europa

Buy property in Spain get Citizenship ?

Discussion in 'Spanish property' started by Alienmind, Nov 28, 2012.

  1. Alienmind

    Alienmind New Member

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    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 ?
     
  2. Veronica

    Veronica Administrator

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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.
     
  3. Alienmind

    Alienmind New Member

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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 ?
     
  4. Veronica

    Veronica Administrator

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    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.
     
  5. Alienmind

    Alienmind New Member

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    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.
     
  6. Alienmind

    Alienmind New Member

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    Hi again, it's been a while.

    Any news concerning this matter ?
     
  7. rossantony

    rossantony New Member

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    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
     
  8. Peter Mitry

    Peter Mitry <B>Egypt Forum Founder Member</B>

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    Buy in Spain in return for Residency

    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.
     
  9. rossantony

    rossantony New Member

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    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.
     
  10. rossantony

    rossantony New Member

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    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.
     
  11. Peter Mitry

    Peter Mitry <B>Egypt Forum Founder Member</B>

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    Golden Visa

    The 500 k Euro minimum may be welcomed in areas such as Marbella and Barcelona but will not help the vast stockpile of unsold properties in other areas and will do little to kickstart the Spanish construction industry. Greece has reduced the threshold for guaranteed residency from 300 k to 250 k and the Spanish government should definitely seize the initiative and come in with a lower figure.
     
  12. DC

    DC New Member

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    still waiting news in the spanish parliament this one, latest I heard.
    The bill is there.
    Alot depends on what is happening elsewhere as well because in different countries they keep lowering the bar. A race to the bottom. Eg. Portugal offering x rate, Greece, y rate, Ireland z rate.
    Last thing in spain was 500k then they put on different changes, you can live but can not work. when it becomes law every one will know. Suppose to be this summer but.....manana maybe in the fall.
     
  13. Peter Mitry

    Peter Mitry <B>Egypt Forum Founder Member</B>

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    Residence for Investment

    Last we have been told is that the 500k investment can include property, land or commercial premises and would become law on 1st Jan 2014? Does anyone have any updates on that?
     
  14. rossantony

    rossantony New Member

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    Golden Visa now law.

    The bill aimed at entrepreneurs and supporting measures for the internationalization of the Spanish economy has been approved and officially published. The mentioned regulation has entered into force and it is fully applicable since 30th September 2013.

    According to EU rules on visas and the Schengen Implementing Convention Agreement, the entry and residence in Spain can be authorized for reasons of economic interest to non-EU citizens.

    This Law regulates certain cases in which, for reasons of economic interest, Spain facilitates and expedites visas and residence permits, in order to attract investment and talent to the Country. The measure is aimed at investors, entrepreneurs, workers of international corporations, highly qualified professionals and researchers, as well as spouses and children, through an agile and fast procedure before a single authority, and for a variable period according to the different cases referred. Such residence permits shall be valid throughout the national territory.
     
  15. DC

    DC New Member

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    500.000 was minimum they said
    also it is for residency but not working here
     
  16. SwissG

    SwissG New Member

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    Has the law really been passed 160K Euro to get residency and citizenship?

    How does it work? Is the citizenship only valid after 5 years or so.
     
  17. totallyproperty

    totallyproperty Administrator Staff Member

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    I have seen reference to EU500,000 for residency visas but nothing about EU160,000.
     
  18. DC

    DC New Member

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    500k , look under golden visa spain on net for more info.
    is 500k cash without mortgage, yes is for rich people who do not need to work, but they knew how to get in before anyway, so nothing changes...
    :dontknow:
     
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