Senate approves draft Spanish Residency Law for foreign investors

The draft law remains largely unchanged, and now goes back to the lower house for final approval.

The law that will allow non-EU nationals to get qualified Spanish residency by investing in property in Spain is one step closer to becoming a reality, after the Spanish Senate approved the draft last week.

The draft law aimed at encouraging foreign entrepreneurs to invest in Spain, known as the Proyecto de Ley de apoyo a los emprendedores y su internacionalización, now goes back to the Congress of Deputies for final approval, after which it will be sent to the King for signing into law, and publication in the official state gazette (BOE).

The law will enter into force the day it is published in the BOE.

Unforeseen problems aside, this draft should become law in the next few weeks, around the beginning of October.

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