The Spanish government announced that foreigners who buy a property in Spain would be granted residency from summer 2013. Non-EU nationals will have to pay around 500.000 euros on property, instead of the original 160.000 euros, to get the automatic Spanish residency. It is believed that residency permits will extend to spouses and children.
Moreover, foreigners who invest more than 2 millions euros in Spanish economy will be also granted residency.
The scheme will especially appeal to buyers from outside of the EU, especially those from Russia and China, who currently have to apply for a visa every time they travel to Spain, even if they own property there.
Investors who take up residency under the scheme will not be allowed to work, so much have savings or pension funds.