Buying a property in Spain: become a resident
Buying a property in Spain can also help you obtain a residence permit to live in our country, independently of your country of origin. The 14/2013 Law of Support to Entrepreneurs and their Internationalisation (Ley 14/2013, de 27 de septiembre, de apoyo a los emprendedores y su internacionalización) grants residency permits to foreign nationals who purchase a property in Spain for at least €500,000.
With this Law, the Spanish Government is trying to help banks to sell some of the vast amount of properties built during the real estate boom, between 2000 and 2008. Spain was the European country where more houses were built during that time.
The Government has explained that this Law has been put in place recently, rather successfully, in countries such as Portugal and the Republic of Ireland, and that these Laws are helping the economy grow again.
Many foreign investors have taken advantage of this new Law since it was approved, being Russian, Chinese and Argentinian nationals the ones who are becoming residents by buying a property in Spain in this way.
You can also obtain a residence permit to live in Spain if you invest in Spanish government bonds (minimum investment of 2 million Euro), investment funds or capital companies (minimum investment of 1 million Euro). Apart from a residence permit, you can also obtain a work permit for you, your spouse and your children under 18 years of age.
If you are buying a property in Spain for more than 500,000 € and want to study the possibility of also becoming a resident, why don’t you contact us? The Legal Team at ABC Solicitors will review your circumstances and will assist you with the property purchase and your residence application for you and your family. We will deal with all the paperwork on your behalf so that you can sit back, relax and enjoy your new country of residence.