Spanish Government To Grant Residency with a €500,000 Property
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).
Will this ‘residency for 500.000 €’only apply to a foreign purchaser who buys a new property in Spain or will it apply if a resale property with a price of 500.000 €’ is purchased ?
Taxicab,
It would apply in principle to new or second hand homes. We are now expecting that the law is soon enacted so that we know the exact requirements to attain residency.
Many thanks for the information. I shall continue to visit this webpage to keep up to date with the progress of this law as I am trying to sell a villa in Alhaurin de la Torre for 600.000 Euros and it may help me to sell it for at least 500,000. Kind Regards @Antonio Flores
Taxicab, that’s fine, we will post any new information that is published by the Government.
Thank you for this…it will be a good move if this goes forward,,is there any time scale on this ???????????
Judith, they were talking about “prior to summer”, whatever that means! So we can only wait.
Thanks for the update. My purpose of the residency was to enable my family and myself to travel freely in Europe.
Does this law mean that I would need to apply for visas within the shengen countries ? Thanks
Fuad,
This law basically allows you to travel freely within the EU and enter the Schengen space through any member state, if you comply with its requirements, without the need to apply for a visa.
interesting …