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Thousands of non-European Union high-net-worth individuals are expected soon to invest in luxury Spanish properties, in return for being granted permanent residency in Spain, according to international real estate experts.

40587_994565_foto19518416In a bid to revitalise the property sector, and therefore the wider economy, the Spanish government announced last October that those who invest more than 500,000 euros in real estate will be allowed to stay indefinitely in Spain, and therefore the entire Schengen Area, which consists of a group of 26 European countries.

“The law is due to be passed any day, but it is now more likely to come into force in September, after the summer break. We will not know the exact process until the law is enacted but it is expected to be an administrative one involving checking the applicant has all of the necessary documentation.” Explains Alex Vaughan, a partner at an estate agency specialising in high-end properties.
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Millionaires choose Spain for holiday homes. Top cities: Mallorca, Marbella, Madrid and Barcelona

The Wealth Report published by Knight Frank and the City Private Bank highlights Spain as one of the most attractive places, amongst the wealthy, to buy a home in which to spend their holidays.

The study distinguishes between the options for investing in second homes among wealthy Americans, Latin Americans, Europeans (including Russians), Africans, Arabs and Asians.

Among the world’s wealthiest, Spain comes out as the fourth preferred country to buy a holiday home in, after the United States, the UK and France. Among Latin America’s richest, Spain is the second favourite, only behind the United States, and the fourth best destination for European millionaires’ holiday investments, after the UK, France and the United States.

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