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Ibiza & Formentera

Important Information: New VISA-Regulation For Non-EU-Citizens

Dear Clients,

Foreign investment in Spain is now more attractive.

In September, the Spanish Government passed a new law which grants automatic residency to foreign investors.

Non-EU house buyers can now gain a Spanish visa for themselves, their partner, children under the age of 18 and disabled children of any age. In order to qualify, they simply have to purchase a property in Spain with a minimum value of 500,000 euros using private funding – i.e. without finance.

The law facilitates unrestricted residency in Spain for one year and, at the end of this period, buyers can apply for a further two year extension (renewable every two years) – provided they are still in possession of the acquired property.

The main criteria for obtaining residency are:

• Proof of property investment by producing the certificate issued by the Land Registry, or, if the registration is still in progress, proof that you have signed the Title Deed in the presence of a notary which has subsequently been submitted to the Land Registry.

• Proof that the property investment has been made at the minimum value of 500,000 euros free of any debts, mortgages or liabilities (above the 500,000 euro threshold, mortgages and other kinds of financing are permissible).

Should you be interested in further information on this subject, or indeed in acquiring a property in Spain in general, please do not hesitate to contact us. We look forward to hearing from you.

My best wishes,

 

Daniel de Chavarría Waschke

Managing Director