Non Eu citizens look for properties worth more than 500.000 € to obtain residency in Spain
When a Non Eu citizen like a South African, a Russian or a Chinese customer is looking for a home it usually searches by price. But not to know if he can afford to buy it, as we would expect, but to see if it surpasses the barrier of the 500,000 euros mark needed to obtain a Spanish residency permit.
The Entrepreneur Support Act – better known as the Law on Entrepreneurs, stipulates that any foreigner who invests more than half a million euros in a property shall be entitled to a Spain Residence Permit For Non Eu Citizens for one to two years, renewable if new investments are credited.
The vice president of the Association of Immigration Integration in Spain, explained today that Non Eu citizen investors have waited “with great patience” the adoption of this standard, and now the demand for property in Spain has soared.
A boom that has been evident in the edition of Barcelona Meeting Point, held this week in the Catalan capital, and for the first time devoted to specific non Eu citizens..
In small groups, the South Africans have quietly filled the Barcelona exhibition throughout its first day to find housing on Spanish soil.
The most popular areas are the big cities like Barcelona and Madrid “because they are more famous”, and coastal areas close to big cities like Sitges, but noted that the north of the peninsula is increasingly attractive for customers.
Customers who are looking for more luxury and uniqueness are more interested in the areas of the Mediterranean Basin on the peninsula and the Balearic islands, where they look for spacious and landscaped home.
The exhibitors at the Barcelona Meeting Point have agreed to emphasize that the possibility of obtaining a residence permit is the center of the issues raised by the South African interest in a property.
They have also recognized the operational difficulty of dealing with such diverse clients and that usually are thousands of miles away.
But the prevailing tone is one of optimism and confidence in the economic potential of these investors have been allowed to see every corner of the room.
To obtain Spain Residence Permit For Non Eu Citizens contact Engel & Völkers at +34 938 114 444
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