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EUROMOVERS International

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INTERNATIONAL NEWS

Spanish government hits property market

Aug 06, 2013
It looks as though the policy makers in Spain are making it even more difficult for foreigners to buy property in the country.

In one move, for example, the so called ‘Golden Visa’ that entitles non-EU property investors to get a residence visa will only be available for people spending €500k or more instead of the €160k threshold expected.  Apparently when the initiative was announced last year there was a flood of people making enquiries about buying in Spain however almost all of them were planning on spending less than €500k.  This measure has all but stopped any benefit the ‘Golden Visa’ would have brought.

It is also alleged that the Spanish government is planning to ban holiday rentals in a move aimed at protecting the hotel industry. This has already come into force in the Balearic Islands where property cannot legally be rented to tourists.  This has a potential knock-on effect on the number of people wanting to buy property in the first place.

Finally, the government requires overseas residents with over €50,000 assets abroad to declare what they own abroad.  Some might consider this to be an invasion of privacy and an obstacle to taking up residency in Spain.

None of the above seems to be good news for the very competitive moving business in Spain.

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