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Spain tempts investors with residency

Government approves plans to grant wealthy foreigners residency status if they buy property.

Last Modified: 12 Jun 2013 19:09
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Spain's government has approved plans to grant wealthy foreigners residency if they buy property, or set up businesses.

If parliament passes the bill, real estate worth $650,000 and above would give buyers such a status.

It is an attempt to boost Spain's crippled housing market, and give the country a much-needed injection of foreign cash.

Al Jazeera's Rory Challands reports from Barcelona.

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Al Jazeera
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