Spain has granted 2,712 residence permits for real estate investments to Chinese citizens between 2013 and 2023. They have been the main beneficiaries, followed by Russians.

Madrid, Barcelona, Málaga, Alicante, the Balearic Islands and Valencia have concentrated 90% of all approved authorizations. In the last decade, it has granted 14,576 golden visas to non-EU citizens who have invested at least 500,000 euros in the purchase of a home, without taking into account charges and mortgages. The Government is going to eliminate them because it considers that these visas linked to real estate Investments have stressed the market and contributed to the increase in prices and speculation, something that companies in the sector question. The elimination of these permits will have a negative impact on investment in Spain, but “the businessman who wants to invest here will continue to do so,” says Jorge Martín, partner of the Spanish law firm BGI-LAW. The sale of an apartment in Beijing or Shanghai easily provides liquidity of one million euros, with which they acquire a large apartment or penthouse in Barcelona.