New law on business that includes dispositions about so-called "golden visa" was recently approved by the Senate and the Congress of Deputies, published in the official state bulletin (BOE) and came into force in Spain, according to ee24.com citing noticia.ru.
Now foreigners can get a residence permit in Spain if they buy a home of at least €500,000 or make a major investment in the Spanish economy. According to the text of the law, among such investments are the buying of government debt, the purchase of stocks of Spanish companies or opening of a sight deposit in Spanish banks amounting to at least €2 million.
In addition, in order to get the "golden visa", non-EU citizen can set up business that will lead to creation of jobs, improving the socio-economic situation in the region, or development of science and technology industry.
The procedure of obtaining a residence permit is the following: first, the investor will be granted residence visa valid for one year, after that he'll get a residence permit for a period of two years, and finally his residence permit will be extended for another two years.
In Europe the "golden visa" (residence permit in exchange for investments) is acted in Portugal (the minimum threshold - €500,000), Greece (€250,000), Cyprus (€300,000), Latvia (€142,000 or €71,000 depending on the region), Bulgaria (€300,000), Turkey (starting a business or buying real estate is the basis for obtaining a residence permit in the country).