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Spain offers residency permits to stimulate housing market

Posted on 20 November 2012

Spain is to offer foreigners residency if they buy houses worth more than €160,000 as part of an attempt to reduce the country’s huge number of unsold homes. The country’s offer beats others in bailed-out countries such as Ireland and Portugal, where residency papers are offered to foreigners buying houses worth more €400,000 and €500,000, respectively.
It was not clear if the residency would only refer to Spain, and not the European Union. Trade Ministry secretary Jaime Garcia-Legaz said the plan, expected to be approved in the coming weeks, would be aimed principally at Chinese and Russians as the domestic demand was stagnant and showed no sign of improving………………………………………..Full Article: Source


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