The Government proposes to grant legal residency to those foreigners who purchase a property which costs more than 160,000 euro. Why this measure is good for Spain.

The Government proposes to grant legal residency to those foreigners who purchase a property which costs more than 160,000 euro. Why this measure is good for Spain.

I’m surprised to see the reactions of certain politicians to the measure proposed by the government to grant a residence permit in Spain to foreigners who invest more than 160,000 euros in buying a home.

I am amazed at the level of demagoguery that some can reach, without thinking of the common good, mainly, the injection of funds will cause this measure.

Saying that this decision promotes, money laundering, is to ignore the restrictive legislation we have in Spain about it, and its specifications. Nothing will be affected by this measure.

Every foreigner who wants to obtain a legal residency permiss for this new and possible route, will declare and clarify the origin of the funds for the purchase of his property, and it will be subject to possible requirements that the Notary, Lawyer, Promoter and Bank may be made to the Treasury by the source of their funds.

It should also be noted that, in a context of massive capital exit, this measure will make this situation reversed or at least, soften than nowadays, offsetting the foreign funds inflows, which will go towards the purchase of housing.

The sale of the real estate properties owned by the spanish banks, will provide greater liquidity to them, unlocking the founds that they had to provide to the Bank of Spain.

Yesterday, we read that the biggest spanish developers unsold homes in more than 100 so far this year. Clearly, this measure will help them a lot.

Moreover, the participants in the housing market, helplessly watched as countries like Bulgaria or Turkey, not put obstacles to the entry of Russian clients and their funds, without “punishing” them, having to request a visa every time they wanted to come and enjoy their homes. Now we have better weapons to target such customers, make us much competitive.

Finally, hear that spanish unions are speaking out against a measure like this, make me to ask a question, Are they a defend workers or are an opposition party?, I think even they do not know and they have no idea what to say, after 8 years looking away and taking millionaire subsidies that the “friend” government, while we were reaching 5 millions of unemployed.

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