This year more than 2,000 foreign citizens will become Spanish residents just by signing the purchase agreement of a real estate property. At least half a million euros of residential investment gives any foreigner access to obtaining a Spanish passport, a laissez-passer that is extremely useful for those who wish to live under the sun or moving within the European Union freely.
Since 2013, Spain implemented the so-called “golden visa“, a fast procedure for granting residence to non-EU people with special talent or who invest more than 500,000 euros in real estate. According to the Secretariat of the Ministry of Commerce, in 2016 2,236 people benefited from this visa programme, attracting 2,157 million euros in investment, three times more than the money invested throughout the first year of the program.
Russian and Chinese citizens are the main applicants in this fast track to the Spanish residence, which may lead to the granting of Spanish citizenship over time. In the Chinese case this type of dual nationality has served in the past for the exit of the so-called “hot money”, capital that wealthy Chinese take out of the country to invest abroad, avoiding controls in operations such as the gaming in casinos and reduce risks.
Carbray International Law Firm founded by Damián Carmona, offers a comprehensive service to investors wishing to access Spanish residence quickly and easily, which also entails free movement within Europe.
Carbray think that, based on the progress of the Spanish real estate industry, which shows clear signs of recovery, the demand for residence visas by investors `won’t stop increasing`.
Investors wishing to open their way into becoming Spanish citizens upon real estate investment, can also benefit now from a growing real estate market, which also allows easy property rental in tourist areas.