor will have a non-permanent residence permit. Thus, the first year will have a temporary visa which would then be upgraded to a temporary residence permit for two years, extendable for another two. However, if the foreign investor should sell his property during this period, he will lose the permit.
After five years, the investor will get permanent residence permit. However, foreigners who purchase a property will not have access to healthcare and public education for the first five years, nor be able to obtain a work permit.
LPG Spain will be providing a complete service to non EU nationals who wish to acquire a residence permit in Spain through the purchase of a property in excess of 500.000 Euros. This will include all legal and tax assistance provided by a panel of professional lawyers and advisors. A full after-sales portfolio management service is also available.Please contact us for further details.