We have published the main details of the legislation for investors gaining residency through a property purchase in Spain. See the investor golden visa page. We expect this law to be passed with a few months. It is also retrospective so anyone buying now will qualify. It also takes typically three months to purchase a property in Spain. Investors looking to gain a visa are advised to start the process as soon as possible. Please contact our main office on +44 208 429 7115 for further details or to arrange visits and applications.
Exactly where to buy in Spain is a consideration no doubt for many buyers but the fact is it will not change the qualification for the visa. We hear that this is still progressing within the ministries (a number are involved, Foreign, Housing etc) and that €160,000 is the qualifying level being considered. That doesn’t buy you too much in the cities but you can pick up a nice two or three bedroom apartment or even a small villa in the coastal areas. The coastal regions offer a different lifestyle to the cities, golf, beach, family holidays etc. Murcia is a great option if you are looking for clean air and climate. Average temperature 21 degrees and 300 days of sunshine. The cities may be more suitable for international travellers wanting a base for connection within Europe. I recently flew into Madrid from London and back again from Barcelona. The choice of flights was considerable, at least every hour and as low as €40. Both cities are just 2 hours flight from most major destinations in Europe. However for a good quality two bedroom apartment in Madrid or Barcelona you are looking at €200,000 plus. More to be right in the centre of these cities. We recently sourced some bank repossession properties in Barcelona and the Costa del Sol. Bank repossessions offer the best buys in Spain at the moment as the banks have cut prices heavily plus they will give the best mortgage terms to overseas buyers – low interest rates and high LTV’s. Rental is better in the cities too. A recent report suggested yields were comparable with London at around 4.0%. On the coast it is more about holiday lettings, a week or two at a time. Higher weekly rates but far more management. As soon as we hear more on progress we will be posting on this blog. Sign up if you’d like us to email you as news is released.