Spain’s ‘Golden Visa’ Set to Attract Investors
In an attempt to attract entrepreneurs and encourage investment, lawmakers in Spain have introduced a new law that would give non-EU nationals Spanish residency in return for big money property investment. The so called ‘Golden Visa’ would be granted to those who invest €500,000 or more in Spanish property or other assets.
The residency visa, which would also allow visa free travel within the rest of the European Union’s Schengen Area, is expected to be an attractive feature to foreign investors. This ability to travel freely could be the bonus needed to stimulate investment in Spanish real estate and, as a result, a help to the Spanish economy through reduction of public debt and job creation. It would also allow for a long term residency in Spain if certain criteria are fulfilled.
Spanish property is already an attractive prospect to many investors, with much of the Spanish property for sale at the moment being a huge bargain. The low prices and residency permits mean that non-EU investors can potentially get a lot for their money.
However, the influx of investors from abroad could lead to some problems. Investors should not let the residency permit be a distraction from the most important element of a property purchase – the property itself. Although property for sale in Spain is low priced, there is the risk that unscrupulous sellers will inflate prices just to attract overseas buyers.
The best way of investing in property, whether you are an EU national or not, is to work with an established professional agent. A good reputation and a proven ability to deliver the level of service required for a large property investment is extremely important in the Spanish market, particularly for investors who do want to gain residency.
While the residency permit is likely to be a bonus for some investors, the real success of the program will come down to the ability of investors to find the high quality investment opportunities they want in Spain. Although it is likely that some non-EU nationals will end up overpaying or getting mixed up in toxic real estate investments, all in the pursuit of a residency permit, it shouldn’t be something that immediately scares off investors.
As always, it is important to do the correct research before purchasing any property for sale in Spain. By fully checking out the property before making an investment, and working with a professional you can trust, non-EU investors can get real estate and residency at a great price.PREVIOUS PAGE