The Spanish government is moving ahead with a plan aimed to reduce the inventory of unsold homes
, that will offer permanent residency to any foreign citizen that buy a house or condo worth more than $200,000. Following the decline of the real estate market in Spain, more than 600,000 unsold houses are producing headaches and problems to developers, lending institutions
and the government itself. The program being endorsed by the Prime Minister could be considered one of the key point to revitalize the construction industry.
However, this is not the first case to offer residency, as Latvia already has more attractive deals in terms of housing price. Some other countries, as Portugal and Ireland, are offering similar incentives to foreign citizens, although the investment ins these Nations are higher than the one needed in Spain. Spain is under a large recession with more than 20% unemployment percentage and still looking for funding from European nations.