Spain is one of the countries that receives most people from other countries, both for tourism and expatriation. China continues to be the world’s largest source of tourism, and they constitute a very important and consolidated immigrant community in Spain, with a considerably long history.
One of the characteristics of Chinese residents in Spain is their ability to prosper, even in the most difficult times of the Spanish and European Union (EU) economy; even with the highest unemployment rate, Chinese immigrants have been able to keep their jobs and start their own businesses.
However, Spain is not only an attractive country for Chinese people interested to move looking for new opportunities in the Mediterranean country. It has also become increasingly attractive for Chinese investors, especially thanks to the opportunity for obtaining a Golden Visa.
What is the Spanish Golden Visa?
When we want to invest abroad, many factors have to be considered to determine the best country, i.e. the country that provides investors with the best ROI (Return on Investment). But they can also look for one that provides them with the best opportunities to reside in the country.
In terms of investment and residential facilities, Spain is one of the countries that stand out, thanks to its opportunity to obtain a Golden Visa, i.e. an investor-oriented residence permit for fair investment, and Chinese property investors are very interested in it.
To obtain this visa, investors must acquire real estate (bienes inmuebles) worth more than 500,000 euros, 1,000,000 euros in Spanish bank deposits, investment funds or shares or shares in companies with real business activities, or at least 2,000,000 euros to invest in Spanish public debt.
After the necessary investment, the investor is able to apply for a Golden Visa, and after obtaining it and doing the necessary documentation, she/he is able to reside in Spain for up to one year, and after this period, is able to obtain a renewable Resident Visa to stay for up to two years.
What should you know before investing in Spain?
Spain has become a very attractive country for Chinese investors to buy real estate, especially thanks to the possibility of obtaining a Golden Visa. However, it’s worth it considering a few points before taking the decision of investing in Spain.
The country has gone through an economic crisis
In 2008, Spain was hit by a tough crisis, which increased the unemployment rate, and the price of real estate, so high and attractive before, fell considerably, causing concern among investors. Luckily though, Spain has been finally getting out from the crisis, and the price of real estate is back to that of the pre-crisis.
However, some Chinese investors might want to wait some time before deciding if invest in real estate in Spain. The outlook is positive though, so right now might be a good time for investing in Spain.
The price of real estate is recovering
After the bursting of the so-called Spanish real estate bubble in 2008, the situation has finally improved. Real estate in Barcelona and elsewhere is now very valuable and very attractive to investors looking to generate passive income or to buy and sell property.
Some Chinese investors may want to be sure that the bubble will not burst again, but there are some good signs, such as banks becoming more aware that property values will grow without risk.
Overall, it’s worth taking into account that Spain is finally out of a crisis that skyrocketed unemployment rates, and now that things are getting better, and being the country as attractive and beautiful as it has always been; some people are attracted to invest right away, while others have decided to wait for a big before taking the decision of making investments in Spain.