Spain has extended the scope of regulations originally approved in 2013 to be extended to offer more options when investing in the country, including the granting of work and residence permits for a year to non-investors in the property sector.
The visa will be granted inter alia, to those who acquire a property investment of more than half a million euros. Visas are also granted to those who buy government bonds, mutual funds or corporations.
In all instances, the government extended from 60 days to one year the period within which the investor can show that they have completed the minimum purchase required. Applicants are able to start the process upon arrival in Spain rather than applying from overseas. The visa is now given within six months even to those who haven’t formalised a property purchase, provided they’ve signed a contract and paid a deposits.
LAW OF RESIDENCE FOR MORE PEOPLE
So far, the law also covered the children of investors, but this recently been relaxed to include unmarried couples, dependent relatives and children of any age, as well as the applicant, their spouse and under-18s.Under Spain’s ‘Golden Visa’ regulations, those who invest €500,000 or more in land or residential or commercial property are able to live legally in Spain for two years, with the option of renewal every two years. After five years of continuous residence, applicants can apply for an unlimited residence permit and after 10 years of residence, they can apply for Spanish nationality.