New residency rules for people buying expensive properties in Tenerife

[sdmc1960]

Island Connections has learned that the government is setting up an inter-ministerial working party to draft legislation which will enable the current Immigration Act to be amended to grant residency to non-residents who buy properties worth more than 160,000 euros. The new rules, which are designed to stimulate property sales in holiday areas, are expected to be approved in the next few weeks. Sources say the changes are aimed at Russians and Chinese in particular

[chifleta]

to me this sounds like a big welcome to Russian and Chinese money laundering.... but what do I know ....

[kingbaker]

to me this sounds like a big welcome to Russian and Chinese money laundering.... but what do I know ....


Also sounds like a massive breach of the anti-discrimination legislation ...get your claim forms ready!!!!!! :D

[Goldenmaniac]

to me this sounds like a big welcome to Russian and Chinese money laundering.... but what do I know ....
It is aimed at the Russian & Chinese and was widely covered in the Spanish and English Press press here see also http://newsinthesun.com/residence-for-russian-property-buyers/ but funds will have to have a paper trail because of the 2500 new cash transaction rule so Russian banks will presumably see the origin of the funds?


Also sounds like a massive breach of the anti-discrimination legislation
Don't quite get this - if the regs change it will apply to all, what the Russians can't (and probably won't be able to do) is get work permits - Europeans have an automatic right I can't see the Spanish allowing non EU citizens to take any jobs even if they do spend more than 160k on a property.

This kind of scheme is already happening in Latvia and we are told that Portugal and Eire have plans to do the same

[ribuck]

It's only a proposal at this stage, and it may not end up including the semi-autonomous regions such as the Canaries.

If it happens, it would be of interest to me. As an Australian citizen living in the UK, I'm currently restricted to visits of 90 days out of any 180 day period using a Schengen visa, and this scheme would let me spend more time in Tenerife. I would be prepared to put down €160,000 on a property for that.

[princessmonika]

why 160.000 - thats not fair- if you have property here regardless of the amount--- everybody should have the right to become a resident , if they wish to

[ribuck]

why 160.000 - thats not fair ... everybody should have the right to become a resident , if they wish to
For sure, everyone should have the freedom to live where they choose, and to travel without restriction.

But in the world as it is now, we are thankful for any additional morsel thrown to us by our rulers.