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A Spanish Casa (And Residency) Es Su Casa For $200,000

Tyler Durden's picture





 

Unwilling to sacrifice their sovereignty at the altar of the ECB's contingent OMT (and unable to wrench 'help' from their previously colonized friends in Latin America; it seems Rajoy and friends are more than willing to sacrifice their actual land... and citizenship in order to maintain their 'independence'. Reuters reports that Spain is considering offering rich investors from countries such as Russia and China the right to settle in return for them buying up property in the stagnant housing sector. For buying property worth as little as $200,000, wealthy foreigners could be offered a residency permit, the country's commerce secretary said on Monday. This is the same nation with near 11% loan delinquencies, greater-than-50% youth unemployment, and a bad-bank loaded with heavily discounted real-estate assets that are still too expensive to encourage investors, and an ever-present devaluation risk hanging over its paralyzed economy.

We wonder how the other nations of the EU will feel about Spain 'diluting' the citizen-asset pool with this new non-tax-paying, non-labor-utilizing 'wealth'.

And for that matter, not just other mainland-EU countries but New York and London whose real estate markets have risen in the past year in the ultra luxury segment primarily courtesy of BRIC oligarch money.

How long before Greece sells plots on Santorini (w/passport)?

Via Reuters:

(Reuters) - Spain is considering offering rich investors from countries such as Russia and China the right to settle in return for them buying up property in the stagnant housing sector.

 

Spain has more than a million empty homes across the country and is setting up a bad bank to clean up toxic assets from a housing bubble which burst in 2008.

 

Foreigners could be offered a residency permit if they buy a property worth 160,000 euros ($200,000) or more, the country's commerce secretary said on Monday.

 

"We're looking at markets such as the Russian or Chinese, among which there is already a strong demand for Spanish real estate," Jaime Garcia-Legaz said during a conference.

 

Garcia-Legaz said his ministry was consulting the other departments about the idea and gave no figures about how many foreign individuals might be tempted to buy in Spain in order to get Spanish residency.

 

The government is also trying to drum up interest among foreign investors in participating in its bad bank and will meet with five banks this week, sources told Reuters.

 

Spain's second largest union, the UGT, criticized the proposal, saying immigration policy should be based on the needs of the labor market.

 

"It wants to attract foreigners who are obviously rich and able to buy and can supposedly remain in Spain without working with the aim of getting rid of a stock of houses that are largely in the hands of the banks," said the UGT in a statement.

 

Spain's economy has been either in recession or near-paralyzed since 2008 after the decade-long property boom went sour, sending housing prices tumbling more than 30 percent.

 

Real estate prices are expected to fall up to 30 percent more before leveling out, economists say, while there is estimated to be more than a million homes around the country.

 

Spanish banks' bad loans ratio hit a new high in September, the Bank of Spain said on Monday, with massive unemployment and the economic downturn hitting Spaniards ability to repay their debts.

The other point is that foreigners will simply laugh at this open invitation to invest capital directly knowing that as one after another insolvent country succumbs to the temptations of "wealth redistribution" (there is a reason after all why these uber-rich masters of the universe are seeking to park their capital abroad), that anything that is not airliftable may and will either be nationalized, or simply taxed to death.

That and of course, the question of why buy now when they can just wait for one more year and buy at 30% off. Or perhaps Spain hopes that like the ECB, these Chinese and Russian billionaires amassed their wealth by buying high... and holding to maturity.

 


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Mon, 11/19/2012 - 23:35 | Link to Comment jonjon831983
jonjon831983's picture

Hungrary is offering an almost similar sort of deal

"Hungary plans to offer passports to investors buying its debt"

http://www.telegraph.co.uk/finance/financialcrisis/9644190/Hungary-plans...

Mon, 11/19/2012 - 23:44 | Link to Comment Retronomicon
Retronomicon's picture

How does this work with open borders in the EU?  So you can someone buy land in Spain and then decide to live somewhere else?  It's like getting a partial citizenship to all EU countries, but only Spain gets the benefits of selling the tickets.  How long can that last?

Mon, 11/19/2012 - 23:59 | Link to Comment Matt
Matt's picture

Coming soon: Buy $10,000 in Greek bonds, get residency, full Eurozone access.

Tue, 11/20/2012 - 00:08 | Link to Comment old naughty
old naughty's picture

Casa for $200,000, why not.

Start another ponzi...

wait till they guaranty the investments with...nevermind.

Tue, 11/20/2012 - 01:28 | Link to Comment SafelyGraze
SafelyGraze's picture

I checked my address in madrid and guess what? 

it's listed!

now I'm going to have a houseful of russians and chineses who claim they own the place too.

thanks a lot, sovereign hegemon. double booking. triple booking. fractional reserve housing. 

and I had just rented some furniture

Tue, 11/20/2012 - 02:45 | Link to Comment Michaelwiseguy
Michaelwiseguy's picture

This is the group of real American Men and the Women standing beside them the GOP should be courting for a win in the next Presidential election.

Without any help from the mainstream media to get people off their ass to show up this happened, and this is why I new Mitt Romney was going to lose;

Ron Paul Crowds at Rallies

https://www.youtube.com/watch?v=A4_vK3jCMIY

 

Tue, 11/20/2012 - 05:58 | Link to Comment knukles
knukles's picture

Now, residency is one thing, a passport a bit better, but throw in immediate naturalization and betcha they'd be flooded with folks.
Especially if they'd offer a tax haven...

(Russians, Chineeses... all the high class folk.  Might even wind up with a buncha Gypsies)

Oh wait... the EU and Paul Krugman are on the same wave length.

Tue, 11/20/2012 - 05:58 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

That's cheap; in Thailand you have to buy a wife.

Tue, 11/20/2012 - 06:15 | Link to Comment knukles
knukles's picture

In Thialand you can buy a wife and a hubby in the same package, hear tell.
Think I'll stick with hairy Greek chicks.

Tue, 11/20/2012 - 09:02 | Link to Comment Magnum
Magnum's picture

Thailand is unique they do NOT grant even legal residence based on marriage to a Thai citizen.  If you have a Thai wife you still must leave every few months then come back in with a new visa stamp. work permit? not a chance. I'd like to see the usa set up reciprocal immigration agreements so Thais would be treated the same way their country treats foreigners.

Tue, 11/20/2012 - 09:19 | Link to Comment El Viejo
El Viejo's picture

Don't forget Japan and Iceland.

Tue, 11/20/2012 - 00:10 | Link to Comment Popo
Popo's picture

What many people already understand about the US and Europe, and many new bag holders may soon realize, is that owning real estate just creates exposure to predatory tax regimes. Real estate owners are "bound to the land" as were the serfs of the Middle Ages. Wy would anyone want to create unavoidable tax exposure to a regime clearly hungry for new tax revenues?

Tue, 11/20/2012 - 01:02 | Link to Comment TruthInSunshine
TruthInSunshine's picture

That $200,000 casa is probably worth less than $20,000, so tread carefully.

All the subsidized banks of the world (aka best friends of central fractional reserve banks and those who own the politicians) will end up buying all the excess housing surplus up for 10 cents on the dollar, or euro, as it may be.

$180,000 of this cost is a fee to the former sovereign nation of Spain, to enable her to try and make the next installment payment to the mafia, aka the global banking cartel that the U.S. and England chiefly host and empower.

Tue, 11/20/2012 - 01:13 | Link to Comment Doña K
Doña K's picture

I don't get it. You can stay in Spain as long as you want as long as you take the ferry over to north Africa and back once every so often. And yes you can get a nice condo for 20k, but make sure you have neighbors as many developments are abandoned. 

Tue, 11/20/2012 - 05:33 | Link to Comment Treason Season
Treason Season's picture

Two  words;

Schengen Treaty

Tue, 11/20/2012 - 09:05 | Link to Comment El Viejo
El Viejo's picture

Everyone is a scammer now.  The biggest scam of all is Agenda 21.  These wolves in sheep's clothing get out front with an admirable intent, but then down the road watch out. Just ask the Germans.  The big word in Agenda 21 is Sustainability. Well, I say Socialism is Unsustainable. Get a Clue. The highway to hell is paved with good intentions. Hitler came to power under a national socialist agenda and then in one day flipped.

Beware of scams. They will use them for a while, but when they don't work they will come for your possesions by force. The last line of defense in this country is the Second Amendment. Hang onto it at all cost. It's the only thing left to keep crooked politicians in line.

Tue, 11/20/2012 - 06:27 | Link to Comment Dugald
Dugald's picture

Throw in a nice house with ocean views and youv'e won me......Oh yes and would need a few really good cafe's near by.

Tue, 11/20/2012 - 00:43 | Link to Comment Supernova Born
Supernova Born's picture

It'll be $400K to leave.

Tue, 11/20/2012 - 04:11 | Link to Comment archon
archon's picture

I'd hold out for citizenship, private banking, and "tax haven" laws.

Tue, 11/20/2012 - 05:13 | Link to Comment SWIFT 760
SWIFT 760's picture

Exactly. Spain aint yet hit bottom. Whats worth the headache in Spain? Whats all the hub bub in Europe? The place is starting to suck.

Ya want offshore havens, good & cheap food, cheap housing, hot & horny chicks...SE Asia is the play. Whats life about anyway...good times, having fun, relaxing, enjoying life. Not much of that in the "West".

All in all, jews still suck.

Tue, 11/20/2012 - 06:33 | Link to Comment Dugald
Dugald's picture

Like the Manila, where Joe Adams the 81 year old well known Australian yach desiger recently had his throat cut with a machete..it appears, for the contents of his wallet...

Tue, 11/20/2012 - 09:44 | Link to Comment Never One Roach
Never One Roach's picture

NZ, Australia, Canada and USA offer similar deals. Competition in this area to sell residency is getting tough.

Tue, 11/20/2012 - 09:59 | Link to Comment machineh
machineh's picture

The U.S. offer has a sting in the tail, though: once you're a U.S. resident, you owe tax on your worldwide income.

And most non-U.S. banks that find out about your new status will want to close your account, thanks to FATCA.

Caveat emptor.

Mon, 11/19/2012 - 23:35 | Link to Comment Neethgie
Neethgie's picture

What the fuck?

Dumb spanish will get all the shitty pakistanis going there.. then they are free to roam straight into britain with our no borders shite...

brilliant.

Mon, 11/19/2012 - 23:37 | Link to Comment Tsar Pointless
Tsar Pointless's picture

If I didn't know any better, I'd think you were a xenophobic racist white-supremacist dick.

Then again, I'm not known to know better. After all, I DO live in Pittsburgh.

Mon, 11/19/2012 - 23:50 | Link to Comment Neethgie
Neethgie's picture

At what point did this become about colour? 

This about borders and being able to control them, spain letting anyone in is bloody ridiculous.We already have enough fake marriages and human trafficking to bring people to the uk, now the dumb fuck spanish are bringing more people in...

Imagine if the USA shared immigration policy with mexico, then mexico started letting anyone in..

Tue, 11/20/2012 - 00:14 | Link to Comment moonstears
moonstears's picture

Thought you Brits had those "swingin' good time" Mooselims  asking, no, demanding, you to build schools where their little boys could pray together, no white kids, or dirty Christians, and be allowed to sometimes beat the little girls, who must be kept in line, and who, of course, must always wear a bandana or some such?

Tue, 11/20/2012 - 00:16 | Link to Comment Neethgie
Neethgie's picture

Integration has not worked, instead of having a british society with coloured faces.. new migrants just go to certain parts of the country, then try and make it like the place they just came from... (usually with the addition of our rule of law)

The white flight then kicks in, so basically its like those people never left home.. we just end up with little enclaves of foreigners.. you know kinda like The world... but on a small scale..

Tue, 11/20/2012 - 00:32 | Link to Comment moonstears
moonstears's picture

How long has this been happening? 50yrs? Last 10 yrs?

Tue, 11/20/2012 - 01:16 | Link to Comment Neethgie
Neethgie's picture

started in the 60's, very low level then 1997 onwards it advanced rapidly..

some london schools have 27 different primary languages..

 

Edit: not sure why i got junked for pointing out, that 27 diff languages is not helpfull for imparting knowledge...

Tue, 11/20/2012 - 06:34 | Link to Comment Acet
Acet's picture

As a foreigner living in London I can attest to this. While I myself live by the motto "When in Rome be a Roman" there are plenty of immigrants out there (including many of my countrymen) who huddle together in same-nationality groups and don't really integrate at all with the wider British society.

I would say that the Pakistani (and, to a level, Indian) problem is probably more extreme because British Immigration Laws for citizens of Commonwealth Member States was for a long time so open that in practice Britain was importing the poor and least educated citizens from the countryside and city-slums of the poorest Commonwealth countries.

Your typical illiterate peasant from the Peshwar is far less likelly to be as open to British customs than, say, somebody from Tokyo with a degree.

 

Tue, 11/20/2012 - 06:41 | Link to Comment Dugald
Dugald's picture

 

Bring back Oliver Cromwell.....the fixer....

Tue, 11/20/2012 - 09:11 | Link to Comment El Viejo
El Viejo's picture

I upped you +1 and then I realized this is exactly how Hitler came to power.

Tue, 11/20/2012 - 08:26 | Link to Comment TWSceptic
TWSceptic's picture

Edit: not sure why i got junked for pointing out, that 27 diff languages is not helpfull for imparting knowledge...

 

Any excuse is good enough for the left to call anyone a racist who points out their failed policies.

Tue, 11/20/2012 - 15:43 | Link to Comment Cathartes Aura
Cathartes Aura's picture

aye, didn't it "start in the 60's" with London Transport dropping leaflets over former colonies like Jamaica, promising jobs with bennies in the hopes of getting some cheap labour at a time when the economy was expanding?

and of course, once Swinging London music scene waned, and the 70's bill came due - "dey took are jawbs!" was the new tune.

same as it ever was, branding folks with "nationstate" passports, inserting them in "other" people's fields, backlash. . .

rinse, repeat, make a war, cull the herd, profit.

Tue, 11/20/2012 - 00:05 | Link to Comment Neethgie
Neethgie's picture

If you want to commit cultural suicide then go for it.. not everyone has to be like Amerika, we don't want the rest of the world to live with us, i note how well its working over there by the way..

 

Tue, 11/20/2012 - 06:37 | Link to Comment Dugald
Dugald's picture

Sounds like the pitts.....thought of moving....umm Spaiin?

Tue, 11/20/2012 - 00:17 | Link to Comment FeralSerf
FeralSerf's picture

Britain's already got all the "shitty pakistanis".  Remember they were part of "The Empire"?

I thought Britain wasn't part of the Shengen area.

If you don't like "shitty pakistanis", why don't you teach them how to use toilet paper?

Spain wouldn't be in the pickle they're now in if it weren't for the London banks and their NY brethren.  So, fuckem.

Tue, 11/20/2012 - 00:24 | Link to Comment Neethgie
Neethgie's picture

Spains crisis is nothing to do with uk banks, that is such over used bullshit spread by Max keiser and co (funny where he has decided to live once his socialist got in..) Not only that but its funny to see him strolling around with a man who called assad an honourable man, and hangs out with castro...

 

Spains problem is self inflicted, its sad but true, if they leave the euro, they might have a shot..

Tue, 11/20/2012 - 08:19 | Link to Comment falak pema
falak pema's picture

they have a lot to do with Italian, german and french banks, who have a lot to do with UK, US banks.

Haven't u heard, the banks are more intermarried than the kings of olde. Its one big happy family until the heads roll! 

Nicholas II of Russia who got bolschevikked good and proper was first cousin to George V of Britannia; in fact they were so look alike that Rasputin was reputed to have mistaken their wives. Thats why he got bumped off by the British secret service. You can play hanky panky with a Czarist queen and her court but not with lady of Shalottt.

Thats how the Oligarchy works since donky's years. But it does lose its marbles often in wars and revolution. 

Cycles of Kondratieff. 

nicholas ii and george V - Recherche Google

crony capitalism gone down the drain. 

Mon, 11/19/2012 - 23:39 | Link to Comment DeadFinks
DeadFinks's picture

Waiting for the price to drop.

Tue, 11/20/2012 - 02:42 | Link to Comment The Navigator
The Navigator's picture

Waiting for the 3.5%-FHA-Like loan so I can dump the house and keep the residency permit.

Hopefully this will keep downward price pressure on Domincas & Kitts and Nevis passports.

Mon, 11/19/2012 - 23:45 | Link to Comment Hulk
Hulk's picture

Me casa, tu casa !!!

Mon, 11/19/2012 - 23:52 | Link to Comment nmewn
nmewn's picture

Sovereign whoring part deux.

Mon, 11/19/2012 - 23:54 | Link to Comment Mitch Comestein
Mitch Comestein's picture

I will hold out for the residency for hotel stay deal!

Mon, 11/19/2012 - 23:56 | Link to Comment Matt
Matt's picture

Latvia allows you to get residency (and with it, Schengen zone access) with either:

1) a $400K 5-year term deposit

2) purchase a home worth at least $180K in the capital or at least $90K in the countryside.

http://ntlimmigration.com/latvia-immigration

Tue, 11/20/2012 - 00:00 | Link to Comment sterling effort
sterling effort's picture

Can I suggest reading / re-reading Hemingway's "For Whom the Bell Tolls" before you decide to take up residency in Spain just in time for the next civil war. We don't need no stinking Geneva convention.

Tue, 11/20/2012 - 00:09 | Link to Comment otto skorzeny
otto skorzeny's picture

they are a sadistic bunch-it's that moorish blood mixed in with some hardcore Catholicism.

Tue, 11/20/2012 - 06:46 | Link to Comment Dugald
Dugald's picture

Is it true they are bringing back the Inquisition? What fun.....

Tue, 11/20/2012 - 00:00 | Link to Comment TahoeBilly2012
TahoeBilly2012's picture

I want a Swiss passport, what do I have do?

Tue, 11/20/2012 - 00:06 | Link to Comment otto skorzeny
otto skorzeny's picture

have about $30mil (minimum) to get them to start to consider it. although do you want to be where everybody knows where all the wealth is-it's like the moron neighbors that have ADT security signs all over the place-it's like "hey-look at me -I've got alot of valuable shit on my premises"

Tue, 11/20/2012 - 00:45 | Link to Comment Matt
Matt's picture

Do they still have 500,000+ reservists ready to defend the borders to deter invasion, as they did in WW2? If so, it is more like the rich neighbours that like to walk their fencelines with dogs and guns.

Tue, 11/20/2012 - 00:48 | Link to Comment Urban Roman
Urban Roman's picture

That might've worked for WW3, but WW4 will be robots vs humans. Do they have anything that would be interesting to a robot?

Tue, 11/20/2012 - 01:32 | Link to Comment Matt
Matt's picture

If they still have gold, I imagine robots will love gold. Unless, of course, they have perfected carbon nano-scale production, in which case the Swiss should be safe.

Tue, 11/20/2012 - 08:34 | Link to Comment hapless
hapless's picture

If they have gold, they can BUY their own fucking robots.

Tue, 11/20/2012 - 02:08 | Link to Comment HalinCA
HalinCA's picture

I worked for a Swiss company in 1981 '84 and back then it was 640,000 reservists.  Every company was organized and most of its employees in the reserves had maintained the same ranks structure in the company that they had in the army.  You could see all the anti-tank barricades they had built into the roads through out the country.  Very impressive, watching jets take off and land right into the faces of mountains.  The airfields were built into tunnels in the mountain sides.

 

Tue, 11/20/2012 - 06:51 | Link to Comment Dugald
Dugald's picture

Landing strips in mountain tunnels.....How original is that.....and how easy to shut down, best laugh Iv'e had all day.....

Tue, 11/20/2012 - 07:40 | Link to Comment Overflow-admin
Overflow-admin's picture

Yeah "very impressive" /sarc

It's a militia, not an army! More booze and drugs than anywhere else and definetly not much professional (as I said, it's mainly militia). Just plain waste of ressources and time but guess what, some people have a boner when watching soldiers doing the parade.

Tue, 11/20/2012 - 08:46 | Link to Comment hapless
hapless's picture

...and you believe that Hitler marched his army past the Swiss border because of a piece of paper.

Tue, 11/20/2012 - 15:59 | Link to Comment Matt
Matt's picture

Apparently, not being invaded and occupied by Nazis is a waste of resources. Better to just save yourself all those resources and let yourself be invaded, so your invaders can enjoy those resources.

Tue, 11/20/2012 - 09:50 | Link to Comment exi1ed0ne
exi1ed0ne's picture

Swiss women + uniform + machine guns = whatever feelings women have for chocolate.

Tue, 11/20/2012 - 08:46 | Link to Comment swiss chick
swiss chick's picture

Work and live here 10 years and integrate...

Tue, 11/20/2012 - 00:00 | Link to Comment otto skorzeny
otto skorzeny's picture

throw in a hot spanish chick and I'll cut a check

Tue, 11/20/2012 - 00:31 | Link to Comment European American
European American's picture

I Carumba, I'll even take a spicy, hot spanish chicken.

Tue, 11/20/2012 - 00:05 | Link to Comment indianajohns04
indianajohns04's picture

i think residency is a lot different than citizenship

heres a good explanation

http://www.elblogsalmon.com/entorno/permiso-de-residencia

Tue, 11/20/2012 - 00:07 | Link to Comment Augustus
Augustus's picture

They just finished screwing the Brits who paid cash  for porperties there.  This program will ahve the trajectory of a bowlong ball propelled by a fart.

Tue, 11/20/2012 - 00:09 | Link to Comment Seasmoke
Seasmoke's picture

i heard fucking Chuck Schumer say the same fucking thing for the USA......Hang them for Treason !

Tue, 11/20/2012 - 01:09 | Link to Comment Harbanger
Harbanger's picture

Not.  All we ask of people for legal residency is that they vote Democrat. 

Tue, 11/20/2012 - 00:21 | Link to Comment fonzannoon
fonzannoon's picture

im psyched for the future of house hunters international. my wife makes me watch that fkin show. at least it looks like it's going to get interesting

Tue, 11/20/2012 - 00:38 | Link to Comment lolmao500
lolmao500's picture

Yeah people sure wants to move to a bankrupt country that has lots of riots and an unstable currency where grocery stores are looted by mobs because people are too poor...

YEAH SURE.

Tue, 11/20/2012 - 00:53 | Link to Comment Supernova Born
Supernova Born's picture

Don't most Zero Hedge readers already reside in the U.S.?

Tue, 11/20/2012 - 00:56 | Link to Comment Jreb
Jreb's picture

I'll give you two toonies and a loonie for that house bub. That's about as far down the Spanish rabbit hole as I am willing to go.

If I was a Spaniard I'd be pissed...

Tue, 11/20/2012 - 00:56 | Link to Comment Sandmann
Sandmann's picture

Hong Koing Chinese buy a bolt-hole and passport in Vancouver and work in Hong Kong. Spain sells EU residency to South Americans so they can live in London. The whole scam is predictable - like Ireland that sells passports to Saudis so they can become EU nationals......in the New World Order Everything is tradable and traded. The US sells residency to "investors" and no doubt the entire Chinese Politburo has its children as secret US Citizens with Cayman accounts and fully-paid for Senators in DC.

This is the Ultimate Capitalist Game of selling the nation state in lots to the highest bidding foreigner and loading the welfare rolls with the lowest-qualified foreigner........Trojan Horse in the digital era

Tue, 11/20/2012 - 01:33 | Link to Comment Matt
Matt's picture

The good news is, you can see everyone is so greedy, corrupt and self-interested that you never have to fear a One World Government.

Tue, 11/20/2012 - 00:57 | Link to Comment JPM Hater001
JPM Hater001's picture

I just want to be on record Im holding out for nothing less than the entire soveriegn country of my choosing...excluing Switzerland...they will be fine once again.

Tue, 11/20/2012 - 01:04 | Link to Comment JLee2027
JLee2027's picture

Interesting, but who wants to pay these high prices? 10 cents on the dollar is probably about what real estate will be worth after it finally corrects.

Tue, 11/20/2012 - 01:06 | Link to Comment azengrcat
azengrcat's picture

YMMV, you may get some Tier One Spiderman Towel Backed Securities if you buy two properties.

Tue, 11/20/2012 - 01:17 | Link to Comment Essential Nexus
Essential Nexus's picture

Sorry, why is Spanish residency "worth" anything?  Maybe if there was a way to shelter oneself from taxes...

Tue, 11/20/2012 - 01:36 | Link to Comment Matt
Matt's picture

Say you are a Libyan citizen who took part in the revolt, and happen to have acquired 20 SA-24 MANPADS. you sell those for $10,000 each, and now you can get over into the EU with Spanish Residency and disappear into the Eurozone, instead of staying in Libya.

Tue, 11/20/2012 - 07:57 | Link to Comment kikk
kikk's picture

Because residency will give anyone the right to settle in any one of the 27 EU countries.

Tue, 11/20/2012 - 01:39 | Link to Comment williambanzai7
williambanzai7's picture

I visited the Spanish gold coast around 97. At that time it was already hideously overbuilt. I can't imagine anyone wanting to buy a $200,000 condo there.

And did I tell you there is no sand beach? Only dark stones that are much too hot to lay on in the sun.

Tue, 11/20/2012 - 02:34 | Link to Comment q99x2
q99x2's picture

Nothing like fanning the fires of the Golden Dawn. Nice go Rajoy you moron.

Tue, 11/20/2012 - 09:12 | Link to Comment Debt-Is-Not-Money
Debt-Is-Not-Money's picture

You can call me Ray,

and you can call me Joy,

and you can call me RaJoy...

Tue, 11/20/2012 - 03:13 | Link to Comment Peter K
Peter K's picture

"Buy high and hold to maturity" baby. By Jove, I think they have found a new way to make money! :)

 

 

Tue, 11/20/2012 - 04:10 | Link to Comment Floodmaster
Floodmaster's picture

 

EB-5 Visa on the cheap, anyone should be able to buy anywhere. Humans are basically selfish primate who start wars for resources and privileges. I am sick of walls, religion and national identity.

 

Tue, 11/20/2012 - 04:26 | Link to Comment slackrabbit
slackrabbit's picture

"For buying property worth as little as $200,000..."

Come back when its $10-20k and a Spiderman towel, then we'll talk.

Tue, 11/20/2012 - 05:37 | Link to Comment Floodmaster
Floodmaster's picture

For how long banks can keep these empty houses at these prices? Land appreciates,buildings depreciate,in times these houses will become land with demolition cost.

Tue, 11/20/2012 - 05:50 | Link to Comment Joe A
Joe A's picture

If indeed implemented, it will lead to people trafficking. Cause loansharks will provide the funds -against cut-throat interest reates- to prospective passport seekers. The immigrants will get the passport against debts and afterwards need to hand over the property they 'bought'. Win-win for loansharks and people traffickers.

A good way for Spain to extort the EU with, by the way.

Tue, 11/20/2012 - 06:10 | Link to Comment falak pema
falak pema's picture

globalisation in debt. MArco Polo must be laughing in his grave. He only believed in trade not in war. 

When you are healthy you make war, when you are sick you say to everybody come save my wealth. 

Reverse colonisation, is the solution, haha. The Oligarchs are prepared to do anything to save their malinvestment.

Viva conquistadors! 

Tue, 11/20/2012 - 07:08 | Link to Comment myptofvu
myptofvu's picture

What the fuk is a "Residency Permit"? If this is the same as Citizenship then its a good deal other countires offer citizenship for 250k with no house but if its just a glorified Green Card then lol (lots of luck)

Tue, 11/20/2012 - 07:11 | Link to Comment supafuckinmingster
supafuckinmingster's picture

All your residenskis are belongs to US.

Tue, 11/20/2012 - 07:27 | Link to Comment smacker
smacker's picture

Selling passports is not new. Many governments -- including the UK/USA and many others -- have been doing it for a very long time, since long before the current financial crises. EG: Britain essentially sold passports to rich Hong Kong citizens in the run-up to handing the colony back to China. Basically, the more money you have, the easier/faster it is.

What makes the Spanish gameplan slightly different is that once a foreigner obtains one of their passports they are free to travel/settle anywhere within the EU, including the UK. Expect to see an increase in Russian and Chinese oligarchs living in London.

Tue, 11/20/2012 - 08:39 | Link to Comment wEiRdO
wEiRdO's picture

Greece is not far behind. Today's article...

Source: www.capital.gr and google translated...

Special legislation promoting the ministries of Development, Finance and Home in the Parliament, which will be issued special permits to foreigners who have bought (or will buy) property in Greece, worth over 300,000 euros.

The license will be long but-in-labeling will only stay and will not entail the right to work nor will pave the way for the acquisition of citizenship.

According to the Government, the current regime operates as a disincentive to real estate because of the difficulty for citizens in countries outside the EU to live in or regularly visit the homes bought in Greece.

According to the information, the arrangement was included in the bill for "forming a business friendly environment for private investment and strategies" that will be tabled in parliament in the coming days.

 

Tue, 11/20/2012 - 10:12 | Link to Comment meghaljani
meghaljani's picture

I do not get it. Why pay $200000? Just tell them that you are an illegal muslim immigrant from Middle East or Africa and Spain will give you everything free. 

Tue, 11/20/2012 - 10:43 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Be patient.  Much better deals are coming.

Tue, 11/20/2012 - 12:58 | Link to Comment Dungeness
Dungeness's picture

Italy and Ireland offer citizenship through ancestry.

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