From Balcells Group: New Immigration Law in Spain
The Immigration Department of Balcells International Lawyers Group has studied the possible reform of the Immigration Law that will give a residence permit for the foreigners who would buy a property for 160.000 euros.
What many foreigners don´t know is that nowadays already exist different alternatives to obtain a residence permit for those who acquire a property in Spain (non-lucrative residence, self-employment residence, Schengen visa of a long duration), that we will comment in the end of this article.
In november the last year the Secretary of the Commerce, Jaime García-Legaz, announced that theGovernment plans to change the law to give the residence permit for the foreigners who would buy property in Spain for the cost superior of 160.000 €.
Sir García-Legaz has explained that this iniciative is especially focused on the Russian and Chinese markets, where there has been detected “a high demand for properties in Spain”, as for theIndian and Arabian markets. The speaker of the Commerce has indicated that what they want to avoid is that the citizens of these countries that want to spend their time in the South of Europe, would end up doing it in the countries with more favourable legislation.
As for the mínimum price of 160.000€, he pointed out that it´s a “well-adjusted level” that “won´t give place for the massive demand of the residence permits”, and he assured that the lower price could serve as an “excuse” to obtain the residence.
The news about the reform of the Inmigration Law has caused a lot of debate, most of all in the opposition, which most probably won´t approve this law in the Parliament.
The secretary of the Cooperation and Immigration of the PSOE political party, Marisol Pérez Domínguez, has accused the government in “commercializing the residence permit”.
“We are talking about serious questions that make a long-term commitment; a flat can be resold the second day after buying it, but the residence permit binds for a long time”, has pointed out the speaker of the socialist party.
This is the iniciative that has been discussed since last spring by the Ministers of Economy, Employment, Development, Internal and External Affairs, with the objective of reducing the “excess” of the stock of apartments that exists in Spain, through the international demand.
Nowadays the Spanish real estate market offers a “very attractive” situation for foreigners for the reason of:
– the fall of the prices till 60%
– appearing of the confiscated flats by the banks on the market
– proximity of Spain to the rest of European countries
– political and legal stability
How can Balcells International Lawyers Group help you to obtain the long-term residence permit in Spain?
As we mentioned at the beginning of the article, there are different alternatives to obtain a temporary residence for those who buy a property in Spain.
1.– Non-lucrative temporary residence permit
This permit is granted without the authorization to work and is given to the “foreigners who have sufficient financial means to satisfy their expenses for living in Spain and return to their home country and the expenses of their family during the time period for which they want to live in Spain, without developing any work or professional activity, “according to Article 31.2 of the Foreigners Law. These “sufficient financial means” are, according to the regulations, a monthly amount equal to 400% of IPREM income (532 euros in 2012) .
2.- Self-employment residence permit
Is a residence permit that is granted to foreigners who want to invest in a new or existing business in Spain for a minimum of 35.000€.
3.- Real Estate Department of Balcells International Lawyers Group
Our team of consultants will help you to find a property that best fits your needs and for the best price you can get on the market. We have a portfolio of real estate opportunities.
In BALCELLS International Lawyers Group, we believe in an ethical practice, elegant, professional and open to the values and concerns of our society, whose priority is effectiveness. Our lawyers provide their services with the aim of offering the highest levels of professionalism, quality and immediacy. On these bases we maintain a total commitment to the customer and their interests. To this end, all clients receive personal attention.
Don´t hesitate to ask us for more information, with the contact details mentioned below.
BALCELLS INTERNATIONAL LAWYERS GROUP