The Spanish government approved the Law to Support Entrepreneurship and Internationalization, allowing foreign investors outside the European Union to obtain a residence permit after achieving certain requirements.
Thanks to this new law, the purchase of a property worth at least 500,000 Euros will give any non- European citizen the automatic right to a Spanish residency for two years. At the end of this period, the permit known as Spain investment visa can be renewed for another two years.
Gaining resident status via this route is wholly dependent on the value of the property: if a couple want Spanish residency they must prove joint ownership of a property valued at 1 million Euros.
Documentation required for Spain property visa
To comply with the 'Entrepreneurs Law' there are certain documents which must be provided before an individual can gain residency:
The acquisition of the property must be proved by a certificate from the Land Registry office in which the ownership of the property and charges appear. This certificate must be accompanied by an electronic code so that it can be verified online.
There may be occasions when someone has applied for a Spain property visa but the property purchase registration with the Land Registry office is still awaiting completion. In this instance, a certificate is required to state that the property purchase is in the process of being registered. Furthermore documentation is required to prove payment of the associated taxes.
In addition, the new property owner must show that the purchase of the new property is free from any liens (claims by third parties to secure payment against a debt) or encumbrances (a burden on a property such as a mortgage). However if the property value exceeds € 500,000, the excess can be subject to a mortgage.
Timelines
When applying for a residency permit based on the property purchase requirements of the Entrepreneurs Law, the property owner must present a valid certificate from the Land Registry Office - namely one dated within 90 days of submitting the application.
Opportunities
Access to residency by choosing to purchase a property in Spain certainly opens the door for international citizens, such as those of North America who are eager to open a business in Europe or Asia. Spain has the potential to become an access platform to other European countries like Germany or England for these new investors.
Advantages
The current housing market in Spain is facing many challenges as prices continue to fall. However this is precisely what makes the market even more attractive for international investors.
According to statements by D. José García Montalvo, Economics Professor at the University Pompeu Fabra in Barcelona, and the newspaper La Vanguardia, Spanish housing prices are still falling: quite simply current supply outstrips demand. And whilst there are more houses for sale than there are purchasers, this trend will continue.
Experts believe that Spanish property market will depreciate at ฝากขายทาวน์เฮ้าส์ least a further 30% before they stabilise. It is predicted that it will be 2017 before the excess housing stock dwindles down to become comparable to the number of people seeking to buy. Therefore it is a great opportunity for those who are seeking a Spain visa.
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