Government to fast track residency permits for foreign buyers

The Foreign Minister has announced plans to make it easier for foreigners to get residency permits if they buy a home in Spain.

Spain needs foreigners to buy its properties to help absorb the glut of new homes on the market. The problem is, it can be quite tricky for non-EU nationals to buy a home in Spain, thanks to all the bureaucratic hoops they are forced to jump through. The Government is now trying to make it easier for property investors from outside the EU to buy in Spain and get residency permits as a consequence.

The Spanish Foreign Minister, José Manuel García-Margallo (pictured above), announced the initiative to the Spanish Parliament this week, explaining that the Government will now fast track residency permits for Non-EU nationals who buy homes in Spain, and “simplify entry requirements.” This will involve a close collaboration between the Foreign Ministry and the Ministry of Industry and Tourism, he said.

Justifying the new measures, García-Margallo said Spain needs foreigners to buy properties “of dubious purpose without foreign demand.”

+ Residency in Spain for property investors

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6 thoughts on “Government to fast track residency permits for foreign buyers”

  1. Lionel Westell

    I would guess that he is looking at the growing interest of the Russian middle class in the purchase of coastal apartments. In particuler in the Costa Blanca area now that there are more direct flghts into Valencia and Alicante from Moscow. On top of that beggers cannot be choosers !

  2. Mike

    It’s the “close collaberation” bit between 2 fundamentally different government departments that (somewhat cynically) tickles me.
    Even 2 local authority departments (working out of the same town hall) can’t seem to manage to liase with each other – or perhaps they’re simply not interested in any collaberation that brings extra work in its’ wake.
    Eventually, these people will realise that mere “words” WILL NOT be any substitute for actual action.
    I’ll wait and see.

  3. Malcolm

    For this to work, the computer systems at both departments have to be compatible. This is an expensive exercise and takes time. It is the only way that there can be one file # so names and addresses etc need only be recorded once. Don’t hold your breath.

  4. Mike Kerr

    Interesting that the government can fast track residency permits when it looks like they may benefit from such action, yet they are unable to fast track their judicial system, knowing that there are thousands of foreigners who have been defrauded of large amounts of money by their own banks etc..

    This is the problem which first needs sorting and is the very reason that no one wants to buy property in a country where there is every chance you may get robbed by a bank or developer of any monies you hand over.

    Until the government understands this and starts to help all those that have been defrauded I hope their property market never recovers.

    I personally have been robbed by in excess of 300,000 euros by Banco Popular and all government departments contacted have refused to help.

    Do not buy in spain!!

  5. Mike

    Hi Mike,
    It’s (cynical) me again.
    It IS NOT in the interests of the government to put their judicial system in order – and even more definitely not where their own banks are concerned.

    Defrauding foreigners has long been the national pastime here – if we wanted their sun & their relaxed lifestyle, we should be prepared to pay through the nose (more literally haemorrhage through the nose) for it.

    Most of the Developers, Promoters, Builders, Selling Agents & Solicitors guilty of lying through their teeth to sell properties have already gone bumpity-bump – and no-one’s shedding any tears over them.
    The banks who were equally guilty of enthustiastically facilitating these swindles (aka normal business practices here) – well EVERYONE knows where the banks now stand – up that well known Creek.

    Even if the Government WAS genuine in their desire to have almost as much justice as there were laws, they simply cannot afford to.
    Hence the introduction of the new Banco Malo – put all your rotten stinking eggs in one basket, and hope that Germany will transform it into an edible omelette.
    FAT CHANCE.

  6. david

    hi,

    any idea when this is likely to become law?

    does it apply to new build aswell as resales?

    dooes it have to be 160,000e cash or can some of the purchase be with a mortgage?
    thank you

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