The bill giving residency permits to property investors from outside the EU has been published in the official gazette and is now law.
The law has been approved by Parliament, signed by the King, and published in the official gazette, called the Boletin Official del Estado (BOE), which means it is now in force.
Publication in the official gazette reduces any uncertainty for foreign investors. They can now be sure of qualified Spanish residency if they meet the criteria of the investment, as explained in this guide to residency permits in Spain for non-EU investors. Up until now there was still a small chance of last minute changes to the law, a risk that has now disappeared.
There was some doubts about how long the King would take to sign the new law, after he went into hospital for an operation on his hip. Fortunately it appears there were no adverse effects on his signature hand.
I expect this new law will help attract some fresh capital to Spain, and will certainly be good for business in upmarket niches in prime areas of Barcelona, Madrid, and the best-known coastal resorts like Marbella, Ibiza, and Palma de Mallorca. But it won’t do much to help sort out the bigger mess of Spain’s real estate market, which the Government is making much worse with high taxes on property transactions.