About-a-third-of-Spain-s-more-than-one-million-empty-homes-are-located-in-coastal-tourist-areas-Photo-AFP-David-Acosta-Allely-shutterstock-com
About-a-third-of-Spain-s-more-than-one-million-empty-homes-are-located-in-coastal-tourist-areas-Photo-AFP-David-Acosta-Allely-shutterstock-com

Spain to give permanent residency to foreign home buyers

In an attempt to promote a stagnant housing sector, foreigners who buy a house in Spain could be offered residency permits.
By HT Correspondent | AFP
UPDATED ON NOV 21, 2012 12:52 PM IST

In an attempt to promote a stagnant housing sector, foreigners who buy a house in Spain could be offered residency permits.



Targeting rich investors from countries such as China and Russia, Spain's secretary of state for trade, Jaime Garcia-Legaz, announced this week a plan to offer foreigners the right to settle in the country in return for them buying a property worth 160,000 euros ($200,000) or more.

In coming weeks the government will begin to reform a law regarding foreigners in order to reactivate the housing demand. The law would allow foreign buyers to transit freely around the 26-nation Schengen zone including countries such as Germany, France and Italy. Under the scheme foreigners won't be allowed to work.

The measure is supposed to help clean up toxic assets from a housing bubble which burst in 2008. It is not yet clear how long the residence permit will be issued for, or whether the residency permit will be extended to spouses and children under 18.

It won't be the first time that a European nation has put in place such a scheme. Portugal and Ireland implemented laws earlier his year where residency papers are issued in return for property investment of 400,000 euros ($512,516) and 500,000 euros ($640,599) respectively.

Last month, Hungary offered permanent residence to non-EU nationals in exchange for buying a specially issued bond of at least 250,000 euros ($320,365).

SHARE THIS ARTICLE ON
Close
'Skyrocketing demand' for flights to Mallorca as UK plans to end lockdown(Photo by Osman Yunus Bekcan on Unsplash)
'Skyrocketing demand' for flights to Mallorca as UK plans to end lockdown(Photo by Osman Yunus Bekcan on Unsplash)

'Skyrocketing demand' for flights to Mallorca as UK plans to end lockdown

Bloomberg
UPDATED ON MAR 05, 2021 08:03 PM IST
Flights from the UK to Mallorca witness 'skyrocketing demand' as holiday fever grips Great Britain amid announcements to exit lockdown
Close
Cyprus targets return in tourist traffic, opens door to Covid vaccinated Britons(Twitter/celebrityradio)
Cyprus targets return in tourist traffic, opens door to Covid vaccinated Britons(Twitter/celebrityradio)

Cyprus targets return in tourist traffic, opens door to Covid vaccinated Britons

Bloomberg
PUBLISHED ON MAR 05, 2021 07:32 PM IST
Eastern Mediterranean's island nation, Cyprus, will admit elderly UK holidaymakers or visitors from Britain from May 1, provided they have had a second dose of an European Medicines Agency-approved Covid-19 vaccine at least seven days before travelling
Close
Demand is growing for tree-houses and boathouses as people seek to isolate better while on holiday, says Airbnb.
Demand is growing for tree-houses and boathouses as people seek to isolate better while on holiday, says Airbnb.

Up in the air: The future of travel

PUBLISHED ON MAR 05, 2021 06:58 PM IST
It will be years before we jet about again, as we used to. But closer to home, new kinds of experiences are already taking shape.
Close
Grounded by the pandemic: The woes of a once-frequent flier
Grounded by the pandemic: The woes of a once-frequent flier

Grounded by the pandemic: The woes of a once-frequent flier

By Melissa D’Costa
PUBLISHED ON MAR 05, 2021 05:24 PM IST
“I miss the hotel breakfasts more than I would have expected,” says Bhaskar Pal, 48, a content lead with Dolby Technology.
Close
At the start of the Covid-19 pandemic a year ago, carriers sought to suspend EU rules requiring refunds for cancellations. They instead issued vouchers to customers as hundreds of thousands of flights were grounded.(Unsplash)
At the start of the Covid-19 pandemic a year ago, carriers sought to suspend EU rules requiring refunds for cancellations. They instead issued vouchers to customers as hundreds of thousands of flights were grounded.(Unsplash)

Airlines urge relaxation on refunds as EU probes passenger rights

Reuters, Brussels
PUBLISHED ON MAR 05, 2021 10:45 AM IST
European airlines on Thursday renewed a push to relax refund rules as EU auditors and the European Commission started separate probes into air passenger rights and whether they were being respected.
Close
Property developers and the government are both looking to repurpose hotels in the city, where apartments are in short supply.(Pixabay)
Property developers and the government are both looking to repurpose hotels in the city, where apartments are in short supply.(Pixabay)

Hong Kong turns empty hotels into apartments as tourists vanish

Bloomberg
PUBLISHED ON MAR 05, 2021 09:47 AM IST
Hotels in Hong Kong are being transformed into residential developments to satisfy housing demand as the pandemic-hit tourism industry shows no signs of recovery.
Close
Seychelles to reopen for tourism this month(Unsplash)
Seychelles to reopen for tourism this month(Unsplash)

Seychelles to welcome back tourists but with Covid-19 protocols in place

Reuters, Nairobi
PUBLISHED ON MAR 05, 2021 07:20 AM IST
Sylvestre Radegonde, the Minister for Foreign Affairs and Tourism of Seychelles recently announced that the Indian Ocean archipelago will be welcoming tourists again from March 25. However there are certain protocols that need to be followed.
Close
After months of lockdown, airlines hope Britain will give the go-ahead from mid-May for holidays to restart, boosting an industry whose finances have been slammed by the pandemic.(Unsplash)
After months of lockdown, airlines hope Britain will give the go-ahead from mid-May for holidays to restart, boosting an industry whose finances have been slammed by the pandemic.(Unsplash)

British Airways prepares for travel restart with testing kit plan

Reuters, London
PUBLISHED ON MAR 04, 2021 05:55 PM IST
British Airways has struck a deal with a Covid-19 testing kit provider as airlines prepare for the desperately-needed restart of summer travel, which is likely to include tests for passengers.
Close
Beautification of Srinagar underway in effort to boost tourism in Valley(Twitter/MayorofS)
Beautification of Srinagar underway in effort to boost tourism in Valley(Twitter/MayorofS)

To boost tourism, Srinagar govt officials have started beautification of Valley

ANI, Srinagar (jammu And Kashmir)
PUBLISHED ON MAR 04, 2021 02:05 PM IST
In an attempt to attract more tourists to Jammu and Kashmir, the Srinagar administration has started making the Valley more beautiful under the Smart City project. As a part of it, various paintings are being painted on flyover pillars above the Jehangir Chowk.
Close
Prime Minister Prayuth Chan-Ocha this week ordered officials to look into vaccine certificates for international travel after signaling the nation -- famed for its palm-fringed beaches, temples and backpacker culture -- is open to scrapping the two-week quarantine for inoculated visitors.(Unsplash)
Prime Minister Prayuth Chan-Ocha this week ordered officials to look into vaccine certificates for international travel after signaling the nation -- famed for its palm-fringed beaches, temples and backpacker culture -- is open to scrapping the two-week quarantine for inoculated visitors.(Unsplash)

Push to end tourist quarantines in Thailand as shots rolled out

Bloomberg
PUBLISHED ON MAR 04, 2021 01:27 PM IST
One of the most tourism-dependent countries in the world, Thailand is eyeing plans for vaccine passports and quarantine waivers as the global Covid-19 inoculation drive gathers pace.
Close
Citizens will now be restricted to their own municipalities for essential shopping, or to a maximum of two kilometers (1.2 miles) distance from their homes.(Unsplash)
Citizens will now be restricted to their own municipalities for essential shopping, or to a maximum of two kilometers (1.2 miles) distance from their homes.(Unsplash)

Greece tightens travel curbs as virus cases hit three-month high

Bloomberg
PUBLISHED ON MAR 04, 2021 09:01 AM IST
Greece is further restricting movement around the nation after a surge in new virus infections placed intensive care capacity under pressure.
Close
Thailand Reopening Looks More Promising After Virus Wave Tamed(Unsplash)
Thailand Reopening Looks More Promising After Virus Wave Tamed(Unsplash)

Thailand might be reopening for international tourists soon

Bloomberg
UPDATED ON MAR 04, 2021 07:27 AM IST
The authorities in Thailand have taken out a national inoculation program and are looking into coronavirus vaccine passports so that they are able to welcome back international tourists soon.
Close
Chinese delegates to propose vaccine passports to boost international tourism(Twitter/IBCIG)
Chinese delegates to propose vaccine passports to boost international tourism(Twitter/IBCIG)

Chinese delegates to propose vaccine passports to boost international tourism

Reuters
UPDATED ON MAR 03, 2021 07:59 PM IST
According to Zhu Zhengfu, a member of the national committee of the Chinese People's Political Consultative Conference, the international arrivals could be exempted from quarantine requirements if they have a negative nucleic acid test and a vaccine passport.
Close
Tourism body urges Goa government to allow chartered flights from 'safe' places(Photo by Sarang Pande on Unsplash)
Tourism body urges Goa government to allow chartered flights from 'safe' places(Photo by Sarang Pande on Unsplash)

Tourism body urges Goa government to allow chartered flights from 'safe' places

PTI
UPDATED ON MAR 03, 2021 07:46 PM IST
While suspension of international commercial passenger flight services have been extended till March 31, tourism body in Goa suggests government to form travel bubbles with Russia, Ukraine, Kazakhstan, other CIS (Commonwealth of Independent States) countries, the UK, Poland and Finland
Close
The state has mostly been open since last summer, and Republican Gov. Ron DeSantis opposed to any return to “lockdown.”(Unsplash)
The state has mostly been open since last summer, and Republican Gov. Ron DeSantis opposed to any return to “lockdown.”(Unsplash)

Florida expects spring travelers amid pandemic

AP, Tallahassee
PUBLISHED ON MAR 03, 2021 12:38 PM IST
Florida isn’t expecting Spring Break travel to return fully back to normal, pre-pandemic levels, but is expecting many more travelers than last year when the US outbreak was just getting started.
Close
SHARE
Story Saved
OPEN APP