Posted on 11/19/2012 11:36:50 AM PST by Arthurio
MADRID (AP) — Looking for a new place to call home? Spain is hoping to give you a little bit more than a welcome basket of baked goods if you decide to move there. In an attempt to reduce the country's bloated stock of unsold homes, the government is set to offer permanent residency to any foreigner provided they buy a house or apartment worth more than €160,000 ($200,000).
The plan, unveiled by Trade Ministry secretary Jaime Garcia-Legaz Monday and expected to be approved in the coming weeks, would be aimed principally at Chinese and Russian buyers. Spain has more than 700,000 unsold houses following the collapse of its real estate market in 2008 and demand from the recession-hit domestic market is stagnant.
Read more: http://www.seattlepi.com/business/article/Spain-Residency-for-foreigners-who-buy-houses-4049449.php#ixzz2ChNwrZz9
(Excerpt) Read more at seattlepi.com ...
Yeah, uh.... no thanks. Given their problems, I’m guessing Spanish property tax for foreigners will be through the roof. Its bad enough here in the USA.
“would be aimed principally at Chinese and Russian buyers”
Yeah, more statists really help lift Spain. Idiotas.
Let’s sell residency to financially
prop up the takers who keep us in
power. Anything to NOT get a job.
ITS A TRAP!
This sounds like an open invite to reacquire al Andalus. What could go wrong?
Spain!
Come for our weather, stay for our failed socialist society!
Beware of Moors with pre-approved mortgages.
We might want to try that here. Right now we are getting far to many freeloading renters.
That might be worthwhile for someone that has $200K to spare. Most countries make you jump through lots of hoops to get permanent residency. For $200K you get residency in Spain but can move to any of the Euro countries if I understand how things work there.
The USA offers residency to any foreigner who can wade a river.
“For $200K you get residency in Spain but can move to any of the Euro countries if I understand how things work there.”
Bingo.
All details not revealed yet, but I expect exactly what you wrote. As long as you do not stay there at least 183 days, you will not face income tax. You will pay property tax. By renting out your property a few times a year, you could pay the tax.
In the meantime, you would have the right to reside anywhere in the 27 EU countries. A cheap way to go.
As long as you remain on tourist status, the State loves you. It is only citizens that are treated like milk cows.
Right.
What good’s a house if you can’t get gas, heat, food, security, etc.
No thanks, Spain. But I’ll be happy to package your worthless foreign-owned mortgages into CDOs and sell them to unsuspecting Spanish muppets.
These are the banks trying to find a market bottom on a ton of unsold real estate. They’re trying to factor in a “passport premium” to camouflage how little the locals really can afford to pay for realistically priced housing.
The best part is, the EU and ECB have probably floated this scheme just to see whether it sells.
calling all Chinese and Russian mafia types... :-)
I wonder how many mohammedans will take them up on this snce they are working on reconquering Spain.
Idiots should work on reversing their falling birthrate — as should we.
The prior Socialist government paid people to have babies, though you didn’t have to be a citizen of Spain to take them up on this bounty. As you might imagine, Muslims were happy to take the govt up on the offer.
...you didn’t have to be a citizen of Spain....
&&&
They are bigger idiots than I thought, then.
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