Spanish residence permits to foreigners who buy homes 160.000€
Here’s a worthwhile Spanish initiative—anyone who purchases a home worth at least €160,000 (that’s about $200,000) will be given a residency permit to go with it.
Spanish residence permits to foreigners who buy homes 160.000€. Now of course the Spanish labor market is not exactly a hotspot at the moment, so people aren’t clamoring to get permission to work there. But this is still a potentially attractive offer to wealthy individuals living in politically unstable or undemocratic regimes who don’t necessarily want to emigrate but are interested in obtaining a bit of a hedge against possible future emigration. For linguistic reasons there’s obviously a particular appeal to Latin American elites.
“We have proposed to other ministries that non-residents who acquire a home in Spain valued at over 160,000 euros should automatically be granted a residence permit,” García-Legaz said. “We are thinking of markets such as China and Russia, where there is growing demand for housing in Spain.
“In a few weeks’ time, a reform of the law regarding foreigners will be put in place to reactivate overseas demand and contribute toward reducing the stock of housing,” the official said. He added the arrangement would mirror similar agreements established in Portugal, Ireland and the United States.
García-Legaz said the valuation figure would be set with a view to sparking an increase in demand for residence permits. “You can’t place a lower price limit because this would generate massive demands for residence permits with housing being the excuse to obtain them,” he said.
The official said that given the state of the economy and credit restrictions, domestic demand for houses has stagnated.