A new law allowing non-EU property investors to be granted residency in Spain has been tipped to reignite the country's property market.
The Spanish government recently drafted a bill stating that investors who spend at least 500,000 euros on real estate will be granted residency.
It is believed that this will attract plenty more investment from abroad boosting property prices, as similar law changes have done in Portugal and Cyprus.
Mark Stucklin, who runs and writes content for a popular Spanish property information website, believes that the bill could be made into law as early as next month.
In an interview with pie-mag.com, he also pointed out that the recent financial crash in Spain has created plenty of excellent investment opportunities for those looking to take advantage of Spanish residency.
Residency will grant them access to the Schengen area without the need for a visa. It can also create tax advantages, if residents choose to be taxed under Spanish law instead of their own country.
Property-abroad.com reports that investors who qualify for residency will be awarded a visa that will allow them to stay for a year. They will also receive a two-year permit which could be renewed every two years.