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Spain to Grant Residency to Buyers of High-End Homes

Spain's government approved a plan to grant residency permits to foreigners who buy high-end homes, a step meant to breathe life into the country's moribund housing market.The measure, one of several announced Friday to encourage entrepreneurship, will award residency cards to those who spend at least EUR500,000 ($646,700) for real estate or invest at least EUR2 million in Spanish sovereign debt. Other measures would facilitate residency status to highly-skilled foreign specialists and foreign investors who would create jobs and ease Spain's 27% unemployment rate. Following parliamentary approval, many of the measures are expected to take effect by early next year."We're doing what other countries are doing," Deputy Prime Minister Soraya Saenz de Santamaria said, adding that Chile, Ireland and others have similar immigration inducements. "It's a system that has become widespread as an appealing tool to attract investments."The government is hoping to lure more foreigners to make their ...

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