The recent passage of Spain’s new law to expedite Residency permits has resulted in a treble of inquiries from non-EU property investors to leading luxury estate brokerage Lucas Fox. The law, which took effect a few years ago, allows non-EU citizens to get automatic residency in Spain if they invest at least €500,000 in real estate or land. The advantages include hassle-free renewals and borderless travel across Europe’s Shengen Zone.
Those who have previously spent €500,000 or more on Spanish real estate are eligible for residency under the new rule, which has retroactive effects. Lucas Fox anticipates a rise in sales activity as a result of the so-called “Golden Visa,” given their homes are situated in the highly sought after Mediterranean seaside area.
Alexander Vaughan, co-founder of Lucas Fox, says:
To paraphrase, “we expect the new law to have a very positive effect on the Spanish property market as a whole, increasing the number of transactions, and eventually leading to more new property developments specifically targeted at residency investors.”
In preparation for the new legislation, Lucas Fox formed a new firm called “Residency in Spain,” where he has been receiving as many as 30 inquiries per day from possible purchasers outside of the EU, and where he has also created multiple negotiating agreements with brokers in the Far East. Through its partnership with premier Spanish law firm ECIJA, “Residency in Spain” provides individualised guidance and assistance to those seeking Spanish citizenship through the purchase of real estate, as well as assistance with tax planning and other legal and immigration matters.
Head of Business Development at Lucas Fox, Jason Ham, elaborates that:
There is a lot of buzz about the possible passage of this new law, and a lot of it is coming from the Middle East, China, and South Africa. To some extent, I anticipate that the presence of these intelligent purchasers will drive the market in the parts of Spain where the quality of property offered is good, prompting builders to design new projects with these international buyers in mind.
Because of the residency law,
Make it possible for investors to visit any of the 26 European countries that make up the “Schengen zone” without a visa.
Initially, investors are allowed to remain in Spain for up to a year.
Allow investors to renew their residency permits every two years for a total of four years.
Permit the reuniting of families. Spouses and minor children can submit an application for Residency at the same time as the primary applicant or at a later date.
Spain is a popular destination for luxury real estate investors, thanks to its stunning beaches, mild climate, and rich culture. There are a number of different areas in Spain that are known for their luxury properties, including:
- Costa del Sol. The Costa del Sol is one of the most popular tourist destinations in Spain, and it’s also home to some of the most luxurious real estate in the country. The area is known for its beautiful beaches, sunny weather, and lively nightlife.
- Costa Blanca. The Costa Blanca is another popular tourist destination in Spain, and it’s also home to a number of luxury properties. The area is known for its beautiful beaches, golf courses, and relaxed atmosphere.
- Mallorca. Mallorca is one of the Balearic Islands, and it’s a popular destination for luxury real estate investors. The island is known for its stunning beaches, crystal-clear waters, and mild climate.
- Ibiza. Ibiza is another Balearic Island, and it’s known for its lively nightlife and party scene. The island is also home to a number of luxury properties.
- Barcelona. Barcelona is the capital of Catalonia, and it’s one of the most popular cities in Spain. The city is known for its stunning architecture, vibrant culture, and delicious food.
- Madrid. Madrid is the capital of Spain, and it’s another popular city for luxury real estate investors. The city is known for its rich history, world-class art museums, and lively nightlife.
The cost of luxury real estate in Spain varies depending on the location and the type of property. In general, prices are highest in the Costa del Sol and Mallorca. However, there are also a number of affordable luxury properties available in other areas of Spain.
If you’re interested in investing in luxury real estate in Spain, there are a number of things you need to do to get started. First, you need to do your research and find a reputable real estate agent who can help you find the right property. You also need to make sure that you have the necessary funds to purchase the property. Finally, you need to be aware of the legal and tax implications of buying property in Spain.
Investing in luxury real estate in Spain can be a great way to enjoy the country’s stunning scenery, mild climate, and rich culture. However, it’s important to do your research and understand the risks involved before you make an investment. Contact us to buy or sell luxury real estate in Spain.
