Spain Will Offer Permanent Residency for Any Foreigners Who Buy Homes

Caribbean Business, November 19, 2012

{snip} In an attempt to reduce the country’s bloated stock of unsold homes, the [Spanish] government is set to offer permanent residency to any foreigner provided they buy a house or apartment worth more than €160,000 ($200,000).

The plan, unveiled by Trade Ministry secretary Jaime Garcia-Legaz Monday and expected to be approved in the coming weeks, would be aimed principally at Chinese and Russian buyers. Spain has more than 700,000 unsold houses following the collapse of its real estate market in 2008 and demand from the recession-hit domestic market is stagnant.

Prime Minister Mariano Rajoy stressed Monday that the plan has not yet been finalized, but added that Spain “needs to sell these homes” and that getting them off the market could help revive the nation’s devastated construction industry.

{snip}

The country’s residency offer would beat others in bailed-out countries such as Ireland and Portugal, where residency papers are offered to foreigners buying houses worth more than the €400,000 and €500,000, respectively. However, Latvia on the Baltic coast offers a cheaper deal, with property buyers eligible to receive residency permits if they purchase real estate in capital Riga worth €140,000 or €70,000 in the countryside.

{snip}

Spain says it is waiting to know all the conditions that might come attached to the rescue package before making a decision.

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  • http://twitter.com/AgentAxis D.B. Cooper

    What? No arabs?

    • French_reader1

      There are many Moroccans vacationing in Spain, but well-to-do North Africans would obtain something much more interesting for 160.000 euros south of Gibraltar.

  • David Ashton

    Come back Jose Antonio, all is forgiven (or have I said that already?)!
    Actually this is crazy preferring people outside the EU.

  • hastings88

    The Chinese will vote for whomever suppresses the native Spanish. Another dumb leftwing policy.

  • Detroit_WASP

    This is a smart policy. Attracting upper income Russians (Whites) and North Asians to buy homes over $200k (US), is certainly a smart move by ANY country. Imagine the fall-out if the USA tried this! Al Sharpton would have a stroke.

    Rather than attracting him income, high IQ people, the USA seems to want to attract more cab drivers and migrant farm workers who will likely end up on public assistance and voting for the next Democrat. I wish that were a sarcastic remark….but isn’t that pretty much the picture?

    • nathan wartooth

      That’s because gentrification is the ultimate evil. They would rather have 200,000 dollar homes turned into shacks worth 10,000 so that “people of color” can afford them.

    • The__Bobster

      Really? I don’t hear much of a stink about this program, a program abused by non-White foreigners.

      http://www.vdare.com/posts/tea-parties

      T.E.A. Parties
      By Rob Sanchez on March 3, 2010 at 12:44pm

      Cities all across the U.S.A. are in a mad stampede to be declared TEA friendly by state labor departments and the Dept. of Homeland Security. In this case TEA status has nothing to do with patriotism or protests — it’s what happens when an area is designated as a Targeted Employment Area (TEA), or EB-5 Zone. Areas can be TEAs if they are: “defined by law as ‘a rural area or an area that has experienced high unemployment of at least 150 percent of the national average.

      The EB-5 is a visa program that allows immigrants to obtain instant green cards for permanent residency if they agree to invest $1 million in a business in the U.S. If they locate their business in a TEA they get a green card even if they invest 50% less.

      To qualify you must: Invest or be in the process of investing at least $1,000,000. If your investment is in a designated targeted employment area then the minimum investment requirement is $500,000.

      Another way to put this is that the U.S. government will give an instant green card to all aliens that are willing pony up $1 million in cash. They get a 50% discount if they agree to invest the cash in a TEA.

      • Detroit_WASP

        I am in the real estate business and have NEVER heard of this program. Can’t be much of one.

    • http://countenance.wordpress.com/ Question Diversity

      Sure, because when I think of America ca. 2012 and all its problems, the first thing that comes to mind is that houses aren’t expensive enough.

      Politicians and talking heads keep talking about the housing market “needing recovery.” Pardon me? If you remember Q.D.’s Great Mortgage Rant of 2011, then you will remember that housing prices should have never gotten that high, it was only cheating and legerdemain that got selling prices that high. The housing market needs to recover alright, but it needs to recover in that the prices need to go down further.

      Steve the Sailer Man’s concept of affordable family formation is moot in a country where a small house in a good public school district costs $700,000.

      • Detroit_WASP

        I don’t know where you live QD but here in MI, prices are pretty low. I am in the real estate business and the cost to build a basic new home is $100 per square foot. So, a 2,000 sq ft home will cost 200k, that does not include the lot.
        There was ZERO building going on here the past four years because it was far cheaper to buy a foreclosed home. I bought a 1,900 sq ft house that sold for $230k in 2006. I paid $105k for it in 2010. And prices haven’t gone back up much since then!
        I doubt Spain’s program will force up prices much… if at all. They are attracting productive people with money.

        • http://countenance.wordpress.com/ Question Diversity

          I figured that you had an ulterior motive for advocating that. Detroit real estate can run as high as the $900s. Literally.

          I figured there was something wrong when in 1993, I saw a certain house in a new money/upper middle class suburb of St. Louis (answering your question) go on the market for 109, and in 2005, the same house was on the market for 450. The suburb was the same kind of new money/upper middle class suburb it was in 2005 that it was in 1993, not a gentrifying area, so what gives with the inflated housing prices? Of course we could come to find out within two years that it was all an unsustainable bubble.

          • Detroit_WASP

            I trust you watch the news and know the whole story on the real estate bubble.
            Started by Clinton as the Neighborhood Reinvestment Act and carried on by Bush because it seemed to be helping the economy. There is a good vid you can rent on YouTube called “Inside Job” which goes through the whole story. Also, Bush gave more money to Africa than Clinton and Carter combined. Bush was pretty generous to the poor.
            Anyway, yes I knew real estate prices were crazy and knew there would be a “readjustment” but did not realize how drastic it would be. I was too ignorant of the stock market to figure out a way to profit from the crash via “stock defalt swaps” and “shorting” mortgages. I could have made millions had I knew something about that.
            Also, I have no “ulterior motive” in thinking Spain is doing something smart. Every country should have policies to attract smart productive people, not cab drivers and fruit pickers. That is common sense….I think.

          • http://countenance.wordpress.com/ Question Diversity

            I trust you watch the news and know the whole story on the real estate bubble

            I explained the whole sad story here on AR, thereby curing the insomnia of several of our regulars.

            Every country should have policies to attract smart productive people, not cab drivers and fruit pickers.

            Except those policies wind up dispossessing the native born smart productive people out of their chosen professions in their own country.

      • http://www.facebook.com/people/Aunti-Occupy/100003232140389 Aunti Occupy

        AMERICA IS A PEOPLE WITH A DREAM PASSED DOWN FROM OUR AMERICAN ANCESTORS

        We whites are the dream that is America. We made it what it is today and hold it together. If we leave America we take America with us. In the North East of America whites are moving South and taking America with them. The North East is turning into an Haitian hell hole. Whites left Detroit, Chicago, Philadelphia and other cities and America went with them and you see the results.

        There will be Secession because there must be Secession. Secession is an act of self defense.

        • I am

          This Haitians won’t be there for long after the collapse. When winter comes, and they have burned everything to stay warm and there isn’t anything left, they will turn into Popsicles. Wait a few years for nature and the maggots to take their course, and whites can move back in. We won’t even have to worry about the smell.

    • KenelmDigby

      This plan is so ill-considered and ill thought out that it is bound to be abused by scamsters from the Indian sub-continent – and will in time open a massive, unlimited, unending conduit of subon immigration to ALL of Europe, not just Spain.
      You can just see how the scamsters will ‘churn’ the same properties (and recycle the same money) between themselves.

    • I am

      “… the USA seems to want to attract more cab drivers and migrant farm
      workers who will likely end up on public assistance and voting for the
      next Democrat. I wish that were a sarcastic remark….but isn’t that
      pretty much the picture?”

      +++++++++++++++++++++++++++++++++++

      This is what it says on the Statue of Liberty:

      “Give me your tired, your poor,
      Your huddled masses yearning to breathe free,
      The wretched refuse of your teeming shore.
      Send these, the homeless, tempest-tost to me,
      I lift my lamp beside the golden door!”

      Tired or too lazy to work?
      Poor or unable to work?
      Huddled masses or gangs yearning to be free from the law?
      Wretched refuse sounds correct.
      Homeless and in need of continuous welfare.
      Her lamp is lit, a beacon of stupidity, so the immigrants don’t have to steal in the dark.

  • kjh64

    If they “need” foreigners to buy homes, it should be limited to White foreigners.

    • Yorkshireman.

      Don’t believe a single word these Spanish con artists spout. Thousands of White English fell for these scams in the 1990′s and lost every single penny invested. The Spanish family connections between real estate offices, builders, local mayors and provincial governors cost we English millions of pounds in lost property deals. One example is typical of those buying a beautifully located plot of building land together with acres of established lemon, olive or grape producing holdings with a guaranteed annual income. However, come harvest time, hordes of locals descend and strip the produce claiming they own, in perpetuity, the crop. Then the bulldozers move in and destroy the new built houses saying that construction is against the national conservation law. There is no appeal, the Spanish say the British investors should have ensured they had the correct paperwork!. The Spanish deserve to go bust, they are a bunch of land pirates.

  • IstvanIN

    Beyond the idiocy of trying to prop up a failed economy by selling real estate to foreigners there are other problems:

    1) Selling your heritage and legacy to foreigners who are not Spanish and can never be. Even white immigrants in a country like Spain can be a negative if they overwhelm the native population and fail to assimilate. Eventually Spain becomes Russia West, not Spain.

    2) Real estate is a fixed asset. God isn’t making any more. You can build and tear down houses but you can not make significant new land. If Spain hadn’t taken in so many useless third world immigrants perhaps there would be more jobs for their unemployed youth. They simply do not have the economy to support immigrants.

    3) Perhaps Spain should focus on wealth creation instead short term fixes like selling real estate. Money is NOT wealth. It would be better to have more efficient and robust manufacturing and agricultural sectors.

    4) If Spain worked on improving their internal economy perhaps Spanish young men could find jobs allowing them to marry so that Spanish women could have more children.

    5) Spain has built in ethnic divisions among its native people, why would anyone consider it smart to create more ethnic divisions?

    Every western country is run by insane men bent on our destruction.

    • William Allingham

      I hope that young “indignados” would pressure for a change, at least this offer will attract people skilled enough to afford a home, and also Russians and Chinese are among the most intelligent the only danger would be if it attracts too many chinese the character of the country would change too much, chinese are intelligent on average but dont produce as many geniuses as whites

    • KenelmDigby

      Absolutely right.

    • GM (Australia)

      We have a similar problem here in Australia, particularly in Sydney where our already overpriced housing market is being kept artificially high by Asian buyers. It makes it very difficult for young families to buy their own house or apartment, but in reply to IstivaIN;

      #1, It is generally 3rd world immigrants who won’t assimilate and form ghettos, I am certain that if I was to buy property in Spain it would be a case of “When in Rome…”

      #2 Real estate Is a fixed asset, they can’t take it home with them and the purchasers are not exactly 3rd world illegals.

      #4 This program could help the Spanish economy but construction jobs must be reserved for Spanish tradesmen.

      “Every western country is run by insane men bent on our destruction” Agree completely!

      • GM (Australia)

        As a further comment, Yes the system will be abused! (And I get very annoyed when I see real estate advertising signs in Arabic, Chinese , Korean and possibly very soon in Hindu)

        • Thomas Katt

          Well, yes. There will be enough straw buyers to build haystacks to the sky. One Chinese guy “buys” a house, holds it until the residency papers arrive, “sells” to another Chinese, and on and on, until China runs out of Chinese.

          • GM (Australia)

            As you have probably realized I initially thought this was a good idea for Spain with English Russians & other European retirees enjoying the the sun and assisting the Spanish economy. For the scheme to work it would need to be restricted to self funded retirees over 55. EU rules would prevent the scheme being restricted to whites.

            The system would almost certainly be abused by Asians wanting to get residency in the EU.

            The following may be a bit of an urban myth; Just before the Malaysian currency collapsed a businessman from that country got off the plane and went to a suburban real estate agency here in Sydney and purchased every investment property that was listed, about 35 in total. This was in the late 80s, he got a bargain as property values in Sydney have gone up by about 800% since then and the Australian Dollar has gone up at least 60%

            Have Asian and Indian buyer shown any interest in places like Detroit?

  • NYB

    Many Chinese have already found a better deal in Canada, where they bought residential property and got full Canadian citizenship thrown in for free.

    The breadwinner then goes back to China to work, leaving his family in Canada. The family then claims they are low income, while living in an expensive home and taking advantage of free healthcare and education, and sponsoring chain migration.

    Vancouver is now derisively known as “Hongcouver”, with housing prices over-inflated.

    • Liberalsuck

      Not only that, but don’t the Chinese people in Vancouver do their business dealings in Chinese?

    • FourFooted_Messiah

      I call it “Chancouver”, myself.

      And yes, Chinese people do their business in Chinese. It’s so bad, that Chinese is now an unoffical third language in this country (fourth, if you count Inuktitut, which is official in the Territories.) They have their own newspapers, and Global TV now has a Chinese language network. My bank machine won’t give me French as an option, only Chinese – and it’s the so-called “Canadian Imperial Bank of Commerce”. Worse, jobs are often posted in Chinese only, and now China wants to open a mine in BC and ONLY hire Chinese people to do the work.

      If this isn’t colonization, I don’t know what is.

  • KenelmDigby

    This is not an economic policy, but the prostitution of nationality.
    The danger here is, as ever, the EU.
    Spain is a full EU member and under EU rules (which take precedence over national governments), any citizen of an EU member state has the absolute ‘right’ to settle in any other EU state.
    It doesn’t take too much effort to realise that this act of immorality and desperation by the Spaniards can potentially result in the richer (and better governed) northern European nations being flooded by an endless brown tide of third world immigrants claiming Spanish nationality – and there is absolutely nothing they could do to keep these ‘Spaniards’ out – the bully-boys of the EU will see to that.
    For the sake of the White race, if nothing else, the EU must go.

    • Pelayo

      “For the sake of the White race, if nothing else, the EU must go”

      I couldn’t agree more and it does seem that more and more Europeans who aren’t brain dead are beginning to see this as a fact. The EU is a decaying corpse run from a place that doesn’t hold a convincing “Country” status. The Waloons want to become French and I’m not so sure about the Flemings but it appears that they wouldn’t be real disappointed should the Waloons realize their dream.

  • KenelmDigby

    In fact, the Spanish economic disaster was in a very large part caused by mass immigration.
    – The Spanish population skyrocketed over the last 20 years. This was absolutely and completely caused by mass, uncontrolled immigration. The Sapnsish political class operated an ‘open borders’ policy during that period.
    That mass influx caused an illusion of economic growth (based on debt and housing for the immigrants, and not real productivity growth) to occur. It was all based on a lot of bullpoopying – and conning foreigners (mostly western Europeans) into ponying up their hard-earned cash to keep the immigration racket (oh, how it made a lot of airheaded Spanish political fools feel better about themselves) going.
    It was just a Ponzi scheme. nothing more nothing less. A Ponzi scheme aimed at enriching the third world and humoring a lot of nematode-brained politicians and ‘economists’.
    Well, anyway, the creditors got cold feet, took away their cash, and the whole house of cards collapsed. But the third world stayed – and will stay for good and probably take over Spain.
    So basically all the Spanish got was poverty , humiliation and a lot of darkies taking over.
    Well done politicians and economists!

    • http://twitter.com/selebaster mike

      Uh no I believe Spain’s horrible economic policies are to blame. Bloated welfare programs and regulations/price gouging all over the place. Spains immigration problems are not as bad as say England.

      • KenelmDigby

        Wrong.
        Spain operated a de facto ‘open borders’ immigration policy in these past 20 years, resulting in the population surging by something like 10 million, from around 30 million inhabitants to around 40 million – ALL of this is due to immigration.
        Welfare spending is actually very restricted in Spain. It dos not have a developed welfare state like Britain’s, and the poor and unemployed are basically left to fend for themselves. I do not know what you mean by ‘price gouging/regulations’ , but the prosperous, civilzed, well-run nations of north Europe are more ‘regulated’ than Spain ever was.

        • http://twitter.com/selebaster mike

          You are wrong, actually.

          “Spain dropped from “mostly free” to “moderately free” in the 2012 Index, due primarily to expansive public spending. Challenges are particularly significant in the areas of fiscal freedom, government spending, and financial freedom. Government spending is over 40 percent of GDP. Large fiscal deficits and rising public debt signal the need for financial management reforms and a return to a sustainable level of public spending.
          Since the financial crisis, Spain has imposed greater transparency on its banking system in comparison to other countries in the region. Savings banks (cajas) have been insulated from market pressures and have been considered too politically powerful to be allowed to fail. ”

          “According to Eurostat 47.3 million people lived in the European Union in 2010 who were born outside their resident country. This corresponds to 9.4% of the total EU population. Of these, 31.4 million (6.3%) were born outside the EU and 16.0 million (3.2%) were born in another EU member state. The largest absolute numbers of people born outside the EU were in Germany (6.4 million), France (5.1 million), the United Kingdom (4.7 million), Spain (4.1 million), Italy (3.2 million), and the Netherlands (1.4 million).[86] ”

          http://www.heritage.org/index/country/spain
          http://www.heritage.org/index/ranking
          http://en.wikipedia.org/wiki/UK_immigration
          http://www.heritage.org/index/ranking

          • http://www.facebook.com/profile.php?id=699421315 Brad Erickson

            Thank you for introducing fact-based arguments to this discussion. It’s a nice change from all the white supremacist gibberish and reactionary name-calling.

  • carole

    If you know what’s good for you, Spain, don’t do it!

  • IstvanIN

    Why do western nations need ever increasing housing units? Even more importantly, why do western nations, even poor ones like Spain, need ever increasing real estate values? Why would it be so terrible to have real estate priced so that young natives can buy a home and have a future?

  • jay11

    Spain has attracted millions of mexicans and other spanish speakers from the new world. Portugual has attracted millions of black brazilians and angolans. Maybe they want to lighten their complexion again. When I first heard about mexican illegals in Spain, I was like, “Whoa, they will go anywhere!”

    • Libearlsuck

      spain should be the one taking in all these mexicans being that they controlled their land for hundreds of years.

  • Liberalsuck

    I would rather just the Russians, but having Russians (the least PC of any group of whites) and Chinese who won’t tolerate BS from any group of people dealing with the angry muslim and african populations in Spain. This will be interesting.

  • aziz

    DEAR WHITES,Europeans, dont u export to 3rd world countries, dont u make profit,doesn’t your income come from these dollars.dont be so selfish,god has made every one interdependent, we have to look for world as a small village as no boundary,with out any budget for ammunitions, so that huge money can feed your enormous appetite for selfishness.does all your money & wealth go with u to the grave.

  • jagjit singh brar

    i am from india and a farmer. i want to purchase a home in spain and want to ger p r. i want to get more information .. hw can i get

  • balmpots

    If you want a’jerry’ built house & to be persecuted by your surrounding racist Spanish neighbours by all means buy in Spain. I learnt the hard way & thankfully no longer live in that barbaric country !