Property Purchase and Residency

Good evening.

I have been looking through some of the archice posts and can't seem to find an exact answer to my question. However, I apologise if this point has already been hammered to death before!

It is a point about buying a property and Spanish residency.

I keep hearing from a lot of people that if someone buys a property in Spain they automatically get some form of residency permit....and I have heard others say that it's a load of cobblers.

What is the true status of this point?

If it is true, then what are the conditions relating to it?

If it is false then why are a very large amount of intelligent people convinced otherwise? Was it rumoured, suggested, planned, joked about? Is it an urban myth?

We have some Russian friends who are all set to buy a villa on Tenerife because they are of the opinion that they will get residency upon completion.

What do I tell them?

Many thanks for the feedback.
J

The information you have been provided is not correct. You will only be able to obtain a permit if this has been requested to the Spanish authorities and granted by them. Therefore by just solely purchasing a property in Spain you will not be granted a work and residence permit nor a residence permit.It is true that it will help but a permit must always be requested and the requirements fulfilled in order to opt for it.