Property people are talking of Russian and Chinese, but I think that the real demand will come from those with wealth wanting to get out of Arab countries. See below.
According to OPP, the details of Spain’s ‘Golden Visa’ residency-for-property rules have now been published.
1. Rather than only being allowed to purchase one home for up to €500,000 to qualify, applicants can buy several properties of different kinds to make up the total.
2. The kind of investment that qualifies is one or more residential, touristic, rural, commercial or industrial properties, plus developed land, buildings under construction or decrepit buildings. The total investment must be free of liens or encumbrances. There is no requirement that any property is intended for a specific use, so it can be used for total or partial leasing, or to use it for business activities.
3. Alternative investments can be made of at least €2million in Spanish government bonds or €1million in stocks or shares in Spanish companies, or bank deposits in Spanish banks.
4. Applicants must be over 18 years old, have no criminal record or be listed as unacceptable in Spain, have valid health insurance and have enough personal economic resources.
5. The residence visa would allow those who invest €500,000 or more to live legally in Spain for two years, and can then be renewed every two years. After five years of continuous residence, applicants can apply for an unlimited residence permit and after 10 years of residence, they can apply for Spanish nationality.
6. Once they have accepted that its been submitted correctly, the Spanish authorities must make a decision to reject a residency application within 20 working days, otherwise it automatically goes through.
7. The regulations are being debated in the Lower House, the Congress of Deputies, and are expected to become law in autumn 2013.
Campbell D. Ferguson, FRICS, is a chartered surveyor in Spain. His company Survey Spain Network arranges valuations and surveys by RICS chartered surveyors anywhere in mainland Spain and the Balearic and Canary Islands, and Gibraltar. This includes valuations, building surveys, structural surveys, building inspections and investment and development appraisals.
