Buy a Home in Spain – Get a Residencia Thrown In!

A friend who deals in homes for sale in Spain and Spanish plots was recently telling me that the Spanish Secretary of State for Trade, Mr. Jaime García- Legaz , made ​​a statement to describe his idea of proposing an amendment to the Aliens Act , so that citizens from outside the European Union could get residence in Spain through the acquisition of a property with a value of more than 170,000 euros..

It is known that Chinese and Russian citizens have renewed interest in acquire property in Spain , under the collapse of real estate prices . After the bubble burst , the banks especially have a huge stock of empty housing awaiting buyer s. The idea of the Secretary of Commerce seems sound to revive a market crisis oversupply . However, it has also sparked a controversy that has expanded over time the final decision of the Government.

There are legal difficulties that prevent purchase of second homes in China, and that is driving a large percentage of the existing 45 million millionaires in the country to acquire property abroad.

Anything that can help the terrible property crisis is a good thing. Many expats and Spanish people have lost their lives savings after the collapse of the market in 2008, though my estate agent friend claims the market is now picking up in the Alicante area, albeit slowly.