According to a recent study by the Spanish government, a surge of Americans living in Spain increased by 13% meaning the number of American expats residing in Spain experienced a notable increase. The interest of Americans in purchasing residential properties in Spain also witnessed a dramatic upswing.
The data unveiled that the acquisition of homes by Americans in Spain during the same period skyrocketed by a staggering 88%, consequently contributing to the rise in the number of Americans choosing to make Spain their home.
Urban areas such as Madrid, Valencia, and Barcelona have witnessed a substantial influx of Americans due to the high demand, leading to considerable spikes in rent and real estate prices and a surge of Americans living in Spain increased by 13%.
It has been remarked that the increasing trend of Americans favouring Spain for property investments and residency and that Spain’s popularity has soared over the past few years, with a substantial majority of Americans emanating from New York, Los Angeles, and Texas.
While this surge in American expatriates has been a boom for many businesses, it has led to price hikes for Spanish citizens seeking to rent or purchase properties. The increasing demand and inflationary pressures have driven prices to higher levels.
To reside and work in Spain, American expats are required to hold a residence permit.
Until recently, Spain had stringent rules regarding temporary residence permits. However, a recent decision by the Spanish authorities has changed the landscape.
Due to this surge of Americans living in Spain increased by 13%, the Spanish Supreme Court, on June 20, made a pivotal decision to ease the revocation of temporary residence permits for foreigners who spend more than six months outside of Spain. This means that all foreigners holding a temporary residence permit can travel abroad for up to six months, minimum 183 days in Spain within a year without concerns about their permit status.
This development has brought relief and flexibility for American residents in Spain and is expected to further enhance the appeal of Spain as a preferred destination for expatriates seeking a vibrant and welcoming environment to call home.
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Permanent residency is obtained after 5 years of Spanish Residency through Self-Employed Residency, Digital-Nomad, Non-Lucrative Residency or Golden-Visa. This followed by 5 years as a permanent resident in Spain and means you can then obtain Spanish Citizenship with a Spanish Passport.