Spanish government offers residency on €500k+ property sales

May 27, 2013 Leave your thoughts

Spain is to grant residency to anyone buying property worth more than €500,000, buying at least €2 million public debt or investing in Spanish businesses to create new jobs.

While any move to get the stagnant Spanish economy moving in a positive direction must be applauded, I wonder how many people are so desperate for Spanish residency that they would choose to invest in the country when its future is so unclear.

Since anyone from an EU member country can gain Spanish residency anyway it must be aimed at people from outside Europe and at the moment that means mainly Russians, who flock to the Costa Brava in in the summer.

According to this article there are currently around 2 million properties on the market. Just 2 percent of these a priced over €500,000, while last year just 1 percent of all sales amounted to more than €500,000.

Source: El Pais

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