New Law of Entrepreneurs offers Spanish residency
A new law that has just passed into effect will enable property buyers and investors from non-EU countries to obtain Spanish residency when they purchase a property of €500.000 or over. The residency permit, which amounts to one per every €500.000 spent on real estate, is comparable to that offered in other European countries but much lower in price than in places like France.
In effect it extends the residency period from the original 90 days to one year, with automatic yearly extensions provided the homeowner visits Spain within the duration of the year-long permit. The new legislation offers non-EU citizens a welcome foothold within a stable European country, opening up investment and business opportunities in the process.
In return, it is expected that this easing of residency laws to those with the means of acquiring property in this price range will lead to an increase in foreign investment in Spain, and in particular in luxury areas such as
Marbella, with its great choice of quality homes. In addition to acquiring luxurious homes the new residency arrangement allows buyers from countries such as Russia to enjoy the famous
Marbella lifestyle, do business in Spain and open up new educational opportunities for their children.
Already, the change in law has prompted a surge in interest from the strong Russian market, as well as from new potential markets in China, India, Brazil, Argentina and other parts of Latin America. It could prove to be a welcome boost to the Spanish property market in general, and a further encouragement to a
Marbella real estate sector that is already showing healthy recovery amid rising demand for its homes and way of life.
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