BIZ BUZZ: More Golden Visas for Hotel101 buyers issued
The Golden Visas just keep on coming.
In less than 60 days, the second batch of these prized visas was received by qualified unit owners of Hotel 101-Madrid.
The special residence permit is issued by the Spanish government to non-Europeans who make substantial investments in the country.
Securing three Hotel101 units will meet the investment requirement of at least 500,000 euros or around P30 million.
Key benefits of getting a golden visa in Spain include the grant of a one-year temporary residency visa that is renewable for two years at a time and the privilege to travel visa-free throughout the 26 Schengen Area countries.
Plus, after two years with the Golden Visa, the holder can then apply for citizenship.
Hotel101 says the issuance of the second batch of visas is expected to “further materially increase” the unit sales revenue of Hotel101 from buyers coming from all over the world, not just from the Philippines.
The first three Hotel101 overseas projects are expected to generate foreign exchange inflows of $471 million to DoubleDragon Properties Corp. led by tycoons Tony Tan Caktiong of Jollibee fame and Edgar “Injap” Sia II.
The 680-room Hotel101 Madrid is scheduled to be completed end-2025.
Other overseas projects are Hotel101 in Niseko, Japan, and Hotel101 in Los Angeles in the United States with more soon to be added to the list.
