People who come from countries outside the European Union will be able to obtain Spanish residency by purchasing a property in said country to a value that is equal to or higher than 500,000 Euros for each candidate.
In order to prove the purchase of the property, the residency candidate must obtain a certificate of ownership and encumbrance from the Land Registry regarding the said property. Additionally, the candidate must fulfill a series of requirements concerning immigration (having no criminal record, having public or private health insurance and sufficient economic resources; etc.).
The permit authorizes the candidate to reside in Spain for 1 year (visado de residencia para inversores). Then the candidate can apply for a new permit which authorizes him or her to reside in Spain for 2 more years, and it is then renewable for a 2 further years (permiso de residencia para inversores).
This measure was approved by the Spanish Parliament on the 19th of September 2013 within the framework of the Law on support for entrepreneurs and internationalization (Ley de apoyo a emprendedores y su internacionalización). It will come into force in the next few days following its publication in the Spanish Official State Gazette.
For furhter information, please contact Wanda Cazalla