The
property market in Spain is slowly recovering and although in some areas the
prices are still depressed we are likely to see an increase in non Europeans
purchasing property with the new Visa legislation expected to come in very
soon.
A
new ‘Golden Visa’ will be issued for those purchasing property with a value of
more than 500.000€; so the new vibrant Indian, Chinese and Russian markets are
likely to develop if the new legislation allows these purchasers to receive a
Visa and obtain Spanish residency.
The
south coast of Spain and the Canary Islands are still target areas for people
looking to invest and while there are still some bureaucratic hurdles to be
jumped, the legalities of purchasing property and land registration procedure
does give purchasers good protection.
Until
the legislation is passed the current rules will apply and anyone staying in
Spain for more than 183 days needs to show they can sustain themselves on an
income in the region of 24.000€ and that they have private medical care or are
eligible for state care.
In addition this new proposed Investor Residency also allows unrestricted movement within
the Schengen area, (the 26 countries that do not have checks on their common borders including Spain, France, Germany, Austria, Belgium, Estonia, Denmark, Finland, Greece, Hungary, Iceland, Italy, Latvia,
Lithuania, Czech Republic, Liechtenstein, Luxembourg, Malta, The
Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and
Switzerland).
In
the aftermath of the planning scandals of previous years lawyers check with Town
Halls and in most cases the new urban areas are clearly defined so advice can
be given on the legality of the property and any planning restrictions. Equally
much of the information required is now available online which can help in
assisting a purchaser who is unsure about the property rules for any particular
area. For example in most rural areas it is still necessary to purchase larger
plots or additional land if you want to construct any new or extended property.
For
more information about Property Law, Conveyancing or to book a private
consultation please contact De Cotta Law.
Head Office Spain (Mijas-Costa/Calahonda):
Centro Comercial Valdepinos 1 y 3ª
Urb. Calypso
29649 Mijas Costa
(Málaga)
Tel.: +34 952 931 781
Fax: +34 952 933 547
Monday to Thursday 09.30 – 17.30 – no siesta
09.30 – 14.30 Fridays
E-mail: [email protected]