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Spain attempts to kickstart its economy by selling residency; an idea for Ireland?

  • 19-11-2012 5:13pm
    #1
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭


    http://www.breakingnews.ie/world/spain-offers-foreigners-homes-deal-574782.html

    Basic jist - Spain is planning to pass a law which would provide an automatic residency permit to any non-EU person who purchases a Spanish home for €160k or more.
    It's aimed primarily at Russians and Chinese, apparently.

    What do we think? On the face of it, it sounds like it would be a great solution to a lot of our problems - clear the NAMA backlog and inject some certainty in the banks' loanbooks. Presumably those with the money to buy such property wouldn't be planning on arriving and leeching off welfare. If anything, it may appeal to very wealthy businesspeople who like the idea of having a semi-permanent base within the EU.


Comments

  • #2
    Fr Tod Umptious
    Registered Users, Registered Users 2 Posts: 15,426 ✭✭✭✭Fr Tod Umptious


    seamus wrote: »
    http://www.breakingnews.ie/world/spain-offers-foreigners-homes-deal-574782.html

    Basic jist - Spain is planning to pass a law which would provide an automatic residency permit to any non-EU person who purchases a Spanish home for €160k or more.
    It's aimed primarily at Russians and Chinese, apparently.

    What do we think? On the face of it, it sounds like it would be a great solution to a lot of our problems - clear the NAMA backlog and inject some certainty in the banks' loanbooks. Presumably those with the money to buy such property wouldn't be planning on arriving and leeching off welfare. If anything, it may appeal to very wealthy businesspeople who like the idea of having a semi-permanent base within the EU.

    Ok so you sell a ghost estate in Longford to a Russian business man

    What happens next ?


  • #3
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    He gets a permanent residency permit and the value of the property is realised.


  • #4
    ResearchWill
    Closed Accounts Posts: 4,111 ✭✭✭ResearchWill


    Thread in After Hours on this http://www.boards.ie/vbulletin/showthread.php?t=2056811236


  • #5
    MadsL
    Registered Users, Registered Users 2 Posts: 20,299 ✭✭✭✭MadsL


    seamus wrote: »
    He gets a permanent residency permit and the value of the property is realised.

    At the risk of stereotyping .....and he gets to launder the money and avoid whatever is chasing him in Russia by moving to Ireland.

    Hmm.


  • #6
    Jonny7
    Registered Users, Registered Users 2 Posts: 6,696 ✭✭✭Jonny7


    We're doing it already according to the article.


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  • #7
    ResearchWill
    Closed Accounts Posts: 4,111 ✭✭✭ResearchWill


    Jonny7 wrote: »
    We're doing it already according to the article.

    I am not aware of any such scheme in Irrland. There is business permission the investment is 300k and it must create jobs.


  • #8
    Fr Tod Umptious
    Registered Users, Registered Users 2 Posts: 15,426 ✭✭✭✭Fr Tod Umptious


    seamus wrote: »
    He gets a permanent residency permit and the value of the property is realised.

    And then ?

    It's all well and good to sell a house but if there is anything to be learned from the property crash it is that buying and selling houses to each other is not a sustainable way to build an economy.

    So he/she now owns a house in Ireland hand can live here, what next ?


  • #9
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    There isn't really a "what's next". The point is not to bring the housing market back to life, simply dump the property backlog into someone else's hands and take the cash.

    The government and banks draw a line underneath that issue and work on fixing their balance sheets.


  • #10
    Terrontress
    Registered Users, Registered Users 2 Posts: 3,906 ✭✭✭Terrontress


    Back in the 90s Irish passports were sold, never mind residency.

    I definitely think the motivation of those wishing Irish residency must be questioned.

    Who would buy them and for what reason?


  • #11
    Mr.Micro
    Registered Users Posts: 5,336 ✭✭✭Mr.Micro


    Terrontress wrote: »
    Back in the 90s Irish passports were sold, never mind residency.

    I definitely think the motivation of those wishing Irish residency must be questioned.

    Who would buy them and for what reason?

    Indeed there were a few Libyans with Irish passports and Israel used them a while ago on some activity. Not sure if the latter was using faked or otherwise.


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  • #12
    ResearchWill
    Closed Accounts Posts: 4,111 ✭✭✭ResearchWill


    Mr.Micro wrote: »
    Indeed there were a few Libyans with Irish passports and Israel used them a while ago on some activity. Not sure if the latter was using faked or otherwise.

    The latter were fake http://www.rte.ie/news/2010/0218/dubai.html


  • #13
    ResearchWill
    Closed Accounts Posts: 4,111 ✭✭✭ResearchWill


    Terrontress wrote: »
    Back in the 90s Irish passports were sold, never mind residency.

    I definitely think the motivation of those wishing Irish residency must be questioned.

    Who would buy them and for what reason?

    There is a current investment scheme investments between 500k and 2 million the latter in low interest government bonds will get residency for investor and family http://www.inis.gov.ie/en/INIS/Pages/PR12000003#The_Immigrant_Investor_Programme

    The uptake I believe has been very low.


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