While the new law passed through the Spanish parliament last month allows for immigration to Spain and effectively permanent residency by renewing the investor property visa it is not necessary to stay in the country.
An investment of 500,000 Euros entitles the investor to live in Spain by renewing the investor visa every two years. However there is no minimum stay requirement. So anyone buying a property in Spain can travel freely when they want and need only be in the country once every two years in order to renew the visa.
This is a particular attraction for business minded individuals and frequent travellers who want the freedom of travel throughout the Schengen area in Europe granted by the Spanish visa but may not want the immigration benefits for themselves and their family.
We think this is extremely flexible but we welcome your thoughts on how other countries compare for the European investor visa schemes such as Portugal, Cyprus, Ireland and Greece.
Golden Investor Visa Spain 
This is rediculous this is effectively a visitors visa for 500 k you must be joking.
Cheaper to buy a green card
Or book a 10 euro fare on a Arab Dow to Italy
The visa is a residency visa. It allows you to live in Spain. But unlike many countries it does not require you to stay more than 6 months. So it allows you flexibility for example for tax residence.
“A total of 102 golden visas have been granted in Portugal, mostly to Chinese investors, since the program began last year, according to data from the Portuguese Immigration and Borders Service.” http://www.bloomberg.com/news/2013-08-21/needy-eu-nations-woo-chinese-home-buyers-to-ease-slump.html
Yes and Cyprus has issued around one thousand although Spain being one of the four bigger economies and central to Europe we expect to do far more than either Cyprus or Portugal, certainly from the interest we are seeing and the exposure Spain is getting.