Spain offers residency to foreign investors

Proposed residency programme for foreign investors to Spain is expected to have an impact on the UAE immigration market.

On Monday evening, the Spanish government announced that it is considering offering residency to foreigners who want to invest in the Spanish property market.

The property should be worth a minimum of EUR160,000 (Dh750,000).

“This is basically an open-for-all deal,” says an excited Mohamed Khan, immigration consultant at MIK Legal Consultants.

“This investment is far cheaper than the investment required for residency in other countries. Whereas other countries are targeting a particular segment of the society this program attracts the mass. The average expat can make this investment.”

Spain has seen its property market tumble with housing prices having decreased more than 30% over the past 4 years. The country is struggling with an economic recession and needs to inject new capital in the property market.

Currently there are more than a million empty homes across the country, and an already strong international demand for Spanish property. The incentive could give an immediate boost to the economy.