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, 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.”