Spain is hoping to boost home sales to foreign buyers by offering residency to buyers of homes valued at €500,000 or more ($646,700), the Wall Street Journal reports.

Portugal adopted a similar program last year, while the U.S. and Canada will issue visas or grant residency status to foreigners who invest in businesses.

Spain’s offer of residency to high-end homebuyers is expected to take effect early next year. A Spanish real estate consultant estimated that less than 5 percent of homes will qualify. Source:

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