In mid-April, the government advanced its intention to make the procedures easier to attract more foreign investors interested in obtaining a residence permit in exchange for buying a property of more than half a million euros. Soon the residence visa for non-EU investors would probably entitle their holders not only to live but also to work in Spain.
Taking advantage of the processing of the Second Chance Act, a period for reaching the mandatory minimum of investments was extended from two months to one year. Permit for six months may be granted to an investor if he has a pre-contract with guarantee and a certificate from a financial institution, which approves that you have the needed amount, including charges and taxes Loan requirements became more flexible for the actual purchase of real estate as well.
It also expands the possibility of requesting a residence visa for parents of foreign investors and entrepreneurs who want to reside in Spain. Up to now only spouses and dependent children were permitted.
Since it was launched in September 2013 and until the end of 2014, 531 investors have used this way to access a residence permit.
Current legislation sets a 10 days to grant a visa. Furthermore the residence visa is valid for one year and can be renewed if the investor is outside Spain for more than six months a year. Moreover, with regard to residence permits, successive periods for the residence renovation were extended from two to five years.