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Two-year residence permits for buying a home worth over 500.000 euros

17 Oct 2013

Foreigners who buy a home in Spain worth over 500.000 euros will be granted a two-year residence permit. The aim of this measure is to prevent them from having to leave the country every 90 days to renew their visa.

However, the Ministry for the Economy has explained that this measure will not entitle them to national health care or welfare benefits, and they will not be granted a work permit.

Furthermore, the money used to buy the property must come from outside Spain, as they may not apply for a mortgage loan from a Spanish bank.