A European Union directive published in 2011 means anyone granted the golden investor visa for Spain will be able to live and work anywhere in the EU Schengen visa zone. Investors in Spanish property are first issued a one year residency visa when spending over €500,000 on a property purchase in Spain. After one year the visa can be renewed and again every every two years indefinetly. It is at that point, after the first 12 months, that the European residency rule will allow investors and their families to live and work anywhere in the Schengen visa zone in Europe, as long as the investment in Spain is maintained and the visa renewed every two years.
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.