Spain’s Golden Visa Program Disappoints International Investors

Spain’s recent attempt at a “Golden Visa” program for international real estate buyers has failed to spark much interest and hasn’t capitalized on the huge market of entrepreneurs and international investors. Initially potential investors were attracted by the lower starting level of €160,000, but this has since been increased to €500,000.

Banco Santander Feeling the Weight of Bad Real Estate

In news from the Spain real estate situation, Banco Santander SA (SAN), the largest bank in the country, Q3 profits dropped far more than estimates predicted. Bad real estate date saw earnings drop an estimated 94 plus percent, while the bank’s net income dropped an estimated €100 million euro.

Spain’s Cajas Have $137 Billion in Potentially Bad Loans

In news from Spain, total exposure of Spanish savings banks to real estate and building now amounts to 217 billion euros, and of that 100 billion euros are seen as problematic, the Bank of Spain reported yesterday.

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