Spain has between 700,000 and 1.1 million unsold new homes following the 2008 collapse of its real estate market, according to The Telegraph. Moreover, in the last five years at least 400,000 private homes have been foreclosed upon. Last month, the Bank of Spain reported that bad debts (most of which are real estate loans) reached $241 billion – 10.7 per cent of bank assets.

To alleviate the current glut in the housing market, Spain is offering residency permits to investors willing to purchase homes priced $212,000 (the national average sales price) or higher. The program aims to attract investors from Russia and China. As an added incentive, investors from these countries will be able to travel throughout the Schengen zone using their Spanish residency permits.

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Portugal, Ireland and Hungary have implemented similar house/residency exchange programs in the past.

Last Updated on December 20, 2012 by Ramin Seddiq