Chinese investors rush to Spain

Flying from China Credit: Greece-China news, Pexels

Following Spain´s announcement to eradicate the golden visa scheme, non-EU nationals began rushing to purchase Spanish property; many of the buyers are from China. 

The golden visa is the only way for foreign, non-European nationals to obtain all the benefits of Spanish residency, without having to pay tax or permanently reside in Spain. 

The visa grants residency for all buyers of real estate worth €500,000 or, as remains unlikely by the majority, to the investors of €1 million in shares in Spanish companies, €2 million in government bonds or those transferring €1 million to a Spanish bank account. 

In China, a rise in investments in the Spanish market has been seen ever since the government´s announcement. 

Long Fang, CEO of Bafre Inmobilaria, revealed to Spanish Press; “We´ve noticed growing demand,” and highlighted that Chinese buyers especially desire to obtain the golden visa, “that facilitates entry and exit when travelling for business or tourism with the family.”

The majority of Chinese buyers chose to purchase several cheaper apartments and rent them out, while others purchase industrial properties to set up businesses. There are however, some who invest into luxury properties such as the Chinese buyer who recently bought a  €975,000 chalet in Madrid.

The Foreign Ministry recently reported in the golden visas by Transparency International, that China, after Russia, had the most nationals striving for the visa.

A total of 2,712 visas were issued to Chinese nationals since 2019; of these, 99,33 per cent were through property purchases.

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Written by

Anna Akopyan

Originally from Moscow, with Russian and Armenian origins, Anna has lived in Costa Blanca for over ten years. She is passionate about singing, acting and traveling.

Comments


    • CCW60

      13 June 2024 • 14:43

      Spain better put a stop to this or they will find themselves owned taken over from within by Chinese corporations.

    • Anders

      14 June 2024 • 00:21

      How observant CCW60.. Example.. Temu is an online facility at the moment.. How many more warehouses ( on top of the already, dozens in every Ciudad that are Chinese owned and run discount outlets ) do you think will be constructed in the next ten years? Place yer bets.. 😉

    • Pedro Sanches

      14 June 2024 • 14:28

      Utter madness by the Spanish government, we in Spain don´t have to worry about a Chinese military invasion of Spain. The Chinese are already her and in huge numbers. Every town or city in Spain has Chinese Warehouses full of mainly trash but what else is in these warehouse??? Spain is an incredibly greedy country but the Chinese are not our friends, utter madness to allow them to continue their quiet invasion of this country,

    Comments are closed.