By Denis Foynes
The plan is set to be approved in the coming weeks. It would be aimed primarily untapped at Russian and Chinese markets. It is not clear if the residency will be for the entire E.U. or be restricted to Spain. It is also unclear if it will contain the possibility of full citizenship.
The country's offer is an improvement on others in bailed-out countries such as Ireland and Portugal, where residency papers are offered to foreigners buying houses worth more than €400,000.
With 25% of the population currently unemployment, many people simply can’t afford their repayments on their homes. Reports claim that there were 300 evictions per day in the first half of 2012. The problem was underlined on Monday when the Bank of Spain announced that the level of bad debt in the country’s banks had risen to 10.7% of their loan total in September.
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