Investors to get EU residency for buying cheap property

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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.

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