It’s likely to have a positive impact on the property market in Marbella, and for a very good reason. Known as the Law of Entrepreneurs, this new decree was passed with much fanfare in 2013, as it hopes to make buying homes in Spain much more attractive to non-EU nationals. So what is everyone so excited about we can hear you asking? In a nutshell, any non-Europeans wishing to invest in Spain, or more specifically, who spend more than 500,000€ on a home, will receive automatic Spanish residency along with their partner and children, should they want it. The Residency Visa or “Golden Visa” as it has become known allows investors to obtain Spanish residency for one year, compared to the 90 days previously allowed. More importantly, it can be increased to two years with an ongoing renewal, providing the property owners visit Spain at least once during the first year. In addition, the law is retrospective, meaning it also applies to those who bought a property 90 days before the new law was passed by the government. As you can imagine, there has been a notable surge in interest from interested parties around the world, including the powerhouse economies of Russia and China, but also Brazil, Mexico and Argentina, though with the exception of Russia these markets are still in their infancy. It leaves Marbella in a strong position to become a preferred destination as the town has a wide choice of properties priced over half a million Euros and a lifestyle to suit. The new residency law will no doubt help stimulate Marbella’s economy in attracting a new wave of investors from beyond its traditional markets. So with all this in mind now might be a wise time to view our exclusive collection of top segment properties before they all get snapped up! To apply for the new Residency Permit, applicants must: -Be 18 years of age and over. -Pay the residence permit fee. -Not be residing in Spain unofficially. -Not have a criminal record for the five years prior to the application -Not be classed as an undesirable in countries with which Spain has signed territorial space agreements. -Have either public or private health insurance valid in Spain. -Have access to sufficient funds to take care of themselves and their family during the period of residence in Spain. -Spouses, under age children and those over the age of 18 who are not able to take care of themselves due to health reasons, and who are travelling with the applicant and fit the above criteria, may also apply for the permit. The visa will last for one year and in order to renew it, the applicant must: – Renew it within the following 90 days of the expiration of the visa. – Travel to Spain at least once during the visa’s validity period. – Prove that the investment has remained equal or has since increased. – Meet the terms of tax and social security obligations in Spain. *The above is for informational purposes only, for detailed information from our partners in law please contact us.