Soon it might be possible to get the citizenship of a country simply by buying a house there. Henry Grabar reported:

• After the recent financial crisis western countries have had an over-supply of housing. Spain has decided to deal with this problem by offering Spanish residency to foreigners who are willing to buy a house in the country.
• Other countries have similar programs. Portugal, Ireland, Hungary and the United States all make it possible to be a resident in exchange for money.
• In the European Union the Spanish plan might create tensions. Under the Schengen agreement individuals can move freely among the countries. Those European countries with stricter immigration policies might not be as happy with Spain’s newer, more liberal rules.
• There are also concerns that it could lead to speculators from all over the world investing in Spanish property, and driving up rental prices, while contributing nothing.

Read more about the issues and concerns raised by the plan over here.

Source: The Atlantic

Via: Marginal Revolution