Latest Blog Entry: "Permanent Residency in Spain with Home Purchase"

"SALE: Buy a House in Spain and Get Permanent Residency for Free!" I can hardly believe it myself. Today, Trade Ministry secretary Jaime García-Legaz announced a plan to offer PERMANT RESIDENCY in Spain with the purchase of a home over 160,000 Euros. Wow! That's not a bad price for all those foreigners pining to live and work legally in Spain.

Although the plan has yet to be approved, it is expected to happen in the coming weeks. Primer Minister Mariano Rajoy said just today, Monday, "We need to sell these homes", referring to the more than 700,000 unsold homes following the 2008 real estate collapse, in order to help revive the construction industry. (Read on, McDuff...)

its a good way to stimulate the economy and I am sure many would love to live in Spain too or at least invest a vacation home. The prices are great too ::)
but I am already a citizen thought.

What does it mean to 'loose residency'? Not being able to vote? What else?

Is that term, "loose residency" used in the article? I don't recall that, but will look. We don't know the details yet and "how deep" the Spanish Residency designation goes, but I'm anxious to find out.

It'd be kind of pointless to have residency without the legal right to work, have access to public healthcare, and be able to send your kids to public schools.

Saludos, MadridMan

Sorry, I was not clear. I was talking about losing residency in your home country. I think it was mentioned in the blog that you would retain citizenship in you home country, but would not have residency in the home country if you have Spanish residency. Maybe I'm just confused, certainly would not be the first time! Haha

you have residency in the country you live in, citizenship you can have of many countries ::)

cheers

I think certain countries have deals with Spain on this theme. As I understand it; although I am officially recognised as residing in Spain, if I wanted Spanish nationality, I would need to renounce my UK citizenship. I think residency here is simply referring to the right to reside.

perhaps you need to verify legally in your home country or original nationality but I have four never lost any of them including Spanish, with dni and passport and now live in France, my residency country.

Just curious... any updates on this? Did they approve it?

not heard more of it....