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SPAIN-PORTUGAL/VISAS
RTX15I69
November 18, 2013
Vyacheslav Eshanu, head of PortugalEstate, poses at a house which is selling for two million euros in...
Portimao, Portugal
Eshanu, head of PortugalEstate, poses at a house which is selling for two million euros in Portimao
Vyacheslav Eshanu, head of PortugalEstate, poses at a house which is selling for two million euros in Portimao November 11, 2013. A shattering economic crisis later, Spain and Portugal are trying to resurrect their moribund property markets by offering "golden" residence permits to home buyers from outside the European Union. Buyers from China, Russia, the Middle East or elsewhere who spend at least 500,000 euros on real estate in either country get a permit that lets them travel freely within Europe's 26-country Schengen zone without restriction. The incentives, along with depressed housing prices, are showing the first signs of nibbling at the huge market glut of 3 million empty homes on the Iberian peninsula. Eshanu, of PortugalEstate, a firm with offices in three Russian cities and in the Algarve, has so far struck five golden visa deals and says there is a steady demand for bargains from the Russian middle class. Picture taken November 11, 2013. To match story SPAIN-PORTUGAL/VISAS REUTERS/Rafael Marchante (PORTUGAL - Tags: POLITICS REAL ESTATE BUSINESS TRAVEL)
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