Spanish Congress of Deputies approved a draft law on the support of entrepreneurs, which includes provisions for obtaining a residence permit by foreigners for the purchase of prestigious real estate in Spain, according to the portal ee24.com referring to the Spanish media.
Under the new law, foreigners are entitled to obtain a residence permit when buying a property in Spain in the amount of not less than €500,000, or government bonds in an amount not less than €2 million.
The law also introduces a new type of owner - entrepreneur with limited liability (ERL). This definition includes businesses with debts less than €300,000. From now on, banks will not confiscate the property that is permanent home for such businessmen.
The government is seriously concerned about the situation of small and medium-sized busines, which is seriously aggravated in times of economic crisis. Spain's Finance Minister Cristobal Montoro is confident that the new law will soon lead to the economic growth and will help to create new jobs.