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Spain considers granting temporary residency to foreign buyers

Source: Bloomberg - Mon 19th Nov 2012
Spain considers granting temporary residency to foreign buyers

Spain is considering granting temporary residency to foreigners who buy homes valued at 160,000 or more, the Deputy Minister for Trade announced earlier tpday.

"In coming weeks, we will start to reform the law regarding foreigners to reactivate demand abroad and contribute toward reducing housing stock," Jaime Garcia-Legaz said at a conference in Madrid. The changes are likely to have the most effect on Russians and Chinese, he said.

The price level - which is the average for Spain - isn't definite, according to a spokesman for the deputy minister. The measure would replicate agreements established in Ireland, Portugal and the U.S., he said.

Spanish Foreign Minister Jose Manuel Garcia-Margallo announced the plan in Congress on Nov. 14, the spokesman said.

Until such a time that the propsals are passed into law, residency regulations for EU citizens can be read by clicking the link >> HERE << , and for Non-EU Citizens by clicking the link >> HERE << .

Clarification is still required on what is deemed "Temporary" residency.

Comment on this Story

 
Whatever this mystery "Temporary residency" is, any measure to stimulate the property market had to be seen as a positive step.
C Timpson - Tue, 20th Nov 2012