Golden visa for Spain and the Canary islands
According to experts, the Spanish government is said to have decided in favour of the move, which will no doubt be very popular in the Russian and Chinese markets – already the third and eighth greatest foreign home buyers in the country. Towards the end of last year the government first put forward proposals of a €160,000 property purchase, a level considered far too low by some, especially in comparison with the €400,000 required by Portugal and Ireland in similar circumstances.
However, it looks like the new legislation will set the sum at the much higher level, alongside requirements such as lack of a criminal record, proof of the ability of prospective residents to support themselves financially and the need to have up to date private health insurance. In a statement from Spain’s Ministry of Economy and Competitiveness in the El País newspaper it is said that foreigners who obtain residency via this method won’t be able to work in the country or be entitled to access to the health and social security systems.
Non EU nationals make up a rapidly growing portion of the property sector, with potential buyers coming from as far afield as Asia, Australia, North America and Africa attracted by year round good weather and the high standard of quality of life.