On 29 September 2013, a new law came into force, according to which non-EU citizens are entitled to a residence permit in Spain, if they buy a real property worth at least EUR 500,000 (five hundred thousand euro) in the country.
Necessary preconditions for purchasing a real property in Spain include:
No criminal record
Private health insurance
Sufficient financial resources without the necessity to be in a gainful employment in Spain
After four years, provided no special events have occurred, the real property owner is entitled to apply for a proper residence permit against payment of approx. EUR 800.