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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jonjon831983's picture

Hungrary is offering an almost similar sort of deal

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


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?

Matt's picture

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

old naughty's picture

Casa for $200,000, why not.

Start another ponzi...

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

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

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



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.

TwoShortPlanks's picture

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

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.

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.

El Viejo's picture

Don't forget Japan and Iceland.

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?

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.

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. 

Treason Season's picture

Two  words;

Schengen Treaty

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.

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.

archon's picture

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

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.

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...

Never One Roach's picture

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

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.

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...


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.

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..

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?

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..

moonstears's picture

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

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...

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.


Dugald's picture


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

El Viejo's picture

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

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.

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.

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..


Dugald's picture

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

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.

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..

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. 

DeadFinks's picture

Waiting for the price to drop.

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.

Hulk's picture

Me casa, tu casa !!!

nmewn's picture

Sovereign whoring part deux.

Mitch Comestein's picture

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

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.


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.

otto skorzeny's picture

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

Dugald's picture

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

TahoeBilly2012's picture

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