The Spanish Golden Visa - Time to invest
The Spanish residency by Investment Program (Golden Visa) has been popular for Filipinos since it started in 2013. We have had many clients from the Philippines who have invested in properties within Spain and obtained Spanish cards for them. Some are now in the process of applying for Spanish Citizenship. We believe now is the TIME TO INVEST for a property in Spain in order to secure the Spanish Residency. We may just have a few months to make this decision to take advantage of the worldwide situation and here are the reasons why we should do this now.
First, we see a great opportunity with the current property prices. Compared to a year ago prices now are more reasonable. There are obvious effects of COVID-19 to the Spanish economy but also it put a damp on price increases. House prices are correcting around 2-5% (according to a May 2020 report by Knight Frank Spain for the 3rd and 4th quarter 2020) in Madrid compared to a year ago. So, it is easier to negotiate for a house purchase and probably more options on the right type of property to purchase. With COVID 19 hitting worldwide it has dislocated should be buyers with the sellers because of the ban on travelling so it opened up interesting properties that were not available before. Evidently, we would like to take advantage of a market downturn but still concentrating on properties that will hold their value – mostly properties in premium locations.
Second, the EURO is strengthening. We expect the US dollar to continue in its depreciation and thus your EURO property will have more value going forward. Some private banks in Asia are projecting a conversion of 1 EUR = 1.25 USD by the end of next year (According to the forecast on the exchange rate of Bank of Singapore on their September 14, 2020, weekly investment guide report). As of this writing, the current exchange is 1 EUR = 1.185 USD. I believe the PESO also has increased in value as compared to the USD. In addition, we have a low-interest environment and it might be a good idea to lock in on these loans in the home country to purchase a property in cash in Spain.
Third, the Madrid City government is spending big projects in beautifying, reorganizing, and making Madrid a very livable city. This includes widening the walkways, fixing the metro entrances, and having more green areas. There are two ongoing projects that will be finished by the year 2022 and they are in the areas of Plaza España and the area near SOL called Canelejas.
Fourth, the best that you can do in these times of uncertainty is having insurance for the unknown. Not only that you will have a return of investment but you are buying yourself & the whole family the freedom to study, work and live in Spain for an unlimited time and at the same time leaving a legacy for the family. With the Investors Residency (Golden Visa), one can have the freedom to simply fly in and out and freely travel all over Schengen Europe (after COVID-19).
Spain has been a stable country politically, economically & socially and it is an ideal investment destination where your assets will be safe and secure. It is best to have afoot at the door before it is too late. Spain is a great choice for a second residence (or at least knowing you can move there at any time) because of our familiarity with the food, customs, religion, and culture. It is a safe, secure, beautiful, and stable place.
Lastly, because of COVID 19 restrictions and since this opportunity will not last long we would like to inform you that the entire process can be done in entirety without the need to travel to Spain. I can discuss this further for those who are interested.
“Thanks, BEA ALONZO for trusting us with all your real estate needs in Madrid and letting us help you with everything about the GOLDEN VISA program of SPAIN! The great thing about the program is that you can keep your Philippine Nationality while also having all the benefits of this investment.
This vlog was definitely unexpected!”