NON-EU investors can now apply for Spanish residency after the government approved a move to establish a “golden visa”.
Those investing a minimum of €500,000 in property will be entitled to residency in Spain, along with their husband or wife, and any children under 21.
The visa has no minimum stay requirement, but needs to be renewed every two years.
Data from the country´s Council of Notaries shows there was a 22% increase in the number of homes purchased by foreign investors in the second quarter of 2013 compared to the same period a year later.
It is hoped the golden visa will provide a further boost the property market.