Spain’s long-awaited Residency law has been agreed! Invest 500.000 Euros in one or various properties and get your residency permit.
Those who invest €500,000 or more in land or residential or commercial property will be able to live legally in Spain for two years, with the option of renewal every two years. Applicants can buy several properties of different kinds to meet the qualifying level.
Now the law is finally being ratified property investors who were holding back will now be keen to move ahead with purchases.
The regulations were approved by the Congreso de los Diputados (Congress of Deputies), the lower house without being changed.
The Law has been finally approved without changes on September 25, 2013. The new rule is open to all non-European Union nationals. After five years of continuous residence, applicants can apply for an unlimited residence permit and after 10 years of residence, they can apply for Spanish nationality. There is no requirement that any property has a specific use, which means properties purchased under this rule, can be used for total or partial leasing or for business activities.