Last week we heard updates about the new law aimed at attracting investors to Spain. (elEconomista, a Spanish News Journal) The law was originally proposed in November of 2011 and will grant residency permits to people who invest in Spanish business and create employment opportunities in Spain, or to those who purchase a home in Spain.
The law was expected to pass through the Ministerial Cabinet meeting last Friday, however the law was pushed back to allow for continued talks. The government economic team explains that the text is, complicated, very long and complex, and difficult to refine. (La Razón, a Spanish Newspaper) According to La Razon, everything should be ready for confirmation of the law this Friday at the Ministerial Cabinet meeting.
Monday the minister of Employment and Social Security, Fátima Báñez, announced that the new law is being finalized and will come out in a few weeks. Her statement was made at a public event and was reported by many news outlets. This was an update that we were waiting for since last week´s article in elEconomista.
According to Intereconomia.com, today the Secretary of State of the Economy and Business Support, Fernando Jímenez Latorre, confirmed that the government will consider the residency permit for foreigners who purchase a home. In a meeting of the Spanish Executive Forum, he stated that this law will be included in the Entrepreneur Law and that the approval of that law is imminent and will happen within one or two weeks. Also he added that the plans for the law include the approval of residence permits for those foreign entrepreneurs who invest in Spain. (www.intereconomia.com)
The UK news outlet The Telegraph reported yesterday that Lucas Fox, a real estate agency has already started working with SQFT, an Asian property consultancy firm. They report that the Spanish property market is ripe with low prices perfect for buyers who wish to take advantage of the new residency option and interested foreigners are already researching their options in the Spanish market. While details are still not clear, many possible investors and companies are gearing up for the opportunity this law will provide for non-EU citizens, particularly in the US, Russia, and Asia.
No updates or new information about the minimum investment that the law will require have surfaced since ours last week’s article. We can only assume from the reported comments and the delay that there are still some details being worked out. We anticipate the passage of the new law and the details. Surely, the new residency opportunity for foreigners in Spain will be attractive to many.
This article is not considered as legal advice