RESIDENCE PERMIT IN SPAIN
From January 1, 2014, a law should come into force, according to which foreigners who are not citizens of the EU countries can obtain a residence permit in Spain by buying real estate in the amount of 500 thousand euros or investing in government bonds in the amount of 2 million . euro. This draft law was approved by the Spanish government in July 2013. These conditions do not apply to those who are going to get a mortgage from Spanish banks. The money is supposed to be of foreign origin.
The residence permit will be issued for 2 years, which can then be extended if you are still the owner of the previously purchased property.
By ratifying this law, the Spanish authorities expect to attract wealthy buyers of real estate from abroad, including from Russia and other CIS countries.
Also, this change in the legislation pursues the goal of significantly reducing the number of offers for the sale of real estate, imparting momentum to the construction of new housing and increasing domestic demand. Previously, similar changes in the law were adopted by a number of European states.
The new law is especially important for the development of the economy of the Canary Archipelago, which has an undeniable advantage over other regions of Spain as a European resort with a year-round high season and a unique climate.
For our clients, Cascan Tenerife will provide full assistance in the process of acquiring a residence permit in Spain in accordance with the new law.