As of this week, 1st October 2013, non-EU foreigners coming to Spain with €500,000 to invest in real estate will be entitled to a residence permit.

The long-awaited ‘Golden Visa’ is set to attract capital from booming economies such as Asia, the Middle East and Russia with investors attracted by the low prices, available stock and opportunity to secure residency in the West.

Interest in Spain, fuelled by the ‘Golden Visa’ has already been seen in recent months with 8.3 million visitors alone arriving on Spain’s sunny shores throughout August according to figures from the Spanish Tourism Ministry, lifting the total for January through to August by 4.5 per cent on the year before to 42.3 million.

Russian tourists in particular have flocked to Spain in their thousands on the hunt for their perfect bolthole in the sunshine. Between January and July this year, visitors from Russia increased by 30%, totalling 838, 876 visitors.

This spells great news for investor confidence as the increase in visitor numbers coupled with the new foreign residency law is set to boost property sales across Spain.

Marc Pritchard, Sales and Marketing Director for leading Spanish house builder Taylor Wimpey Españacomments,

“The ‘Golden Visa’ is clearly of high appeal to non-EU residents especially those in Russia, China the Middle and Far East, keen to access the EU and enjoy visa free travel in the 26-country Schengen Zone. The minimum investment level is €500,000 but this doesn’t have to be in just one property, it is accumulative and can be made up by investing in one or more properties.

“Here at Taylor Wimpey España we have already seen a staggering 2,500% increase in Middle Eastern buyers this year (YTD vs same period 2012 ) and 190% increase in buyers from Russia and Lithuania (YTD  vs same period in 2012).”

Marc continues,

“Q4 of this year is set to be great for us in terms of sales , surpassing the levels previous to the economic crisis with sustained growth of international visitors and second home buyers not just picking up a Spanish visa but bringing with them the power to propel national market recovery.”

Indeed, according to the Tourist Expenditure Survey (EGATUR), the influx of visitors has led to tourist spending rising 7 % from 2012, totalling a whopping €40.4 billion. The Balearic Islands topped the list with the biggest increase of tourist spending; within the first eight months of the year, the Islands received €7.94 billion in spending by international tourists, 9% more than in the same period last year and 19.6% of the total of the whole of Spain.

It’s no wonder tourists are splashing out in the Balearics. Mallorca in particular boasts one of the most famous coastlines in Spain attracting millions of visitors each year and is traditionally a favourite destination for foreign buyers drawn to the clear blue waters, secret coves with private golden sandy beaches, quaint villages, sophisticated cafes and restaurants and an abundance of historical, cultural and leisure activities.

For those thinking of making their stay more permanent, taking full advantage of the ‘Golden  Visa’ by purchasing a property (or two!) in the Spanish sunshine look no further than Los Altos del Golf.

This brand new Taylor Wimpey España development in the Port Andratx area of Mallorca is nestled in the heart of a golf course and only 500  meters from the famous Camp de Mar beach, consisting of large, detached two and three bedroom houses with stunning sea views.

These luxury properties are designed in the style of a small Mediterranean village with coloured façades, verandas, spacious terraces, beautiful landscaped gardens and three large communal swimming pools.

Available now from €495,000, contact Taylor Wimpey España today on 08000 121 020 or visit www.taylorwimpeyspain.com  for more information.  If you reside outside of the UK you will need to call 00 34 971 706 244.