Tuesday, November 20, 2012

Opening the doors to buyers

If you have income of  2,100 euros a month and you want to live in Spain, then you can apply for temporary residency.

To be a normal resident you should spend six months in Spain. However, if you are an investor your stays can be as little as one month in the first ear and two in the second year. There are three ways you can qualify for this exception; by purchasing property of over 500,000 euros, by making a capital transfer of over a million or by running a company with more than 30 employees.

The government now want to extend the benefit of residency to those who simply buy a property here.

Clearly, the government are keen to shift some of the houses that were built during the boom years and see this is a way to do that. The deal is that you buy a property at over 160,000 euros and you will be granted temporary residency to live here in Spain.

There will be provisos; anyone with a criminal record in Spain or the country they live in will not be granted residency and those that qualify must have private medical insurance.

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