The Secretary of State for Commerce, Jaime García-Legaz, has announced that the government is considering amending the Immigration Law to grant residency to people who buy houses valued at €160,000 or more in Spain , the move specifically targeted at the Chinese and Russian markets.
The figure of €160,000 is designed to forestall a massive demand for residence permits, while at the same time getting rid of some of the surplus housing stock built up as a result of the demise of the market in Spain.
Various meetings still have to be held but it is thought that the new legislation could be enacted by decree within weeks.