Spain is a member country of the European Union. It has a democracy in the form of a parliamentary government under a constitutional monarchy. The Spanish State is divided into 17 autonomous communities and 2 autonomous cities. Since Spain became a member of the European Union its foreign policy has enhanced a lot.
In early 90’s many Spanish companies received the multinational status which expanded their work to other parts of the world. As a result, Spain has now become the second best foreign investor after United States. This has given a tough competition to its neighbouring European nations as countries from Asia and Africa are showing a lot of interest in Spain. Because of this the immigration rate in Spain has also increased a lot.
Any non EU citizen coming to Spain requires a visa to enter. If the stay is below 90 days then a tourist visa is given that is issued by the Spanish Embassy of the home country of the tourist. Many people are there who stay in Spain for more than 3 months, in that case the person requires a Residence Visa which is again issued by the Spanish Embassy in home country. The initial residence card that is issued is valid for 1 year which can then be renewed yearly up to 5 years.
Foreign Investment is already at a very high rate in Spain and the Spanish government is still taking many measures to keep on promoting it. As per the statistics, there are many non EU investors or buyers who are interested in investing in Spain. The Spanish Parliament has recently approved residency for non EU buyers, the law has made it easy for the non EU member to become residents of Spain and buy properties .Golden Visa and Investor Residency Visa is attracting many people from Asia and Africa. If a person is investing in real estate then he is supposed to acquire a property worth 5, 00,000 Euros to be applicable for residency.
A person can also apply for Investor Residency Permit. In this case he should have a Investor Residency Visa. The initial Residency Permit will be valid for 2 years. Once this period is over the investor can apply for the renewal of the permit by another 2 years.
These new residency laws being effective in Spain is going to make Spain one of the most sought after destination for investment as residency in Spain also allows an option to enter other EU nations as well.