The 2013´ Entrepreneur Law introduce a new visa for non-residents who acquire a home in Spain valued at over 500,000 euros, who should automatically be granted with an initial two years residence permit.

This new visa offers the right to live and travel, but not work, anywhere among 26 countries of Union’s member states –signatories to the Schengen agreement that allows unrestricted travel-, including all Western Europe excluding Great Britain.

The main requiriments are:

– Overseas homebuyers –non-from an EU country- buying a property valued at over 500,000 euros.

– The money for the operation has to be brough from out of Spain.

– Not apply for public or state aid.

– No criminal record during the last 5 years.

– Must buy private medical insurance.

For apply, it’s not mandatory hiring a spanish lawyer but it´s recomended, you should need a profesional to act on your behalf and avoid inconvenences, both on buying a property or in the inmigration proccess request.