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.
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According to Premier Marbella sources, the President of the Federation of Developers and Residential Tourism in Spain, Ricardo Arranz has asked the central government to allow immediate access to residence permits for those who purchase a property of at least half a million euro instead of having to wait until next January 1 when the new ruling enters into force.
He has pointed out that this measure is “vital” for the reactivation of the real estate sector and for economic recovery of the Costa del Sol and this will place Spain on an equal footing with other countries that have already allowed residence permits, such as Portugal and Ireland.
In the province of Malaga there is currently a major stock of unsold property. Leading Marbella property specialist Romano Keogh is confident that this measure may provide a boost to the acquisition of property thereof by investors from Russia, China, Saudi Arabia, Norway and Finland, the markets that have most interest today in the Costa del Sol.