Could extended Golden Visa scheme bring more property buyers to Murcia?

Non-EU nationals investing 500,000 euros in Spanish property can bring their families to live in Spain

In a continuation of their efforts to attract foreign buyers to the property market, the Spanish government has announced that it intends to widen the residency-for-purchases scheme which it set up in late 2013, allowing all those investing over 500,000 euros in Spanish property to qualify automatically for residency permits in this country.

This scheme is also available for those investing two million euros in public debt or one million in Spanish businesses. It was slow to take off, with only 72 non-EU nationals taking advantage in the first six months, but over the next six months a further 248 received residence permits in this way.

In the light of the increased interest, the terms are now to be widened to include not only investors but also the children and parents of those who wish to move to Spain: this courtesy has hitherto been extended only to spouses and children aged under 18. Non-married partners and adult children are now to be included on certain conditions. In addition, the intention now is for an investment of a million euros or a property purchase of half a million euros in Spain to entitle the person concerned not only to live in this country but also to work here.

The issuing of these permits was designed to attract Russian and Chinese investors to Spain – those within the EU already have relatively easy access to residence permits – and it is likely that the widening of the terms will attract more of these potential property purchasers.

Another aim of the 30-odd modifications to the existing law concerning the issue of residency permits to non-EU nationals is to bring Spain into line with the EU Directive regarding conditions of entry for those who are transferred to this country by their employers.

To see a wide range of properties in the Murcia Region on offer from agents across the region, go to the Murcia Property Page