Any doubts about whether the ‘Proyecto de Ley de apoyo a los emprendedores y su internacionalización’ – a new law granting non-EU investors’ permanent residency in Spain – would come to fruition were well and truly quashed this month when the bill was approved in Parliament and ratified by King Juan Carlos.
The aim of this new law is to increase demand for Spanish property and other Spanish assets to investors from outside the Shenghen Zone.
In return non-EU nationals are offered the opportunity to qualify for permanent Spanish residency.
Heavily discounted prime Spanish real estate and the prospect of free travel throughout Europe are expected to prove a highly attractive combination.
During the first two quarters of 2013, low prices and potential high returns have already attracted increased overseas investment in Spanish property. The new law is expected precipitate an enormous rise in foreign real estate transactions, particularly in the popular coastal resorts such as Marbella and Sotogrande.
If you would like advice about investing in Spanish property or applying for residency in Spain visit www.siesta-realestate.com