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.

Source: Al Jazeera