Friday, 27 September 2013 12:57

new opportunities for buying properties in Barcelona

Spain’s new Residency Law opens new opportunities for buying properties in Barcelona

New Spanish legislation is expected to come into effect soon giving non-EU citizens who invest in property worth €500,000 or more, the right to reside legally in Spain and travel freely within the Schengen Zone.

Property can subsequently be rented out for private or commercial use

The new law applies to investments in residential and commercial property and land, and to purchases of multiple properties that reach the €500,000 threshold. Both private and corporate buyers qualify for residency provided they meet certain conditions. Property can subsequently be rented out for private or commercial use.

The new law should pave the way for an increase in both the sale and rental of luxury properties in Barcelona.