I returned from a real estate conference in Barcelona this week. How times have changed for the focus on investors in the last 10 years. It used to be the UK and other northern European buyers driving the demand pre credit crisis but in recent years the focus is on China and other developing economies. I was encouraged by conversations I had with banks, developers and agents. Five years ago the Spanish property market was on its knees. Prices since then have fallen typically 40%-50%. The banks have had to repossess real estate and subsequently sell at knockdown prices. Low priced property is being snapped up by European buyers but high end property purchases are being driven by international investors, particularly Russian and Chinese. Barcelona is showing some similarities with London (where prices have boomed in the last two years driven by overseas buyers). International investors seeing the investment potential (yield and growth) and moving in while prices are rock bottom. The new Spanish investor visa (entrereneur visa spain or golden visa spain as it is known) will add fuel to the fire for international buyers in Spain. Figures confirmed this week that the Spanish economy came out of two years of recession this quarter. Property here is starting to look cheap.
Everything was passed and published into law today. For the key points on what the investor visa has to offer see our property visa website dedicated to investor visa properties satisfying the qualifying limit. Please note these are key points and meant as a guide. Every individual should seek proper legal advice applicable to their own personal circumstances. La Vida Spain and our affiliated lawyers can provide this for anybody wishing to use our property finder service.
The new residency visa legislation was approved by the Spanish Senate yesterday without change to the draft proposal. Known as “Apoyo a los emprendedores y su internacionalización” it will come into effect on the day of its official publication in the state bulletin. Expected in a few weeks.
Any investor buying Spanish property now will safely qualify for the residency visa. A reminder of the key points:
- Minimum investment of €500,000
- Can be for more multiple properties
- Visa granted to all immediate family members
- No minimum stay requirement
- Applications processed in 20 days (or visa is automatically granted!)
- Freedom of travel throughout the Schengen countries in Europe
Investors interested in obtaining a Spanish residency visa through the purchase of a property please contact us. Please note we can only advise investors who are buying through our real estate agency La Vida Spain. You can visit our selection of qualifying real estate at our Spanish visa property website.