Non EU citizens and overseas investors are now able to obtain Residency under what's being called a "Golden Visa" scheme allowing them to live in Spain providing certain criteria are met. To qualify the applicant must invest a minimum of €500,000 in Spanish property. This can be a single property or several properties providing the minumim investment amount is satisfied. This will enable Visa holders to be based in Spain and travel around Europe freely including the 26 Shengen zone countries.
The investment in property can be residential, commercial or land. There is no requirement for specific use so properties can be leased,, rented or occupied for personal use. There is no minimum time set to remain in Spain but there is a minimum visit to Spain of at least once in the first year after the investment is made.
The visa is granted initially for one year but all being well the term can be extended for a further one year making it a two year visa, providing that the minimum investment is maintained. At the end of two years it can be applied for again for a further two year period and upon expiry of five years it may be possible to submit an application for a limit-less residency permit. After ten years of residency in Spain the investor can apply for Spanish citizenship, again providing all other criteria is met for classification as a permanent resident of Spain based on the 183 days per year rule.