Hong Kong citizens are not just looking at Portugal and Ireland to get residency in the EU, with Spain becoming an increasingly attractive country for people in the special administrative region (SAR).
It is no secret that the SAR is going through a turbulent time, with protesters galvanised against what they view as unwanted pressure and influence from China.
International Adviser has reported that Hong Kong’s wealthy have been flocking to Portugal, Australia and the UK to secure residency rights in other jurisdictions.
Now, they are looking at the investment opportunities Spain’s property market has to offer, as well as the route it provides to permanent residency in the EU.
Rise
Spain is one of several European countries that sell a fast-track residency programme through various investment options.
For example, an investor may be allowed to gain permanent residency by buying property worth at least €500,000 (£430,000, $554,000).
Inquiries have doubled in recent months even as the country has been suffering from pro-independence protests in Catalonia, Lily Siu-Rambaud, managing director of property agency Epic Asia, said to news outlet South China Morning Post.
“Some of my prospective Hong Kong clients are sceptical about the Madrid property outlook because of protests in Catalonia … [they] feel that what is taking place in Catalonia is what’s happening in Hong Kong, but it’s not the same. Catalonia is just an island of instability [in Spain].”
Initially, Siu-Rambaud had one client buying property under a residency permit programme but now she had seven clients who were finalising deals that will also allow them to eventually gain permanent residency.
