Residency permits to be allowed to foreigners buying properties over €160,000

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MADRID Earlier this week the Secretary of State for Trade, Jaime García-Legaz, announced that the government is studying changes to the Foreigners Law in order to issue residency permits to foreigners purchasing properties for over €160,000. It is aimed, he added, at the Russian and Chinese markets, and that the changes will take place 'in a few weeks time.' The established purchase price is, said García-Legaz, at a 'balanced level' that is not expected to cause a 'massive demand for residency permits' and a lower price could serve as an 'excuse' to obtain residency.>>>

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Another of the objectives is to promote external demand for property in Spain, as the present climate has practically put a stop to national sales, at a time when there is a massive overbuilding problem, with thousands of properties left unsold.

The Secretary of State went on to assure his breakfast audience that there is 'a lot' of demand outside for properties, and the Spanish market is in a 'very attractive' situation in terms of prices and competivity with European neighbours.