Investor residence. Investment in land with subsequent construction. Real estate investment of ≥500,000EUROS. Which comprises?
Date03 Aug 2020/
With the entry into force in 2013 of the Entrepreneurs Law, the possibility was introduced for non-EU foreigners to acquire residence by investing in the acquisition of a property with a value equal to or more than 500,000 euros. Until then, Spanish foreigners, specifically the DIRECTORATE GENERAL OF MIGRATIONS, considered that they only had the right to acquire the residence of investors via real estate investment exclusively as a sale. So, when a foreign investor who wanted to acquire a land, for example, for the value of 495,000 euros. After he built a house on it for the value, suppose that another 600,000 euros, this right was not recognized, despite the fact that he made a real estate version of more than 1 million euros. Foreigners only took into consideration the purchase price of the land, if it was less than 500,000 euros, they denied the residence permit. The lawyers for KOPERUS considered this interpretation to be contrary to law and limiting the rights of foreign investors. They first promoted the appeal before the Madrid Superior Court of Justice against the administrative resolution that refused to recognize this right to a client of the firm. And then, before the Supreme Court, the corresponding appeal, requesting that the jurisprudential doctrine be established.