Spain Raises “Golden Visa” Requirements For Property Purchases

by Admin on May 15, 2013

Spain’s economy was hit very hard during the recession due to its reliance on the overseas property industry. One of the ways Spain is trying to get foreign money into the country is offering visas to foreign nationals that invest in property. The original proposal was for the “Golden Visas” to be given to individuals that invested in properties at 160,000 Euros or above. This would have made Spain the cheapest destination for non-EU nationals wanting to own in the European Union.
Spain Prime Minister Mariano Rajoy has responded to the political pressure to infuse the property industry. However, it won’t be as low as 160,000 Euros. He has agreed to set the property purchase price at 500,000 Euros. This is on par with other EU nations like Cyprus (300,000 Euros) and Greece (250,000 Euros).
What does this mean to Spain? They are doing whatever they can to attract the cash rich luxury clientele of China and Russia. I think this is a smart move to revive the overseas property market in Spain. Putting the investment price at 160,000 Euros would have been too low and the flood gates would have been open to foreign nationals. 500,000 Euros makes it where only serious investors are involved.
Anybody want to go to Spain?:)

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