Spanish Residency for Property Price Level to Be Decided within a Week

22 May 2013

With the news that a decision will be made within the next week about the price point for Spain’s  so called new ‘Golden Visa’ the burning question is who will benefit?
Fernando Jimenez Secretary of State for economic and Business support, says the bill concerning the Spanish property for residency scheme will be approved this week or next.
However, no mention was made of the minimum investment in property that would be needed to qualify, legal specialist Fernando Gonzalez has told Spanish Hot Properties.
Last November, the government initially suggested that the scheme would apply on property purchases worth more than €160,000 and would be particularly aimed at Chinese and Russian investors.
But last week, the government proposed that buyers would have to spend at least €500,000 on a property to qualify for the visa, which would grant automatic residency for as long as they own the property.
The suggestion of a higher amount was broadly welcomed by industry professionals who spoke but NIck Stuart of Spanish Hot Properties is not so sure that Spain has not shot itself in the foot again. It will help so few that one wonders what the point of having a such a so called Golden Scheme. Portugal’s ‘Golden Visa’ scheme provides a residence permit allowing purchasers of any property of at least €500,000 to access to the Schengen area of 26 European countries which has hardly had any impact on international property sales. 300,000 Euros would be a much better level to start with said Nick.

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