Golden Residence – Golden Visa

Spanish Congress has passed its so-called “Golden visa” legislation to allow non-EU nationals to get qualified Spanish residency and Schengen-area access.

The law which was approved by the Senate in September 2013has now passed through Spanish Congress and is set to become law as soon as it is published it the official gazette.

Non-EU nationals will need to purchase a property worth €500,000 or more to gain residency which will also be extended to their spouse and children. The threshold is significantly higher than an initial proposal in 2012 which put the figures at just €160,000.

The new law is good news for agents and developers looking to find buyers in China and Russia, which are the two biggest non-European markets for property in Spain.

Invest In Tenerife CLS Group Ltd can assist with information on how to obtain a Golden Visa and residencia in Tenerife.

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