Spain woos foreign luxury property buyers

Spain’s government approved a plan Friday to grant residency permits to foreigners who buy luxury properties or start new businesses, steps intended to help breathe life into the country’s moribund housing market and create sorely needed jobs.

The package would award resident status to those who spend at least a €500,000 ($646,700) for real estate or invest at least a €2 million in Spanish sovereign debt. Other measures intended to encourage entrepreneurs to set up in Spain, where the unemployment rate tops 27%, would facilitate legal residency for highly skilled foreign specialists and foreign investors who create jobs. Following parliamentary approval, many of the measures are expected to take effect by early next the country have fallen by almost fifteen per cent for real estate assets that are worth €2m+. Source: Wall Street Journal

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