FOREIGN investors will be offered Spanish residency rights in an attempt to dispose of some 750,000 unsold properties abandoned since the 2008 market collapse.
Bad debt in Spanish banks rose to a record 10.7 per cent of the loan total, about 182 billion euros ($A225.8 billion), in September, with institutions desperate to offload the crippling assets.
"We have proposed to the other ministries that for residents who acquire a home in Spain for more than 160,000 euro that will automatically entail a residency permit," Spanish Trade Minister Jaime Garcia-Legaz said in an article published by British newspaper The Times on Tuesday.
Russian and Chinese buyers are understood to be targeted in the initial real estate scheme, and it is unknown if the subsequent residency will be for Spain alone or the entire European Union.
With some five million Spaniards out of work, the number of people unable to maintain repayments and forced to leave their homes continues to rise, with reports claiming 300 evictions per day in the first half of 2012.
In November Spain's government announced a two-year halt to evictions of vulnerable home owners after the practice was linked to acts of suicide.
Spain's residency offer, which aims to revive the construction industry, is more attractive than similar schemes in Ireland and Portugal where buyers are offered such rights only after buying houses worth more than 400,000 euro or 500,000 euro respectively.
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