Home - News - The foreigners will obtain the residence when buying a property of more than 500,000 €

The Government will facilitate and expedite the granting of residence permits to foreigners who carry out “real estate acquisitions” in Spain “above half a million euros”. This was stated by the Vice President of the Government, Soraya Sáenz de Santamaría, at the press conference after the Council of Ministers that approved the Law on Entrepreneurs, a regulation that includes this measure.

The Government will facilitate and expedite the granting of residence permits to foreigners who carry out “real estate acquisitions” in Spain “above half a million euros”. This was stated by the Vice President of the Government, Soraya Sáenz de Santamaría, at the press conference after the Council of Ministers that approved the Law on Entrepreneurs, a regulation that includes this measure.

At the end of 2012, the Government – in the mouth of the Secretary of State for Trade, Jaime García-Legaz – speculated on the possibility of giving papers to anyone who bought a house valued at 160,000 euros. So, García-Legaz thought it was a “balanced level”, and explained that the measure was aimed especially at the Russian and Chinese markets. Later he recited and affirmed that the amount of 160,000 was merely indicative.

Now the price of becoming a resident in the EU through real estate has risen threefold, and only wealthy foreigners who invest 500,000 euros will receive a residence permit.

In addition to the mentioned real estate investments, those who acquire public debt above 2 million euros or those that have an impact on the creation of jobs or scientific-technological innovation will also benefit from the measures.

“What we do is nothing more or less what other states in our environment are doing to attract investments,” the vice president of the government defended. These people “are contributing to the country’s wealth, and it has been considered appropriate” to obtain residence “in an orderly and disciplined manner.”

In addition, it will facilitate and expedite the granting of residence permits to entrepreneurs in an innovative activity with special economic interest, valuing the creation of employment. Also to highly qualified professionals and foreigners who travel to Spain in the framework of an employment, professional or professional training, for a duration equal to that of work.

 

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