However the Spanish Foreign Minister, José Manuel García-Margallo, wants to use this as an angle to attract more foreign citizens from outside of Europe to buy a property in Spain and reduce the glut of unsold homes. In the past it’s been tricky for non EU nationals to obtain a residence permit. The plan is therefore to ease the bureaucracy involved and attract property investors to Spain.
This new measure could be very attractive for Russian buyers and other former eastern block countries that are still outside of the EU as well as both North and South American citizens.
19th November 2012.
The Spanish government has today reconfirmed that they are studying measures to grant residence permits to foreign non EU citizens who buy a property in Spain valued at more than 160.000 Euros. Their intention is to target buyers from Russian and China in order to reduce the stock pile of unsold property in Spain.