NEWS: New law permits residence to bring 3 billion euros to Spain

To follow Spainrealestatenews.com - since new law came for foreigners who buy real estate worth more than 500 thousand Euros, this opportunity was used by 2,000 people, many of whom are citizens of Russia and China. According to El Confidencial Digital, citing sources in the government, the total volume of investments amounted to about 3 billion euros.
This standard, which came into force a year ago, is designed to reduce the excess of abandoned houses in Spain at the time of low domestic demand and the need to attract foreign funds.
The above sources explained that the majority of investors have a high income. They have passed all established by the Ministry of Interior control steps, including the lack of a criminal record check.
Such a residence permit does not give the right to work, as well as the use of public health services and social benefits. Foreigners are issued a residence permit in Spain for two years with possibility of extension, subject to maintaining investment.
In order to get it, the buyer will have to invest in residential or any other real estate more than 500 000 euros. Thus means to be received from abroad. This provision does not cover those who buy property with the assistance of bank financing obtained in Spain.
Government sources said that a lot of these transactions accounted for Madrid and the Basque Country, which implies a serious change in the trend. To this day, it was mostly about the Russian and Chinese millionaires who bought property in Costa Brava, Valencia and Costa del Sol. Madrid often choose Chinese investors who want to send their children to study in Western universities.

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