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Spain may offer residency to foreigners buying homes

By Juwai, 21 November 2012
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With a declining property market, Spain is considering attracting foreign property buyers by offering permanent residency in Spain.

Following the housing bubble burst in 2008, Spain now has over one million homes that are vacant. To combat the dmage that has been done, the government is taking into consideration a visa program offering foreigners residency if they purchase property valued at 160,000 euros ($200,000) or more.

If this program were implemented it would be specifically targeted towards Chinese and Russian investors who have already expressed interest in Spanish real estate.

Since the 2008 housing bubble burst, Spanish real estate has seen a 30% decline in value and is expected to face another 30% decline before housing prices begin to level out once more.

Read more from this article on Reuters.