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Spain offers residency papers to foreign buyers and investors

Entrepreneurial Law includes clause for foreigners who buy more than €2m of public debt

The government has included in the Entrepreneurial Law a clause granting residency to foreigners who buy more than two million euros' worth of public debt in an attempt to attract capital and investment.

Deputy Prime Minister Soraya Sáenz de Santamaría announced the scheme after Friday's Cabinet meeting, arguing that it did not amount to selling residency papers and that the UK, Portugal and Ireland have similar policies. "The system is generalized," she said.

Residency permits will also be granted to foreigners who buy real estate in Spain worth more than 500,000 euros and to those who invest in business ventures, create jobs or foster research and development.