17 October 2013
Published 29 September 2013 by A Place in the Sun
The long-anticipated legislation granting non-EU national’s automatic Spanish residency via property investments has now officially been finalised last week.
After having been approved by the Spanish Parliament, the law has been officially published in the state Gazette (BOE), opening the door to thousands of potential investors.
The new legislation states that investors outside of the European Union who spend half a million Euros or more on residential, commercial property or land in Spain will qualify for a visa allowing them to stay in Spain for 12 months (up from the current 90 days), plus a further two-year residency permit, renewable every two years.
The law is also retroactive, allowing those who have already invested half a million Euros or more on Spanish real estate to be granted residency.
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