Malaga is the third destination for the Spanish Golden Visa applicants
Published at: 24/02/2019 06:01 pm
The Southern Spanish city of Malaga is the third most popular destination for the wealthy applicants of the residency by investment program. The third country nationals invested 473 million euros in Malaga.
Barcelona is the most preferred target of the applicants, they spent 1384 million euros, according to the EPRS. In Madrid, the High Net Worth Individual candidates bought real estates for 490 million euros. The most expensive property during the residence scheme was sold in the Balearic Islands for Chinese citizens. They purchased a real estate for 48 million euros and an additional one for 9,6 million euros. In Madrid, the most expensive investment was a property for 27,5 million euros, also bought by a Chinese citizen. The next one was a home worth 8,25 million, but in this case, a Lybian citizen invested in the Spanish capital. In Barcelona, a Russian purchased two properties for 12,38 million euros. The minimum amount of investment in Spain for the resident status is 500,000 euros.
Interestingly, still Chinese investors are the most interested in Spain, they spent 797 million euros in the Iberic country. Russians are following the Chinese, they invested 736 million euros, and in the third place, the Ucranians bought properties for a total of 92 million euros.
Since Spain introduced the Golden Visa scheme in 2013, the total number of investor residents reached 42,521, and they spent 3462 million euros to support the suffering real estate sector of the EU Member State. Moreover, the immigration scheme helped to create 48,584 jobs.