Further steps for the investment for residence in Spain

The Spanish President Mariano Rajoy, met with a group of entrepreneurs and small business owners in Moncloa, Madrid to present them some general information concerning the Law of Entrepreneurs’ draft. (Anteproyecto de la Ley de Emprendedores) Mr. Rajoy introduced information about the different aid that the future Law will give to the business sector (CadenaSER.com). It is expected that this Friday the Bill of the Law will be approved by the Government.

The most recent news reports on the project maintain that short term, renewable, residence permits will be automatic for those foreigners who purchase a home valued at 500.000 Euros, invest 2 million Euros and create employment, or who purchase 2 million Euros of public debt (cadenaser.com). There are no novelties regarding the modification of these figures and the official figures are yet to be approved.

According to government data, as reported by Cinco Dias, in 2012, 12% of home purchases were made by non EU citizens. Russians and South Americans are the foreigners who will benefit most from the so called Spanish Golden Visa. Also the Chinese have high market potential although at present the volume of their purchases has been small (cincodias.com). The Chinese market is expected to have a significant impact on the market.

Amanda Osorio

This article is not considered as legal advice

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