Can someone confirm Automatic Residency with a 160k euros purchase?

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06 Jan 2013 16:23 by Mungry Star rating. 329 posts Send private message

In the last week 2 of my freinds have asked me about buying a house in spain because they get residency.

One is from Ukraine and is surely not poor and just wants to spend a `small` amount like 200k to get a house with residency.

The other if from Dubai and has more money than he can spend so he will just buy a small cheap house by Dubai standards for a tiny little 3 million euors or so.

Both have mentioned it and it suprised me a lot because the last time someone asked me about buying a house i spain was about 2007.

Can anyone give me any vague advice on anythign they have heard wether confirmed or not?



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06 Jan 2013 16:35 by johnzx Star rating in Spain. 5119 posts Send private message

Mungry

It was certainly a government suggestion,  but as anyone getting Residencia would automatically become tax resident and thus liable to pay tax in Spain on their worldwide assets,   I would be surprised in any seriously rich person would take up such an offer.





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06 Jan 2013 18:12 by andyintorre Star rating in Costa Blanca. 101 posts Send private message

 In my experience most seriously rich people have excellent tax arrangements to reduce their tax liability where ever they are resident, such as off shore trusts and corporate entities. 

I understand the position with Spain offering residency if a house is purchased has first to be agreed by the other members of Schengen as a Spanish residency permit will also allow unrestricted travel within the Schengen zone.

Such an agreement has not yet been made and I doubt if it will be agreed at such a low level of investment.





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06 Jan 2013 18:41 by mariadecastro Star rating in Algeciras (Cadiz). 9205 posts Send private message

Legal Questions? Speak to Maria Direct

 Law still to be passed. Will keep you updated.



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06 Jan 2013 19:12 by the doc Star rating. 30 posts Send private message

As far as  I am aware it is already law in Ireland and Portugal. It is only available to non EU citizens and purchasers are entitled to a passport. This allows the purchaser to enter the EU without the  need to obtain a  a visa .





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06 Jan 2013 20:12 by andyintorre Star rating in Costa Blanca. 101 posts Send private message

 Even the Uk has such a system, the question is at what level the investment required is set. In Portugal

The government approved investment routes are:

• Acquisition of real estate with a value of at least €500.000

• Capital investment of at least €1.000.000

• Creation of at least 30 new jobs

Investments that meet these criteria allow an applicant residency in Portugal for 5 years. Investments must be held for the duration of this period.

Most countries have such schemes, but none at a level of 160000 euro.......





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06 Jan 2013 20:21 by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

tamaraessex´s avatar
I can't remember the figure, but when this was trailed in the press I thought the figure was around €600,000 not €160,000 ..... ?

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06 Jan 2013 20:24 by juansheetisplenty Star rating in Cartagena. 256 posts Send private message

juansheetisplenty´s avatar

 Sorry, but it was 160.000. Article in El Pais

politica.elpais.com/politica/2012/11/19/actualidad/1353320638_988833.html

Saludos

Juan





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06 Jan 2013 20:27 by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

tamaraessex´s avatar
Yup, you're right!

Seems very low .....

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07 Jan 2013 08:10 by johnzx Star rating in Spain. 5119 posts Send private message

http://politica.elpais.com/politica/2012/11/19/actualidad/1353320638_988833.html
 
Bing Translation (raw)

The Government is studying reform law so that may be granted residence permits to foreigners who purchase property amounting to more than the 160,000 euros. The idea is clear: achieve put the enormous amount of homes built during the boominmobiliario who now seek desperately and unsuccessfully, buyer. In return, a temporary residence permit would be granted almost automatically to who will stay with the House. Countries such as Portugal, Ireland, EE UU or Canada have introduced such measures in their national legislation. In Spain, the proposal has raised all kinds of suspicions. Immigrant associations have denounced it by discriminatory and the PSOE has accused the Executive of "Commodifying" residence permit.
 
The possibility of obtaining residence in a different way for foreigners with "adequate" income already is covered by current law. Currently, if a foreigner has about 2,100 euros per month and wants to live in Spain without work, you can ask a temporary residence permit. The novelty of announced by the Government stems fundamentally, in which, according to the proposal - and waiting for its concretion-, would be sufficient with the purchase of a House to prove that income and ask permission. A second novelty could be that, as it happens in other countries with special permits to investors, it dispensed in addition to the buyer from the obligation to pass in Spain each year at least six months and a day, requirement that must now meet all legal residents, to not lose your permit.
 
The Secretary of State for trade, Jaime Garcia-Legaz, announced this morning the Spanish Government's proposal in an informative breakfast. In reality, already the Minister for Foreign Affairs, José Manuel García-Margallo, had advanced reform last November 14 in Congress though that day, coinciding with the general strike, the proposal went unnoticed. Rajoy has today confirmed that was considering the matter - although specifying that no decision had been taken- and has spoken of the need to provide an outlet for a stock of properties unsold. The involved ministries (Interior, exterior, building, employment, economy and finance) meet tomorrow to deal with the issue after several preliminary meetings that have been held since before the summer.
 
It cannot be a limit price lower, because it would generate a massive demand
 
Garcia-Legaz made a special reference to Portugal and Ireland. The first reformed its law in August. The normal residents of this country must go at least six months there if they want to preserve their permission. The investors special residence, however, only required the stay of a month (first year) or two (starting with the second). I.e., are allowed to continue living in their countries and that they have two legal residences. Its law, moreover, does not refer only to those who invest in brick, but it collects three assumptions: those who buy a property of more than 500,000 euros, who made a transfer of capital of more than 1 million and those who believe a company with more than 30 workers. All of them are exempt from spending at least half a year in the country.
 
Spanish law now collects several possibilities to achieve temporary residence. On one side is the usual permission requested along with the working. There are other authorizations by rooting, humanitarian reasons, collaborate with the justice for victims of gender-based violence... And, finally, there is another way. A permission that is granted without authorization to work and that is given "to those foreigners who have the means sufficient for himself and, where appropriate, for your family", according to article 31(2) of the Aliens Act. These "means sufficient" are, according to the regulation, a monthly amount equivalent to 400% of IPREM (532 euros in 2012) income.
 





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10 Jan 2013 19:18 by Mungry Star rating. 329 posts Send private message

i get it more now and i see why they say they are targeting china and russia.

this is to attract wealthy people from god awful countrys i guess so they wont mind paying a bit of extra tax.



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i coldnt stay away from you miserable whining whingers for some reason




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11 Jan 2013 00:40 by Mungry Star rating. 329 posts Send private message

i just got news from a gestoria today and they said this is all stil a sugestion more than anything.

you can actually get sort of residence already when you buy in spain but its not allowed for young people around 21 years of age.

whatever that means



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i coldnt stay away from you miserable whining whingers for some reason




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15 Jan 2013 11:08 by Trimer44 Star rating. 5 posts Send private message

It's interesting for me because i wanna to buy residency of Spain. but  have no lot of money for buying residency.

Anyhow, it is good decision and glad to read this post...

 

mission hills golf trip

 


This message was last edited by Trimer44 on 19/01/2013.



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26 May 2013 21:32 by oscarsinha Star rating. 4 posts Send private message

Hi everyone,

More good news.

Spanish property is set to become particularly attractive this summer, as a new law expected to come into force by July will allow non-EU residents to get Spanish residency automatically if they buy a property or invest in Spain and we have associated with a Spanish firm that has specialised in facilitating VISA's and resident permits for a number of years to non-EU citizens.

An influx of investors from Asia-Pacific, China, Russia and America is likely to boost the Spanish property market.

Foreign investment in the Spanish property market has increased by 17% in 2012, according to the latest figures from the Bank of Spain, taking it to a level not seen since 2004. The market has become increasingly attractive as a result of the significant falls seen in property prices since it was enveloped in the financial crisis.

The measure, one of several announced Friday by the Spanish Government to encourage entrepreneurship, facilitate delivery of investment and talent to Spain, will award residency cards / permits to foreigners who invest in real estate above 500,000 euros, public debt purchases by more than 2 million euros or impact investment in creating employment or scientific and technological input.

"We're doing what other countries are doing," Deputy Prime Minister Soraya Saenz de Santamaria said, adding that Chile, Ireland and others have similar immigration inducements. "It's a system that has become widespread as an appealing tool to attract investments."

The authorities are also studying the posibility of eliminating VISA's completely but to achieve such unanimous agreement of all countries of the Schengen zone, which share borders policy, will be a complicated task.

To get the full documentation when the bill has been passed and approved, feel free to contact us.





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26 May 2013 22:00 by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

tamaraessex´s avatar
Yes but it's €500,000.

http://www.eyeonspain.com/forums/posts-long-18165.aspx

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30 May 2013 23:53 by Feeg Star rating. 35 posts Send private message

No. It is a proposal only at this stage. It is a very good idea and introduced by the Trade Minister on 19th November. Google spain residency through property purchase. It is aimed at non-EU citizens.





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05 Jun 2013 14:55 by mariadecastro Star rating in Algeciras (Cadiz). 9205 posts Send private message

Legal Questions? Speak to Maria Direct

 It seems there is going to be 500k as minimum on property investment but nothing official as yet



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07 Oct 2013 12:42 by LPGSpain Star rating in Nerja / Torrox Costa.... 2 posts Send private message

LPGSpain´s avatar

Yes, this proposed law has now been passed by the Spanish government as of 28th September 2013. A residence visa will be granted to non EU nationals who a) purchase a property or properties with a value above 500.000 Euros; b) invest in Spanish government bonds; c) invest in shares of Spanish companies; and d) if they invest into Spain with projects that create employment.

Robert Edwards

LPG Spain.

 



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07 Oct 2013 13:22 by mariadecastro Star rating in Algeciras (Cadiz). 9205 posts Send private message

Legal Questions? Speak to Maria Direct

Legal tip 1040. NEW! Residency visas for investors in Spain
04 October 2013 @ 08:00
 

Spread the word:

Non European foreign investors now getting residency permits in Spain, when:

Investing equal to or more than 2 billion euros in Spanish government bonds, or purchase equal to or more than a million euros  in shares of  Spanish companies, or bank deposits at Spanish financial institutions.

Acquiring real estate in Spain with an investment of equal or superior to EUR 500,000 per applicant.

Starting a  business project that will be developed in Spain and is considered and credited as of general interest, for which  the performance of at least one of the following conditions will be valued:

 

1. º Creating jobs.

 

2. º Making an investment with relevant socio-economic impact in the geographical area in which the activity will develop.

 

3 º Important contribution to scientific innovation and / or technology.

 

3. It will also be a significant capital investment when this is made by a company which is established  in a  territory which is not considered a tax haven according to Spanish law, and the applicant foreign owns, directly or indirectly, the majority of the voting rights and has the power to appoint or remove a majority of the members of the Company board.

Sanlúcar de Barrameda, Cádiz, South western Spain, at facebook.com



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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07 Oct 2013 13:24 by mariadecastro Star rating in Algeciras (Cadiz). 9205 posts Send private message

Legal Questions? Speak to Maria Direct

500k in Real Estate ( differnt pieces is possible) is required for obtaining residency permit



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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