With this approach Spanish Government plans to tackle the delicate current real estate crisis.
It is not like that… although that is what can be read between lines. It is likely that this September, Spanish Government will enforce a law by which Spanish permanent residency will be granted to those non-European property investors acquiring Spanish properties worth more than €500,000.00. The direct consequence of this would be to be allowed to freely move within all of the Schengen countries (26 countries at present).
According to important real estate agencies, prospects are likely from India, China and America.
But what does make Spanish residency so attractive to them that they decide to invest huge amounts of money in our country rather than in Portugal or Cyprus?
The coming law will make things easier as to residency procedures. Also, lyfe-style and educational reasons may be involved. Nonetheless, general speaking, the perception of Portugal is that of poorer country (at least if compared with Spain) and Cyprus’s credibility is at stake.
Hopefully, if the process of this law runs smoothly, Spanish real estate sector will be positively affected and thus improving macro economical factors.
But, which are the fortunate destinations where money will invested? As usual, fancy destinations such as Madrid, Barcelona and Palma de Mallorca will be the ones to be mainly benefited. Also, in the Andalusia region, Marbella is likely to be one of those fortunate destinations. Its high-net-worth profile property owners will attract international investors. As the saying states… “Money calls money”, doesn’t it?
You should bear in mind that this law has been enacted by the Spanish Congress of Deputies (the lower house of the Spanish Parliament) and it remains pending of the Spanish Senate’s pass (the upper house of the Spanish Parliament).
Please check www.ley57.com for updates