Lucy Culpepper – The Spanish Senate and the Congress of Deputies approved the residency-for-property bill a few weeks ago.
Finally, last Saturday, the official gazette (the BOE) published the bill bringing the law into force.
Non-EU nationals can now get a residency permit in Spain in return for an investment of €500,000 (US$689,700) or more in Spanish property. The residency permit will lead to permanent residency if certain conditions are fulfilled. And, the law is retroactive; meaning a non-EU national who has already invested €500,000 in property will also be entitled to a residency permit.
The “golden visa” can be obtained by one of three ways; investing more than €500,000 in property; investing more than €2 million (US$2,758,800) in Spanish government bonds; investing over €1million (us$1,379,400) in shares in Spanish companies, or bank deposits in Spanish banks.
The €500,000 for properties may be for payment of several properties but that amount must be paid in full without a mortgage. A mortgage may be applied for to buy property over the €500,000 invested.
The visa entitles an investor to live in Spain and travel within the Schengen countries (25 European countries). The visa does not entitle a holder to healthcare or to work. Proof of private healthcare insurance is a requisite of the application. Immediate dependents are also allowed visas under the scheme.
The initial visa is for two years but it can be renewed for a further two years. After five years an investor can apply for a permanent visa; after 10 years Spanish citizenship can be applied for.