Granting Residency could revive the Real Estate market in Spain
Tuesday, August 13, 2013
Further to the 360 days of sun the Spanish culture, good food and architecture amongst others, being able to obtain residency through the purchase of a property increases the appeal of Spanish property to overseas investors.
Even though still at drafting stage, the programme of overseas investors obtaining residency through the purchase of a property is creating much needed new interest in Spains property market.
After the prices for new build dropped by almost 182% between June 97 and June 07 Spanish was one of the worst hit by the well-known credit crunch. Many sources confirm that the prices have dropped between 20% and 50% and more than that in some areas.
The new project: “Proyecto de Ley de apoyo a los emprendedores y su internacionalización” will grant residency to investors from outside the European Union who spend €500,000 or more in local Spanish property.
Experts at Residency in Spain, have said that if the draft law remains unchanged, it will grant qualifying investors a special visa allowing them to stay in Spain for up to a year and also a further two-year residency permit, renewable every two years instead of the 90 days which they are allowed to remain in the country now.
Investors will have to comply with some basic financial and personal criteria and some of these criteria will be being able to prove they can cover their living expenses, having a clear criminal record and being able to fund the initial €500.000. Financing over this amount will be an option but not below. The permit will be extendible to certain direct family including children under the age of 18.
Source: www.spanishlegal.com
For more information contact Lexland Abogados on +34.902.555.299 or email comunicaciones@lexland.es
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