In an attempt to promote a stagnant housing sector, foreigners who buy a house in Spain could be offered residency permits.
About a third of Spain's more than one million empty homes are located in coastal tourist areas. ©David Acosta Allely/shutterstock.com
Targeting rich investors from countries such as China and Russia, Spain's secretary of state for trade, Jaime Garcia-Legaz, announced this week a plan to offer foreigners the right to settle in the country in return for them buying a property worth 160,000 euros ($200,000) or more.
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