A leading European country is offering residency to anyone brave enough to buy a A$197,000 property or over
With its banks facing mounting bad debts, the Spanish government is offering residency rights to foreign property buyers, according to British newspaper The Times.
The newspaper reported that any foreign investor purchasing a property for more than 160,000 euros (A$197,000) would be eligible for the residency rights.
The scheme will be available to all foreigners and may include residency for the entire European Union.
Spain's residency offer follows similar schemes by Ireland and Portugal, although its offer is a lot more attractive by comparison. Buyers were offered such rights after buying houses for more than 400,000 euros in Ireland and 500,000 euros in Portugal.
In Spain, 160,000 euros can be enough for a luxury beachfront home in certain parts of the country.
Bad debt in Spanish banks rose to a record 10.7% of total loans in September, with institutions desperate to offload the crippling assets.
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out