Spain Offers Rich Foreigners EU Residency

Spain has finally passed a bill which will grant residency to investors and entrepreneurs from outside the EU with money to burn and jobs to offer. Here’s the lowdown.

Spain offers rich expats EU residency

Show me the money! Non-EU citizens with an eye for big business and big homes can now gain Spanish residency. Photo: Alcoray82/Flickr

If you’re a non-EU citizen who’s been looking for ways to get into Spain, highly-anticipated legislation has just been passed which may offer you that chance.

The Spanish Parliament has just opened the door to thousands of potential foreign investors looking to buy a property or invest in Spain.

Non-EU expats who purchase a residential or commercial property worth half a million euros or more will now qualify for a visa allowing them to stay in Spain for 12 months compared to a previous three months maximum.

They will also be able to obtain a two-year residency permit which can be renewed once the period is up.

Citizens from outside the EU who already own a €500,000 plus property are also in luck as the new law is retroactive.

Business investors willing to cough up €2 million in public debt bonds or to invest €1 million plus in Spanish companies can also gain Spanish residency.

Entrepreneurs looking to set up a business in Spain which will create jobs and have a socioeconomic impact are also allowed to have an EU residence card.

Requirements include not having a criminal record, proof of your ability to support yourself and your family financially and your own health insurance.

– The Local