Spain has a huge attraction for foreign investors and people who want to enjoy the beauty and climate of its coastal areas throughout the year. Besides, it is possible to obtain a residence permit by buying a home in Spain. That's what is called Golden Visa.
Although there are different ways to obtain it, real estate investment is one of the most attractive due to the characteristics of the Spanish market. There is, however, a mandatory requirement: the property asset acquired must have a value greater than 500,000 euros.
Fewer than 100 of the world’s super-rich have taken advantage of the Spanish government’s offer of a residency permit in return for investing in the national economy or buying property in Spain. The so-called “golden visa” scheme was introduced in September 2013, aimed at foreigners buying properties worth more than €500,000; investing €1 million or more in shares of publicly traded Spanish companies; depositing at least €1 million in a Spanish bank account; or making a major business investment leading directly to meaningful job creation, or having significant socioeconomic or technological impact.
The government says it has issued 81 visas on the basis of people meeting these requirements, and that 72 of the cases involved property purchases.
Almost half of the new residents are Chinese and Russian millionaires, with the remainder coming from Ukraine, Lebanon, Ecuador, Qatar, Egypt and Iran, among others.
The 'Golden Visa' system now operating in Spain has prompted a 2,500 per cent increase in interest from Middle Eastern buyers in the year to date, compared with the same period in 2012.
Since October 1 2013, any non-EU national coming to Spain with more than €500,000 to invest has been automatically granted a residency permit, which has resulted in increased interest not only from the Middle East, but also from Asia and Russia.
The low property prices in Spain, which suffered from a glut of unsellable property during the credit crisis and high levels of repossessions, combined with the ability to secure EU residency has boosted tourism in recent months as potential buyers flock to the country to find their perfect property.
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