Residency permits for non-EU nationals buying property in Spain

After six months of deliberation, debate and discussion, the Spanish government is reported to have at last produced a new draft law offering residence permits to non-EU nationals purchasing property in Spain. Significantly though, while back in November 2012 the mooted investment threshold was a mere €160,000 – and criticised by many as being far too low – that figure has now been upped to €500,000…

According to Spanish daily newspaper El Economista, the draft bill currently on the table – on which no fewer than six Ministries – Interior, Foreign Affairs, Treasury, Employment, Development and Economic Affairs – have all had their say, could be on the statute books as soon as summer 2013.

Under this latest draft, non-EU nationals – predominantly Russians and Chinese – buying a property in Spain with a price tag of €500,000 or more, would be given residency permits for themselves, their spouses and their children.

But it’s not only those investing in bricks and mortar who can benefit from the introduction of this new law. Residency permits will also be granted to individuals whose investments create a minimum of two jobs, who invest in financial assets, or who take a Masters degree course in Spain with the aim of starting a business here.

The full details of this new law – which will bring Spain into line with countries such as Ireland, Portugal and the UK – have yet to be revealed, but it’s sure to be welcomed with open arms by affluent non-EU property buyers and investors. Which, in turn, is great news for Spain in general and the Costa del Sol in particular.