MADRID (Assoc. Press) --
Want to live in Spain? It looks like you'll be welcome there, as long as you buy a house or apartment that's worth more than $200,000.
The plan outlined by the country's Trade Ministry is aimed at easing Spain's bloated supply of unsold homes. It's expected to be approved in the coming weeks.
The plan is aimed principally at Chinese and Russian buyers.
Spain has more than 700,000 unsold homes, after the collapse of its real estate market in 2008.
Demand from the domestic market, hit hard by a recession, is stagnant.
Spain's prime minister says those homes need to be sold -- and getting them off the market could help revive the country's construction industry.
Spain is in the midst of a double-dip recession with 25 percent unemployment.
Typically Spanish reports:-
The Government released their plans on Monday but the foreigners must spend €160,000 on the property.
Similar reforms have taken place in Portugal, Ireland, and U.K. and Canada.
The objective of this legislation is to sell the flats and houses which were built during the construction boom, and now lie empty desperately waiting for a buyer.
Provided the foreigner has €160,000 to spend, s/he will be given nearly automatic permission for a temporary residence.
Another obligation for the immigrants is they will have to spend six months and a day in Spain each year.
But the immigrant associations have described the plan as ‘unjust’, while the PSOE accused the cabinet of turning a treat into a mere commodity.