Residency permits will stimulate demand says Russian Ambassador to Spain

Yuri Korchagin (pictured), the Russian Ambassador to Spain, told the Spanish press that greater numbers of Russians will buy property in Spain if doing so entitles them to a residency permit.

Keen to stimulate sales of homes in Spain, The Spanish Government has floated the idea of giving non-EU buyers a special type of residency permit (that does not allow them to work in Spain or take advantage of public services) if they spend €160,000 or more on a property in Spain.

This might attract more Russian and Chinese investors, who currently can only visit Spain on a 90-day visa.

Visas are an “obstacle” for Russian buyers, says Korchagin, who pointed out that Russians buy property in Spain with “resources that are undoubtedly legal” referring to claims that Russian buyers launder money in Spain.

This year Russian tourists broke through the 1 million barrier for the first time, and more than 60,000 already live here, says Korchagin.

Last year Russians bought 1,645 homes in Spain, almost 8pc of the total acquired by foreigners, only behind the British, French, and Germans. Their favourite destinations are the Costa Brava, Costa Blanca, and Costa del Sol. Press reports say they are mainly middle class families buying a holiday-home.

The problem with this idea, according to Spanish media reports, is that it needs to be agreed with other European countries in the Schengen zone, some of whom oppose it.

+ Residency in Spain for property investors

SPI Member Comments

Thoughts on “Residency permits will stimulate demand says Russian Ambassador to Spain

  • Charles Hancock says:

    Well from my regrettably extensive experience of Russian tourists elsewhere in the world this could be a serious nail in Spain’s tourist coffin.

    They are without doubt the most obnoxious, rude, loutish tourists I have ever had the misfortune to encounter anywhere in the world. Their drunken antics make the average English chav tourist look like a model of respectability.

    Almost without exception, they seem to be peasants who have (no doubt illegally) suddenly acquired some wealth and want to make sure everyone knows about it.

    Rebuild the Iron Curtain!

  • George Mason says:

    I know a large number of Chinese people bought homes here in Spain last year. And now with the incentive of residency with a home purchase I think in 2013 this number will only grow.

  • Moragues Pons Javea says:

    Yo no se hasta que punto es bueno que por solo comprar una vivienda ya se pueda disponer de un permiso de residencia. Creo que harían falta más requisitos y un mayor control. Aunque esto pueda ser beneficioso para el sector creo que hay que ir con cuidado.

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