November 21, 2012
Foreigners offered chance to stay in Spain for 160,000€
Spain plans to offer foreigners residency permits if they buy houses worth more than 160,000 euros, in a desperate attempt to reduce the nation's glut of unsold property.
The plan, aimed principally at the Chinese and Russian markets, was announced yesterday by the secretary of state for trade, who insisted it was necessary to reduce Spain's housing stock in a stagnant market.
"In coming weeks, we will start to reform the law regarding foreigners to reactivate demand abroad and contribute toward reducing housing stock," Jaime Garcia-Legaz said at a conference in Madrid.
The scheme would also allow foreign buyers to move around the 25-nation Schengen zone freely, as the agreement allows holders of a residency permit of one country in the area to travel to - thuogh not work in - any other.