Spain Approves Immigration Residency Visa for 500,000€ Property Investment.

Investors spending a minimum 500,000€ on residential real estate or a portfolio of properties making up this limit will gain a residence visa often referred to as the "Spanish Golden Visa" or "Spanish Entrepreneur Visa".

The visa is one of the most affordable and flexible in Europe. There is no minimum stay requirement in Spain and the visa can be renewed up to five years. Holders of the Spanish golden visa are free to travel throughout the Schengen visa countries in Europe.

After five years those who have invested in Spanish property (and immediate family members) may apply for permanent residency although that will require a minimum residence period of 183 days. Citizenship and a Spanish passport can be applied for after a period of permanent residence in Spain. This then grants the right to live and work anywhere in Europe as a European citizen.

The key points of the Spanish residency visa are.

Minimum investment of 500,000 Euros
Investment cannot be mortgage funded
Spouse and dependent children included in the visa
No minimum stay period
Renewable up to five years
Travel throughout the EU Schengen visa zone

Schengen Agreement. Is an intergovernmental agreement on the relaxation of border controls between participating European countries, first signed in Schengen, Luxembourg, in June 1985 by France, West Germany, Belgium, the Netherlands, and Luxembourg. A revised version of the agreement was incorporated into the European Union in 1999 and widened to include non-EU members of a similar Nordic union.

Applicants must be able to prove source of funds, have no criminal record and must never have been refused entry previously to a European country. They will also need to demonstrate private medical insurance and sufficient funds to support living in Spain. However as there is no minimum stay requirement, actual residence is not necessary.

Property investors will be able to own and run a business in Spain but are not free to work until permanent residency is granted.