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Spain offers rich expats EU residency

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Spain offers rich expats EU residency
Show me the money! Non-EU citizens with an eye for big business and big homes can now gain Spanish residency. Photo: Alcoray82/Flickr
11:49 CEST+02:00
Spain has finally passed a bill which will grant residency to investors and entrepreneurs from outside the EU with money to burn and jobs to offer. Here's the lowdown.

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.

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