Question: Buy property in Spain get Citizenship ?

Hello,
I read an article that if I buy a home that costs about $200,000 U.S.D. I'll get automatic Spanish Permanent-Residency which I imagine will lead to Spanish citizenship after a few years even though I'm not European.
Is that true ??
$200,000 U.S.D. is a lot of money for one property, is it possible to buy a few properties that add-up to that amount and receive the same benefit ?


I don't know the amount in US dollars but it was 200.000euros and has now been reduced to 160.000 euros whatever that equates to in USD.
This has come into being because the Spanish governmentis desparate for money from abroad and Eu citizens have stopped flooding into Spain with the result that there are thousands of properties standing empty.
There will probably be some other conditions apart from purchasing property. You may find you need to prove that you have an income from outside Spain.
For example, Cyprus gives non Eu citizens residency if they buy a property for 300.000euros, can prove they have an income of at least 30.000euros per year and 5.000 for each dependant. They also have to deposit 30.000 in Cyprus bank which they must leave there for at least 3 years. All of this money must be proven to come from outside Cyprus.
I would imagine there will be similar conditions to getting residency in Spain if you are a non EU citizen although the amounts may be smaller.

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