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Barcelona: the preferred destination for the Chinese citizens

 

Together with the Russian citizens, China is also now interested in looking for a residence in Spain and carrying out an investment of more than 500,000€ in order to achieve the residence permit Golden Visa. According to the Vice-President of the Association of Immigrant integration in Spain, Weigong Xie, the Chinese investors have waited for the approval of the Entrepreneurial Law “with a lot of attention and patience” given that the demand of properties in Spain has increased considerably.

Entrepreneurial Law: a boost to the investment

According to the Spanish Ministry of Foreign Affairs, the law is addressed to “the investors, entrepreneurs, highly qualified professionals, investigators and workers who carry out intra-company movements”. In this law, the following sections are highlighted:

  • Resident Visa for capital investors (RIC), the main requirement is to carry out an investment of 2 million of euros in Spanish public debt securities or an investment of 1 million of euros in shares or Spanish company stakes or bank deposits in Spanish financial entities.
  • Resident Visa for acquisition of properties (RIV), the main requirement is the acquisition of properties with an investment equal or higher than 500,000€.
  • Resident Visa for entrepreneurs and people with business activity, specifically for the investors who present a business project which is going to be developed in Spain and is considered of general interest.

 

The Chinese citizens prefer Barcelona

The interest in Barcelona shown by the Chinese investors started becoming visible since the holding of the Barcelona Meeting Point, a meeting carried out in October 2013 which gave special attention to the clients coming from China, who are especially interested in the search of a property in Spain.

Joan-Galo Macià, general director of Engel & Völkers in Barcelona, states that “the Chinese are delighted with Barcelona for its location, legal security and health services”. Moreover, he mentions that the demand of luxury properties by foreign clients in Barcelona has increased during the six first months of 2014 and which exceeds the total amount of all the previous year.

The Chinese investor is ready to pay up to a million of euros for an apartment in the centre of Barcelona, given that in this way he could be benefited from the “Golden Visa”. With the said Visa they could travel around all Europe freely. The apartments of 100 square metres, with three bedrooms and two bathrooms are the most demanded because the investor would live there with all his family. They do not look for a very spacious apartment, given that in their country of origin they are used to live in properties of medium size. They prefer that the kitchen is separated from the living-room, that the apartment is located in the city centre and that it is near to touristic places.

 

Other attractive destinations

Costa del Sol is also the focus of Chinese citizens interested in be benefited from the Spanish Golden Visa. In this case, Marbella is one of the most attractive destinations due to the luxury residential tourism and the possibility which offers the Town Hall as well as the private enterprise of strengthening the business market thanks to the Entrepreneurial Law. According to the text published in the Spanish Official Bulleting on the 28th of September 2013, “the acquisition of properties in Spain with an investment equal or higher than 500,000€ per each requestor” grants the right to obtain a residence permit. José Luis Hernández, city councillor of Tourism of Marbella, states that the Town Hall is ready to “position Marbella as an investment referent in the Chinese Market”, therefore they are ready to carry out bilateral agreements between Marbella and Chinese cities as Peking, Shanghai, Shenzen and Wanzhoy.

The Law Firm Martínez-Echevarría offers a service of free consultation to respond any query from the foreign citizens concerning the “Golden Visa”. Moreover, a member of our Law-Firm, Mrs. Shereen Tan is the director of China Desk, a department addressed to advice investors who come from China and who want to expand their business in Spain and Portugal.

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