The Spanish Government was left reeling following heavy critizism by the European Union when they published an automatic house-for-residency programme last November. The reason? The very low property price threshold set by the impending law of €160,000.
Now, that value has been set at €500,000 and it appears that this time it is going to happen, according to El Economista.
The draft proposal establishes that the family will also be eligible and the residency will be indefinite for as long as the investment is maintained.
An additional possibility contemplated by the law establishes that a minimum investment of €1,000,000 and 2 workers will give the right to automatic residency, or €500,000 if the investment is kept yearly. There is also the possibility to combine different types of investments to attain the half million mark.
According to the sources, the residency programme will not be retrospective, “as demanded by the Russians”.
Finally, the draft leaves out the right to Spanish State medical cover and education, social beneftis and, rather strangely, the freedom to travel around the Schengen countries (which would breach EU laws on the matter).