Foreign property buyers in Spain are to be granted residence permit

28 Jan 2013

spanish houses, villas and apartments in costa blanca for saleSpanish authorities are said to be ready to grant residence permit to foreigners buying property in Spain worth more than 160,000 euros - the amont of money sufficient to become an owner of a decent home on popular coasts and resorts, say an apartment or even a small detached villa in Costa Blanca.

It is expected, that Russian and Chinese buyers demonstrating an ever increasing interest in buying properties in Spain may become the main target group of the new initiative, but it is understood the real estate scheme will be available to all foreigners, and may include residency for the entire European Union.

"We have proposed to the other ministries that for residents who acquire a home in Spain for more than 160,000 euros that will automatically entail a residency permit," said Jaime Garcia-Legaz, Spanish Minister for Trade in an article recently published by the British newspaper The Times.

Spain's residence permit granting scheme designed to support the construction industry is more attractive than similar offers in Portugal and Ireland where buyers are expected to invest over 500,000 and 400,000 euros respectively into buying local properties to become eligible for such rights.