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Buy property in Spain get Citizenship ?


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  #1  
Old 28-11-2012, 08:48 PM
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Default Buy property in Spain get Citizenship ?

Hello,

I read an article that if I buy a home that costs about $200,000 U.S.D. I'll get automatic Spanish Permanent-Residency which I imagine will lead to Spanish citizenship after a few years even though I'm not European.

Is that true ??

$200,000 U.S.D. is a lot of money for one property, is it possible to buy a few properties that add-up to that amount and receive the same benefit ?
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Old 29-11-2012, 07:21 AM
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I don't know the amount in US dollars but it was 200.000euros and has now been reduced to 160.000 euros whatever that equates to in USD.
This has come into being because the Spanish governmentis desparate for money from abroad and Eu citizens have stopped flooding into Spain with the result that there are thousands of properties standing empty.
There will probably be some other conditions apart from purchasing property. You may find you need to prove that you have an income from outside Spain.
For example, Cyprus gives non Eu citizens residency if they buy a property for 300.000euros, can prove they have an income of at least 30.000euros per year and 5.000 for each dependant. They also have to deposit 30.000 in Cyprus bank which they must leave there for at least 3 years. All of this money must be proven to come from outside Cyprus.
I would imagine there will be similar conditions to getting residency in Spain if you are a non EU citizen although the amounts may be smaller.
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Old 29-11-2012, 06:17 PM
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So this is not yet a second passport system ?

Also, if I were to get in on it I would rent out the home (or parts of it and live off that).
Would that be allowed, or is that not considered income from outside sources ?
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Old 29-11-2012, 06:32 PM
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Quote:
Originally Posted by Alienmind View Post
So this is not yet a second passport system ?

Also, if I were to get in on it I would rent out the home (or parts of it and live off that).
Would that be allowed, or is that not considered income from outside sources ?
I can't speak for how it works in Spain but in Cyprus it would certainly not be allowed. The property is supposed to be for your and your families use only. Also renting it out would be income earned in Spain so if it is the same as Cyprus that would not be allowed. The income has to be earned outside the country.
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Old 29-11-2012, 06:40 PM
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Quote:
Originally Posted by Pippin View Post
I can't speak for how it works in Spain but in Cyprus it would certainly not be allowed. The property is supposed to be for your and your families use only. Also renting it out would be income earned in Spain so if it is the same as Cyprus that would not be allowed. The income has to be earned outside the country.
In that case it's out of my league as $200,000 U.S.D. is way too much for me to just live in and not profit from, especially when they have cheap 1 bedroom condos for 30,000 Euros there in Spain.


Please post in this thread if you hear any future news on this matter.

Thanks.
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Old 22-12-2012, 05:18 PM
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Hi again, it's been a while.

Any news concerning this matter ?
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Old 02-01-2013, 12:12 PM
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Thumbs up Looking into it

I am very keen on this idea as well.
I am looking into it as I wish to reside in Spain.
Please stay in contact with me and I will post you news I have.
I am lookng into all other countries that offer this as well

Kind regards
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Old 23-01-2013, 02:11 PM
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Default Buy in Spain in return for Residency

Quote:
Originally Posted by rossantony View Post
I am very keen on this idea as well.
I am looking into it as I wish to reside in Spain.
Please stay in contact with me and I will post you news I have.
I am lookng into all other countries that offer this as well

Kind regards
I have been working with an International Law firm in Marbella Spain to see if there is any truth in the many news reports I have read about citizenship being granted in return for property purchase.

I have a report from the legal firm in question who have assured me that they can process all of the necessary documentation to facilitate this. The residence is on a 'non lucrativa' basis which means that the buyers must be able to demonstrate they are financially independent and prove net income of more than 2500 Euros per month. Property purchased must be 160,000 Euros or more.

The lawyers concerned will carry out all of the work involve in obtaining the Visa for a fee of 4840 Euros; this will be discounted for a family depending on the number of persons.

This is aimed at non EU residents such as those from Russia, China, the Middle East and Gulf States.
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Old 24-01-2013, 03:23 PM
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Post Economic citizenship.

There are about 42 countries worldwide that offer economic citizenship programmes. From Antigua to the USA. I am from Jersey, where for example, if you have capital wealth over £20 million, you may be considered for residency. Jersey companies are the most active in providing economic citizen assistance, and so I have been in contact with one of the most trusted companies in the business, to gain some insight.

In Spain there is currently no programme in place. However it is being discussed by politicians, as they are being lobbied hard by their banking, developer and lawyer friends to come up with something to help clear the glut of bank owned, and developer supported properties. Lawyers in Marbella are pre empting any possible changes in the law, because they are hoping to be beneficiaries, by providing immigration assistance, also on final exchange fees, and other displacement costs. Larger law firms are hoping to benefit from their work in providing due diligence to the goverment on the non EU subjects looking to take up residency in Spain, through investment.

By studying the programmes on offer in other countries, there are a few things that come immediately to mind.

1. The purchase price seems very low, considering that most clients considering such a move, are millionaires. Most programmes start at around the $500k mark. I am sure this figure will change, and obviously it is one being touted by the banks and developers.

2. In other programmes, the developments that can be sold are strictly regulated by the Government. The majority are luxury developments aimed at foreign investors. This is done to maximise the investment amount, and also to protect the local people and their businesses.

3. In other programmes, the marketing of such properties, is strictly regulated. Only goverment approved companies are allowed to advertise citizenship programmes. Lawyers, well established immigration specialists, and approved developers seem to be trusted, but real estate agencies are not. You can imagine if an industry that is unregulated, like the overseas property industry were allowed to promote this, then countries would soon have to cancel their programmes.

4. Due to the large amount of due diligence required, for this law change to take place, it could be years, not months before any citizenship through investment programmes are ratified. Also there is a large chance that any proposals will be blocked by fellow nations within the Schengen States. This has already happened in Bulgaria for example, whose programme was blocked the Netherlands.

Therefore, I would suggest that any lawyers saying that they can provide a service at present, cannot do so, if you adhere to my afore mentioned points.

To summarise, any change in the law will have to pass EU legislation, the purchase amount has not yet been set, so it will be difficult to moneterise a fee, the developments that will be in the programme, have not been decided, and the companies that are allowed offer services to facilitate such a purchase, have not yet been granted authorisation.

The current law on acquiring citizenship in Spain is as follows:

In certain cases it is possible to acquire Spanish citizenship after only 2 years of legal residence, namely if you are a citizen of and were born in a former colony of Spain (this includes most Latin American countries and the Philippines) or if you are a Sephardic Jew. The normal period of time required before you may apply for citizenship is 10 years.

Kind regards,

Ross.
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Old 28-05-2013, 08:55 AM
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Default Golden Visa News

Spain’s ‘Golden Visa’ bill to be approved ‘in a week’
21 May 2013
News : A decision will be made within the next week about the price point for Spain’s new ‘Golden Visa’ scheme, it has been announced.

Fernando Jimenez Secretary of State for economic and Business support, says the bill concerning the property for residency scheme will be approved this week or next.

However, no mention was made of the minimum investment in property that would be needed to qualify, legal specialist Cesar Garzon has told OPP Connect.

Last November, the government initially suggested that the scheme would apply on property purchases worth more than €160,000 and would be particularly aimed at Chinese and Russian investors.

But last week, the government proposed that buyers would have to spend at least €500,000 on a property to qualify for the visa, which would grant automatic residency for as long as they own the property.

The suggestion of a higher amount was broadly welcomed by industry professionals who spoke to OPP Connect last week.

Portugal’s ‘Golden Visa’ scheme provides a residence permit allowing purchasers of any property of at least €500,000 to access to the Schengen area of 26 European countries.

Nothing more has been clarified about the price point of the Spanish scheme, so the final decision will only be known when the bill is fully approved.
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