Awhile ago we announced that the New Law for Entrepreneurs was going to allow investors to acquire residency in Spain by purchasing real estate.
The new law states that all foreigners who acquire property in Spain for 500,000 € free of charges and encumbrances, may request residency in Spain for himself, his spouse and his children under the age of 18.
This biggest difference between the old law and the new law is that the new law allows investors in Spain who have acquired property to renew their residency, no permanent residence period required.
Up until now, any residency renewal procedure to be carried out in Spain required foreigners to have lived in the country for at least six months.
You may also acquire residency in Spain in the following ways:
- Through an initial investment of 2,000,000 € in public debt securities
- Through an inviestment of 1,000,000 € in corporate shares and participations/holdings
- Through a bank deposit of 1,000,000 €
- Through property acquisition of 500,000 €
- The investor, his spouse and his children under the age of 18.
- They will be granted a visa with a validity of one year. The investor and his family may remain in Spain for as long as they want during that year but are not obligated to stay for any specific period of time.
- After the first year the investor may renew his visa as long as he has travelled to Spain at least one time over the last year. This new residency visa will be valid for two years as long as he has maintained the investment.
How long does it take to be issued the residency visa?
- Due to the newly designed process, the residency visa will be granted in just 20 days.