Spain may offer residency to foreigners buying homes
Spain may give residence to foreigners buying homes. A Spanish official said Spain is considering offering residence to foreigners buying a property worth more than 160.000 Euros. Spanish prime minister said that no firm decision had been taken on the issue.
The plan to unload the unsold homes comes as thousand of houses have been repossessed by banks.
This residency offer would beat others in bailed-out countries such as Ireland and Portugal, where residency papers are offered to foreigners buying houses worth more than 400.000 Euros and 500.000 Euros, respectively.
The objective is to boost foreign demand, which would contribute to reducing the housing stock.
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