Spanish Residence Card for non residents that purchase a real estate property for a higher price of 160.000,00 Euro.

On the last November the 18th, the State Secretary for Commerce, Mr. Jaime García Legaz, in his speech in an Economic Forum, announced that the Spanish Government is studying the possibility of giving the Residence Card to those foreigners (non members of the EU) who purchase a real estate in Spain for a higher price of 160.000,00 Euro.

This measure, similar to the existing in Portugal and Ireland, would increase the foreign investment in the Spanish real estate market, especially among Russian and Chinese investors.

This minimum price of 160.000,00 Euro seems a good figure to the Spanish Government, as a lower price would produce a massive request of Residence Cards, being used the purchase of a property just an excuse to obtain them.

According to Mr. García Legaz, six Ministers of the Government have been working in this matter since last spring and announced that in a few weeks it will be approved the reform of the Foreign Decret to reactivate the abroad investment, which will reduce the current Real Estate stock.

Marbella 21th november 2.012

Nadia Baranovska.
Pérez de Vargas Abogados.