For half the price of the average Australian home, you can own a luxury property in Spain outright, and it comes complete with dual residency.
Yes, it’s true.
In an attempt to offload debts crippling Spanish banks, the nation’s government will offer residency rights to foreign property buyers who spend more than more than 160,000 euro ($A197,000) on a sale.
While $200,000 wouldn’t even buy a studio apartment in most Australian capital cities, it’s ample for a luxury home in upmarket parts of Spain, including beachfront suburbs.
Russian and Chinese buyers are understood to be targeted in the initial real estate scheme, and it is unknown if the subsequent residency will be for Spain alone or the entire European Union.
“We have proposed to the other ministries that for residents who acquire a home in Spain for more than 160,000 euro that will automatically entail a residency permit,” Spanish Trade Minister Jaime Garcia-Legaz said in an article published by British newspaper The Times this week.
With some five million Spaniards out of work, the number of people unable to maintain repayments and forced to leave their homes continues to rise, with reports claiming 300 evictions per day in the first half of 2012.
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