Spanish Congress has now passed the so-called “Golden Visa” legislation to allow non-EU nationals to get qualified Spanish residency and Schengen-area access.
The law which was approved by the Senate last week has now passed through Spanish Congress and is set to become law as soon as it is published it the official gazette (BOE) in the next few days.
Non-EU nationals will be able to purchase a property worth €500,000 or more and then gain residency which will also be extended to their spouse and children. The threshold is significantly higher than an initial proposal in 2012 which put the figures at just €160,000.
The new law is good news for agents and developers looking to find buyers in China and Russia, which are the two biggest non-European markets for property in Spain.
Spain's residency visa law put the country on par with Portugal but behind Cyprus (€300,000) and Greece (€250,000).
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