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Mon Nov 19, 2012, 07:18 PM

Spain: Residency for foreigners who buy houses

Source: AP

MADRID (AP) 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 160,000 ($200,000).

The plan, unveiled by Trade Ministry secretary Jaime Garcia-Legaz Monday 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.

Prime Minister Mariano Rajoy stressed Monday that the plan has not yet been finalized, but added that Spain "needs to sell these homes" and that getting them off the market could help revive the nation's devastated construction industry.

The plan to unload the unsold homes comes as thousands of houses have been repossessed by banks and their owners evicted because they cannot pay their mortgages. The government last week approved a decree under which evictions would be suspended for two years in specific cases of extreme need.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5g9HpsAC8cS_vHrtVbuqbwiwY4Oyg?docId=e9c72e1ae40d46c9ae52f17aa5665607

19 replies, 3972 views

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Arrow 19 replies Author Time Post
Reply Spain: Residency for foreigners who buy houses (Original post)
Bosonic Nov 2012 OP
barnabas63 Nov 2012 #1
rzemanfl Nov 2012 #3
Bozita Nov 2012 #6
olddad56 Nov 2012 #7
Poll_Blind Nov 2012 #2
Cleita Nov 2012 #4
War Horse Nov 2012 #5
ancianita Nov 2012 #8
dipsydoodle Nov 2012 #11
ancianita Nov 2012 #13
War Horse Nov 2012 #12
ancianita Nov 2012 #14
War Horse Nov 2012 #15
SkyDaddy7 Nov 2012 #18
dipsydoodle Nov 2012 #9
Enrique Nov 2012 #10
ReRe Nov 2012 #16
SkyDaddy7 Nov 2012 #17
area51 Nov 2012 #19

Response to Bosonic (Original post)

Mon Nov 19, 2012, 07:21 PM

1. An answer to the secessionist's question of "Where to go?"

The lord works in mysterious ways.

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Response to barnabas63 (Reply #1)

Mon Nov 19, 2012, 07:22 PM

3. Beat me to it. n/t

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Response to barnabas63 (Reply #1)

Mon Nov 19, 2012, 07:25 PM

6. Amen!

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Response to barnabas63 (Reply #1)

Mon Nov 19, 2012, 07:26 PM

7. I don't like this idea.

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Response to Bosonic (Original post)

Mon Nov 19, 2012, 07:22 PM

2. Now that is intense. nt

PB

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Response to Bosonic (Original post)

Mon Nov 19, 2012, 07:24 PM

4. So how many homeless Spaniards are there?

It seems like there should be a better solution than this.

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Response to Bosonic (Original post)

Mon Nov 19, 2012, 07:24 PM

5. It's a gold rush for real estate agents in several countries

Just google 'house in spain'...

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Response to Bosonic (Original post)

Mon Nov 19, 2012, 07:32 PM

8. I'm not rich but I'd consider taking Spain up on its offer,

mostly because I admire their activism. And speak Spanish. I wonder how welcoming the Spanish would be to foreign buyers. I certainly wouldn't want to contribute to homelessness, but toward some win-win like growing the economy.

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Response to ancianita (Reply #8)

Mon Nov 19, 2012, 07:45 PM

11. I doubt there would be issues with the locals.

They would however expect, quite reasonably, that such buyers do at least learn to speak Spanish.

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Response to dipsydoodle (Reply #11)

Mon Nov 19, 2012, 07:51 PM

13. Especially when one is signing contracts.

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Response to ancianita (Reply #8)

Mon Nov 19, 2012, 07:51 PM

12. There are upsides and downsides to it

If you speak Spanish, and plan to be part of an actual community rather than joining a gated one, I suspect you would be welcome (based entirely on personal experience and the accounts of Spanish friends).

On the other hand, you might also want to read this: http://www.moneynews.com/StreetTalk/Trump-Spain-Greece-Investment/2012/06/19/id/442744

Trump: "Spain is an amazing place. It's a great country. It's got a fever and this is the time to take advantage of it".

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Response to War Horse (Reply #12)

Mon Nov 19, 2012, 07:53 PM

14. I would definitely want to buy into a community, not any place gated.

I'd be happy to participate in Spanish society on all kinds of levels, if they are open to such.

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Response to ancianita (Reply #14)

Mon Nov 19, 2012, 08:12 PM

15. You sound like you'd probably be doing just fine :)

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Response to ancianita (Reply #8)

Mon Nov 19, 2012, 10:45 PM

18. About buying a house in Spain...

It might be cheaper to buy a house in Spain, become a citizen & have access to universal health care!

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Response to Bosonic (Original post)

Mon Nov 19, 2012, 07:43 PM

9. In reports elsewhere on the subject

its thought it will mainly be of interest to the Russians and the Chinese. Its not clear whether such buyers will get just Spanish citizenship or full EU.

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Response to Bosonic (Original post)

Mon Nov 19, 2012, 07:45 PM

10. that was proposed here in the U.S.

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Response to Bosonic (Original post)

Mon Nov 19, 2012, 10:34 PM

16. A Melting Pot World!

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Response to Bosonic (Original post)

Mon Nov 19, 2012, 10:40 PM

17. DAMN!!

I wish I had the cash to buy a house in Spain! That would be nice!! A you become a citizen as well...Free health care! Hell, it might be cheaper to just by a house in Spain than pay for health care here in the states!!

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Response to SkyDaddy7 (Reply #17)

Tue Nov 20, 2012, 02:59 AM

19. +1

If health care is part of the deal, it would be a good idea for Americans to emigrate.

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