Easier residency for foreigners buying property

With the over supply of properties throughout Spain, and general doldrums of the EU wide economy, Spain is looking at further ways to help increase real estate transactions. As I am sure many people who will read this article are aware, for months now there have been a range of articles, talking about Russians/Chinese/etc… buying up properties in locations throughout Spain.

Now to further improve the ease of transactions for these nationalities, which can be quite tricky as they are non-EU, Spain intends to simplify the process by which non-EU citizen can buy properties here in Spain, and also to gain residency permits.

Speaking at the session of Parliament, García-Margallo has framed this policy on an action plan with the collaboration ‘closely’ Affairs and the Ministry of Industry, Energy and Tourism with the aim to attract more tourists.

That plan, he pointed out, forces his Ministry to improve the country’s admission policy, streamlining procedures for citizens who require a visa to enter Spain and “simplifying entry requirements” when visa is not required.

Also included such measures need to accelerate the residence permits of those who come to Spain to “acquire real property whose destiny was frankly dubious without external demand,” the minister clarified.

Andrew Belles

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