Biz Buzz: That golden ticket to Spain

A shining, shimmering Spain visa should not be out-of-reach for Filipinos, especially for those who have P30 million to spare.

We’ve all heard this before: just buy from DoubleDragon Corp.’s Hotel101 Madrid and that so-called Golden Visa, a.k.a Spain Investor Visa, may be yours to keep.

There’s a caveat or two, however.

One must buy three units—equivalent to 500,000 euros (around P30 million), or the minimum amount acceptable for real estate investments—to be qualified to apply for this special residence permit, which, by the way, is only valid for a year, according to Spain’s Ministry of Foreign Affairs website.

Why is that? Non-Europeans can only get this specific visa if they make a “substantial” investment in the Philippines’ former colonizer.

“It will be optional for the Hotel101 unit buyers if they want to apply for a golden visa with their purchase of the Hotel101 units,” DoubleDragon chair Edgar “Injap” Sia II said in a statement on Thursday, adding that investing in this development would spur economic activity in Spain.

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But those two particular issues have not stopped investors from buying at least three units since the 680-room Hotel101-Madrid was launched in March.

Although the company did not disclose how many people got the visas as a result of their purchases, it said the first batch of visas had already been released.

Got P30 million to spare for a one-year pass to Spain?