New law offering Spanish residency to property investors approved by Congress

spanish golden visa residency by investmentThe law allowing non-EU nationals to get qualified Spanish residency and Schengen-area access has now been passed by the legislature, and just needs to be published in the official gazette.

The Senate approved it the week before last, and now the Congress of Deputies has approved it too, last Thursday.

That means the final version of the law has now been approved. There will be no more changes, and non-EU nationals will be able to get a qualified residency permit in return for an investment of €500,000 or more in Spanish property.

But as I try to make clear in my guide to the Spanish ‘Golden Visa’ and residency by investment scheme, the important thing is to focus on the quality of the investment, not on the residency permit, which now becomes just a formality.

The bill now has to be published in the official gazette (BOE), after which it becomes law. That should happen in the next few days.

The law is retroactive with regard to property investments, so non-EU nationals who have already invested €500,000 in Spanish real estate will be able to get these residency permits.

SPI Member Comments (9)

Thoughts on “New law offering Spanish residency to property investors approved by Congress

    • I agree that applicants need to tread with care and make sure that they satisfy the criteria 100% before investing to get residency, but if they do that, then my point is residency permit is a formality that they will get it if the paperwork is in order. Obviously, anyone interested in this needs to be guided by a qualified lawyer to make sure the paperwork is done properly, but beyond that the quality of the investment is more important. Please explain how that is misleading.

  • I live in Spain and buying a property for 500000 euros is crazy – you could go somewhere else residency or not.
    I would say think carefully – the law here changes when it doesn’t work.

  • I am wondering what kinds of social welfare the investor and his family can obtain during the residency permit. Besides the investment, parents mostly may consider the education of the children and medical care of the family.

    • Mark Stücklin says:

      Yuki, there are no social benefits. To get a Residency Permit you need private medical insurance in Spain, and you can’t send your kids to state school (I need to confirm this last point – I have a lawyer checking it).

      • Mark, thank you so much for your reply and looking forward to your confirmation, it is important for making a decision.

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