The Spanish government is to publish details on its Investor Immigration Plan. We expect this soon, possibly in the coming week. The property investor programme is still under discussion but this is a step in the right direction.
It was back on the 18th November that Spanish government minister Jaime Garcia-Legaz announced that in the “coming weeks” they would start to reform the law allowing foreigners to gain access to a visa by buying a property in Spain for €160,000 or more. Now, frustrating as this is for most of us foreigners (including myself from the UK) it appears that the Spanish government is still within target for their proposal. Maybe the secret is in the language translation. “Manyana” meaning literally “tomorrow” in Spanish can be anytime, some time later. So ” a few weeks” well, I guess that’s a lot longer than Manyana. So we continue to wait…… Meanwhile we have some tremendous bank repossession bargains that we have added to our portfolio in Barcelona and Costa del Sol. But the best property at huge reductions is selling to European buyers. I just hope this gets passed in time for all our patient “visa” buyers to benefit.
Meanwhile, just an aside. I read something about a Chinese government agency warning buyers not to buy until the legislation is passed. We have had calls to our office from people hearing from agents that they can get the visa if they buy (and no doubt send over the deposit). As any reader of our blog will know, this is not true. Please wait. Anyone signed up to this blog will hear within hours of ourselves hearing. We have Spanish lawyers well connected into the ministries and they will hear within hours themselves. If you haven’t signed up yet please do so. Sit tight. Chill! or Mayana as they say….! The relaxed lifestyle in Spain will be worthwhile!