Spain’s ‘Golden Visa’ which grants an automatic residence permit to any non-EU national who invests a significant sum in the country is one of the key factors behind the announcement by the Philippine based Hotel 010 group to build one of the largest hotels in Madrid.
The Hotel101-Madrid will be built in the Valdebebas district of the capital, close to the IFEMA convention complex, the Real Madrid Sports Complex, and within a 10-minute taxi ride from Barajas Airport.
The hotel will have over 700 rooms and 36 rooms and will be the first Hotel101 development in Europe and is set to become one of the top 5 largest hotels in the capital as well as the first homegrown Filipino hotel chain to enter Spain.
Robust condotel sales revenue of about €143.3 Million Euros is expected to be generated from the Hotel101- Madrid project given the high real estate investment demand in Madrid driven by the Spanish Golden Visa.
Given the historic connections between Spain and the Philippines the visa programme is also a short-cut to Spanish citizenship.
It is hoped the hotel complex will be a landing for Philipino citizens looking for properties in the region.
The visa scheme allows that these can be second or holiday home, or a main residence, but must be valued at a minimum of half a million euros (€500,000).
Buyers do not have to live full-time in Spain to keep their residence rights and only need to travel to the country and spend at least a week there once a year.
Other ways of getting the visa include investing at least €2 million in national public debt bonds, or a minimum of €1 million in either shares in Spanish companies, investment funds based in Spain, or put on deposit in a Spanish bank.
Given Madrid´s booming property sector as well as one of the busiest and best connected airports in Spain it is expected that the investment will add to the already 50,000 Philipino nationals in Spain.