Citizens of countries outside the EU will be able to obtain a residence permit in Spain in the case of €500,000+ investments in real estate. Such condition is contained in the new draft law, which is being considered by the Spanish government. Previously called the sum of €160,000, according to Spanish Property Insight, with reference to the Spanish newspaper Economista.
It is predicted that the project could become law in the summer of 2013. Foreigners may get a residence permit in Spain for himself, wife and children in the event of a major investment. Spain will be put on a par with Ireland and Portugal, if €500,000 terms are approved by the government.
It is planned that the new law on residence permits in Spain will not apply to items purchased prior to its entry into force, which disappoint many of the current owners.