Invest €500,000 in Spanish property for "Golden Ticket" visa
New legislation allowing residency visas to non-EU citizens investing half a million euros, or more, into Spanish real estate has now come into effect.
New Spanish Residency Law for non-EU Property Investors Comes Into Force #propertysearch https://t.co/aC0262pvZG
— Propertyshowrooms (@prop_search) October 7, 2013
There's even a website for those hoping to get visas on the back of this property investment visa law.
The visa, according to the website, provides residency in Spain, which can then become permanent after five years.
Another five years after this is then required for citizenship.
The purchases must be made before application for the visa. There is also no minimum stay requirement to renew the visa, nor a minimum stay means or necessity to be a tax resident. The residency visa is also granted to immediate family members.
Typically, tax and stamp duty adds to an additional 10% on the cost of the property, and is not included in the €500,000 (AU$720,000) bracket.
Originally, a €160,000 (AU$230,000) minimum was going to be considered before it was revised upwards.
Other struggling property markets around Europe have been known to introduce similar schemes. It will be interesting to watch the take up and how it affects the property market in Spain.
A number of properties adding up to €500,000 or more as a total in the portfolio can also be purchased.
