The demand for luxury properties is experiencing a massive upward surge since the new law regarding residency in Spain for non EU members was implemented. The law states that citizens outside of the European Union will now receive residency in Spain when they spend €500,000 or more on property in Spain. This legislation was made law at the end of September 2013 and means that the new residents of Spain can enjoy free movement within the European Shengen Zone and an easy renewal of residency which was previously a long and difficult task.

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The “Golden Visa” also allows people who have already invested €500,000 or more in Spanish property to gain residency in Spain.

 

 

Leading estate agents forecast that the new law will have a hugely positive effect, not only on the Spanish property market, but on the Spanish economy too. Enquiries are flooding in daily and with the Spanish property market being stagnant over the last few years there are no shortages of fabulous properties on offer. This upsurge in investment in Spain could also reignite the building boom providing much needed jobs and a boost in the Spanish economy.

The new residency law will allow investors to travel, without the need for a visa, in any of the 26 Shengen countries in Europe. They will also entitled to stay in Spain for one year initially then have the ability to obtain 2 year residency permits which will be easily renewable. It also allows the spouse and children under the age of 18 to become resident in Spain.