Spanish residency: about 500,000 euros

Spanish authorities tried almost anything to save the country from the financial crisis and also to save the real-estate business that was one of the most affected in Europe. So, in 2013, the government introduced a law that gave any man who acquired a property worth at least 500,000 euros, Spanish residency.

It's not an uncommon practice, other European countries have done it, but Spain failed. El Pais reported that only 72 people qualified for the Spanish residence after spending the required amount of money on real estate properties.

The law does not give the right to any buyer to work in Spain, it gives non European citizens free access to entire Schengen area. The Spanish Secretary of Immigration revealed that about 40 people that have qualified for the “golden visa” are from Russian and China, while others from Egypt, Ukraine and other countries have also been given the Spanish residency.

Initially, Spanish government though about a minimum property investment of 160,000 euros, but it did not pass because it looked way to cheap (Portugal was demanding 400,000) so the law was revised and the figure was boosted to 500,000 before it passed in September last year.

However, the 500,000 euro limit is artificial, because the figure is without any tax. After all taxes and Spanish charges are payed, the figure almost reached 600,000 euros