Buying Property in Spain now Facilitates Residency Permits for non-EU Nationals
With the property market in Spain still in the doldrums and prices down some 50% since the peak of 2007, the Spanish Government is about to grant the right to Spanish Residency for any foreigner who purchases a property for more than 160,000 euros.
Non European Nationals are an increasing percentage of overseas property purchasers in Spain and the new incentive is aimed at the growing Russian, Chinese and American market. In theory buyers who are granted resident status could then move freely and settle anywhere in the European Union.
Similar schemes already exist in Ireland and Portugal, however, the entry cost to qualify is somewhat higher, being 400,000 euros in Ireland and 500,000 euros in Portugal.
With a much lower entry price in Spain there will be a far higher potential catchment that the new incentive will appeal to.
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