The goverment has included in the new Entrepreneurial Law, ratified last week by Spain´s Parliament, a clause granting residency to Non-EU Nationals who purchase a property in Spain worth more than 500.000 €. Also to all those who buy more than 2 million Euros worth of public debt. All these in the attempt to attract capital and investment.
In late 2012 the goverment had speculated on giving residency to anyone buying a home worth more than 160.000 € a figure many believed made Spain look cheap when compared to the 400.000 € sum demanded by Portugal and Ireland for Non-EU reidency permits. Now Non-EU Nationals will get a residency permit upon spending 500.000 € or more on a property in Spain.
Residency will also be granted for those performing bank deposits in Spanish financial institutions exceeding 1 million Euros or investing the same amount in Spanish companies.
Finally with the new Entrepreneurial Law Non-EU Nationals who settles a new business project in Spain that creates jobs, economic impact or has a special scientific or technological interest could also apply for residency.
The new regulation does not require foreigners to reside 6 or more months in Spain but only traveling at least once to Spain during de period authirized to reside. Applicants must also meet some requirements such as having no criminal record in the last 5 years, have a public or private health insurance and sufficient resources to live him and his family during the residence period.
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