By Larbi Larbaoui
By Larbi Larbaoui
Morocco World News
Taroudant, Nov 20, 2012
Spanish Secretary of State for Trade, Jaime García-Legaz, on Monday Said that his Government is ready to grant residence permits to foreigners who buy a house that is no less than 160 thousand Euros.
The Spanish official explained, during a meeting in Madrid, that the government will proceed over the next few weeks in the amendment of the foreigners Act for “granting residence permits to those who buy real estate in Spain”, which exceeds the aforementioned sum.
“In a few weeks we will launch a reform of the Aliens Act to granting residence permits to foreigners in Spain who acquire a property from a starting price. The aim is to boost foreign demand and help reduce the ‘stock’ of housing supply,” the Spanish Secretary of State was quoted by the Spanish daily Publico as saying.
He added that this measure is targeting particular markets such as the Russian and Chinese markets that have previously expressed interest in buying houses in Spain.
The residential and estate sector is among the sectors hit by the economic crisis, which resulted in the building market crash, including the bankruptcy of major companies.
It is noteworthy that Spain is doing its utmost to bring in foreign capitals so that it can boost its fragile and shaky economy, but the crisis is still affecting the Spanish economy and protests are still on the rise.
