The hottest properties among high net worth Filipinos looking for investor visas these days are not in Canada or Australia but in Spain and Portugal.
A Babbler said Filipinos were lining up to purchase apartments or villas in both Spain and Portugal which offer the cheapest way to get their much desired Golden Visas.
Spain’s investor visa requires a minimum investment of €500,000 (P21 million). Portugal has a much lower minimum requirement of €280,000 in interior territories but its government is raising the threshold to €500,000 (excluding Lisbon and Porto) starting February 2022 to encourage investment in less popular areas.
“It’s cheaper than a Patek or a Porsche,” said the Babbler.
The Babbler said one of the early Filipino promoters of Spain’s Golden Visa is a wealthy private banker who refurbished an apartment building near Plaza Mayor in Madrid and sold the unit to HNW Pinoys such as a celebrity doctor and a fashion retailer.
The Babbler said some HNW Pinoys have set their sights on Southern Spain, specifically Malaga.
Aside from Spain’s tourist spots and cultural connection, the Babbler said Pinoys prefer the Golden Visa program because it would enable their children to study or travel anywhere in European Union member countries without the need for a Schengen visa.
Spain and Portugal are opening their doors to wealthy foreign investors in order to boost their COVID-ravaged economies.
A Golden Visa gives holders, their spouses and children residence permits which can be renewed indefinitely as long as they maintain the investment, with no need to relocate or to be present in the issuing country. Those who want permanent residency or citizenship arerequired to stay for five to 10 years.
As part of the perks of being a former Spanish colony, Filipinos can apply for Spanish citizenship after only two years of living in Spain.