Spain is the latest real estate bubble country to consider giving extra residency privileges to foreigners who buy property.
If they go ahead with this plan they would join Portugal, Hungary and Ireland.
Greece is also considering a similar measure.
The Spanish proposal is the cheapest so far, requiring only a $200k real estate purchase:
The Spanish government is considering offering residency to foreigners who buy property worth about $200,000 or more. With discounts as deep as 50% along the Mediterranean, a 1,100-square-foot three-bedroom beachfront apartment in Alicante goes for $130,000. Or how about a 1,200-square-foot four-bedroom with a view of Barcelona’s skyline for $175,000? A few miles inland, a two-bedroom house goes for $90,000.
The idea is to attract buyers for an estimated 700,000 empty homes scattered across Spain’s landscape, the remnants of the nation’s dramatic housing boom-and-bust. The offer is aimed at Chinese, Russians and Americans, who are usually limited to a three-month tourist visa in most parts of Europe.
Full article in the LA Times.