Spain offers rich expats EU residency
Alex Dunham · 1 Oct 2013, 11:49
Published: 01 Oct 2013 11:49 GMT+02:00
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If you're a non-EU citizen who’s been looking for ways to get into Spain, highly-anticipated legislation has just been passed which may offer you that chance.
The Spanish Parliament has just opened the door to thousands of potential foreign investors looking to buy a property or invest in Spain.
Non-EU expats who purchase a residential or commercial property worth half a million euros or more will now qualify for a visa allowing them to stay in Spain for 12 months compared to a previous three months maximum.
They will also be able to obtain a two-year residency permit which can be renewed once the period is up.
Citizens from outside the EU who already own a €500,000 plus property are also in luck as the new law is retroactive.
Business investors willing to cough up €2 million in public debt bonds or to invest €1 million plus in Spanish companies can also gain Spanish residency.
Entrepreneurs looking to set up a business in Spain which will create jobs and have a socioeconomic impact are also allowed to have an EU residence card.
Requirements include not having a criminal record, proof of your ability to support yourself and your family financially and your own health insurance.