Posted June 22, 2015 & filed under marbella estate agent marbella luxury property marbella property marbella real estate schengen golden visa spanish real estate news -and- lifestyle
Russian, Chinese, Indian & Iranian Business People are showing their intentions...
The Spanish Golden Visa has become for many foreign entrepreneur and business people, as the “Golden Ticket” to get their foot into Spain & Europe. Since the Government is “selling” the right to reside in Spain in exchange for one million shares, deposit in a bank or the purchase of a 500.000€ worth of property.
The government raised from 250,000 to 500,000 Euros worth of investment in housing to facilitate residence to a foreign investor.
Besides buying property and debt, investors may stay in Spain if they buy one million shares.
Spain needs investors and money to move forward the economy. To attract investments, the Spanish Government has decided to expand the possibilities of obtaining a residence permit in Spain. In return, though, a significant investment .The Official State Bulletin ( BOE) published on Saturday 28th of September, under the newly adopted act for entrepreneurs , all possibilities will be available to a foreign investor if you want to live in Spain legally. Basically there are four : they invest in property at least half a million Euros , buy government debt amounting to two million Euros ; invest a million in shares of companies or deposit the same amount in a financial institution.
The first two possibilities, investing in real estate and public debt were discussed widely since it began processing the rule . The last two options to automatically obtain residence of both the investment of one million Euros in actions such as bank deposit, were not known.
Facilitating with possible foreign residence is not a Spanish invention. Countries in difficulty, or countries characterised by facilities with millions hosting accounts have passed similar measures . Portugal, Ireland and Cyprus have also adopted or proposed measures to attract foreign capital and thus boost their economies.
In Spain , the ministries involved in the action ( Employment Development, Interior and Foreign Affairs) shuffled a 250,000 investment in property sufficient to obtain residency. Finally , the number rose to 500,000 Euros, in line with the amounts that require countries like Ireland, Portugal or even the USA.
For Spain , with a paralysed housing market and banking excesses expunging , foreign investment is critical. Specialists such as former president of the Mortgage Bank , Julio Rodríguez, have emphasised the role of foreign purchases.
According to Rodriguez, in 2013 has continued recovery in sales of homes to foreigners. His weight, total sales in the first quarter was 17% . The proportion was particularly high levels in the Balearic Islands and Valencia, next to the Andalusian provinces of Malaga and Almeria . In contrast the housing market , says Rodriguez, registered an increase in sales to foreigners this year (7.3% ), with the continuing decline in sales to Spanish residents (-25.4 %).
Addition to the requirements of pure investment , the rule contained in BOE also provides assistance in obtaining the residence permit to foreigners who make a significant or intended for business investment projects of general interest, such as the creation of jobs or contribute to scientific and technological innovation...
If you would like Xcape Real Estate to help you find the right luxury property on the Southern part of Spain or achieve your Spanish Residency, please do not hesitate to fill the form on contact Us or give us a call on +34 952 811 010 Now!
We look forward to assisting you on your property purchase or investment on the Costa del Sol, Sothern Spain.