Spain tempts investors with residency

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

    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


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