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You are here: Home World Business Buy $200,000 house and get residency: Spain

Buy $200,000 house and get residency: Spain

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Madrid: Looking for a new place to call home? Spain is hoping to give you a little bit more than a welcome basket of baked goods if you decide to move there. In an attempt to reduce the country’s bloated stock of unsold homes, the government is set to offer permanent residency to any foreigner provided they buy a house or apartment worth more than (euro) 160,000 ($200,000).

The plan, unveiled by Trade Ministry secretary Jaime Garcia-Legaz on November 19 and expected to be approved in the coming weeks, would be aimed principally at Chinese and Russian buyers. Spain has more than 700,000 unsold houses following the collapse of its real estate market in 2008 and demand from the recession-hit domestic market is stagnant.