The Marbella International Property Show and Investment Forum (MIPS), which celebrates its second edition from 18 to 21 March at Villa Padierna Palace Hotel, will present an exclusive selection of luxury homes that have a value in excess of 2,000 million euros. The portfolio is to include villas valued above 40 million euros. Continue reading
According to Premier Marbella news sources, the finance ministry explained that the granting of a residence permit for foreigners to buy a property for a price in excess of € 500,000 will be subject to the investment being maintained at least five years. During that time period the investor will have a non-permanent residence permit in Spain. Thus, the first year will have a temporary visa and then a temporary residence permit for two years, extendable by another two. However, if the property is sold during this period then the permit is lost. After five years, the investor will be entitled to a permanent residence permit. However, foreigners who purchase property will not have access to healthcare and public education for the first five years, nor get a work permit.
According to Premier Marbella news sources, more than 550 guests attended the inauguration of Marbella Luxury Weekend, which took place in the VIP Tent Tower. Many celebrities walked down the red carpet at the first major event of the summer season. During the event, the Spanish Association of Luxury presented the mayor of Marbella, Ángeles Muñoz with the Diamond of Honor of the Association by its President, HRH Beatriz de Orleans, who is also the honorary godmother of Marbella Luxury Weekend. This award recognizes the efforts of the Mayor and the City Council in the name of Marbella position as luxury image worldwide.
Guests enjoyed great catering offered by renowned chef with two Michelin stars, Dani García, who has worked selflessly in this and other actions of this complex event. Most noted on the evening was the magnificent performance of the young dancer Aitana Munoz, who drew applause and cheers from the audience with his flamenco performance. Many different dance shows and music events livened up the evening and offered great entertainment. Leading Marbella property specialist Romano Keogh is confident that this event will generate a lot of interest with people who want to buy property in Marbella.
There is one construction-based sector where the machines have not stopped working and where at times it is difficult to find qualified staff to carry out certain jobs. This sector is within in the triangle formed by Marbella, Estepona and Benahavís and last year it generated more than 250 million euros worth of business and about 4,000 jobs, of which 1,000 were direct.
The DOM3 association, which brings together 23 companies related to the construction of top-of-the -range homes, estimates that during the past year about 60 properties were built within the aforementioned triangle of Marbella, Estepona & Benahavís and whose cost per unit was at least one million euros. Apart from the figures mentioned above, this business also generated another which the offices of the Hacienda tax authority will value above all others: 22 million euros in IVA (value added tax).