Spain legislation surrounding their foreign residents is slightly changing, offering great opportunities for investing in real estate. Our Member Amat Immobiliaris presents the new law, and how real estate buyers can make the most out of it.
[The new permits] are a very interesting opportunity for business travelers or families that want to divide their time between Spain and their home country
A new legislation regarding residence permits for aliens has been voted in Spain on September 29, 2013. The aim of the newly-approved law, the so-called “Ley de apoyo a los emprendedores y su internacionalización” (Law of support to entrepreneurs and their internationalization), is to reboost the economy by helping high net-worthy foreigners enter and reside in the country.
Also called the “Golden Visa Law”, the law has important implications in the property market. Indeed, under the new legislation, anyone buying a home in Spain for €500,000 or beyond will be granted the status of “investor”, allowing them to apply for a residence permit for themselves and their family. Please note that at least €500,000 must be paid without financing in order to apply for the spanish visa. Any amount beyond €500,000 can however be financed.
This new type of residence permits will be valid for two years, which may be renewed if your situation hasn’t changed by the end of your first permit. This opportunity is open to all foreigners living in Spain, and may be extended to the buyer’s spouse and children under 18.
A great advantage of the new permits compared to standard residence permits is that they allow living abroad for more than six months a year. As such, they are a very interesting opportunity for business travelers or families that want to divide their time between Spain and their home country.
Our Member Amat Immobiliaris is on the top of its game and offers assistance to apply for the new permit. Thanks to a partnership with a local law firm specialized in foreign law, you will be assisted throughout the whole procedure, till you can call Spain “home”.
