Spain will offer residency to high-end homebuyers

LIVE NOW: Inman Connect San Francisco
Tune-in now to catch the livestream. Don't miss this chance to see real estate leaders tackle the industry's top problems.

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: