Portugal and Spain appear to be having some success in luring buyers from China, Russia and the Middle East by offering residency to buyers who spend at least 500,000 euros on real estate, Reuters reports.

The “golden visa” residency permits allow holders and their families to travel freely in 26 European countries. Since launching its program a year ago, Portugal has issued 318 permits to buyers who have invested more than 200 million euros. Spain just introduced its own program last month.

Christian de Meillac of the brokerage firm Knight Frank tells Reuters that in Spain, foreigners “are buying (at prices) above the minimum limit” in Barcelona and the Mediterranean resort area of Marbella.

While the incentives may pay off, the problem they attempt to address is daunting: Reuters reports that there is a “huge market glut of 3 million empty homes” in Portugal and Spain. Site: uk.reuters.com

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription