The Golden Visa
All Non EU citizens investing 500,000 Euros in Spanish Property can now apply for PERMANENT Spanish residency
The Spanish government has introduced a new law to grant permanent Spanish residency to non-US citizens who invest € 500,000 or over in Spanish real estate.
The Foreign Ministry in Spain is now receiving hundreds of calls each week from potential Russian, Chinese, American, Arabian and Asian buyers enquiring about the new legislation. Until now investors from non-EU countries have suffered many difficulties when considering setting up a life in Spain, with a significant amount of red tape getting in the way of them settling into new lives in the sun. Residency in Spain is also granted for spouses and children of the non-EU citizens investing € 500,000,
This is a golden opportunity for Chinese investors to get into Europe, reports that over 400,000 Chinese families have over € 1 million and many want European lifestyle or education for their Children. In 2012, Cyprus sold 1,200 properties to Chinese buyers when they gave residency to anyone who bought a house for over € 300,000. In Spain, the price is higher (€ 500,000), but with the added advantage of being part of the Schengen Zone, meaning they can travel freely in 26 European countries.
The Saudi Gazette has also reported a huge surge in interest from middle eastern buyers looking at Spain particularly property in the Marbella area on the Costa del Sol.
What Does This Mean To You?
Visa-free travel to Spain
Free travel within the 26 countries of the Schengen zone
Opportunity to set up a business in a stable European economy
Enjoy the benefits of security and wealth preservation offered by EU countries
Own a home in a sought-after European tourist destination
Initially entitle investors to stay in Spain for a maximum of one year (currently 90 days)
Entitle investors to obtain a further two-year Residency permit after the one year period which is renewable every two years as long as the investment threshold of € 500, 000 Euros is maintained
Allow family re-unification. The spouse and children under 18 can apply for Residency at the same time as or after the initial application.
Not to have entered illegally in Spanish territory
Be 18 years or over
Have no criminal record
Not to be entered in any of the Schengen countries
Have public or private health insurance authorized to operate in Spain
Have sufficient financial means to cover personal and family living expenses
Prove ownership of one or more immovable properties in Spain with an overall net investment contribution above € 500,000. Financing is possible for amounts in excess of € 500,000.
Proof of the investment must be made through a Registry of Property certificate attesting ownership. Or, if the ownership title is not yet registered, via a copy of the acquisition public deed and proof of filing the deed in the Registry
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