On July 20, 2023, an exciting milestone was reached as DoubleDragon’s Hotel101 signed Master Service Agreements with prominent Spanish advisory firms: Orience, PSI Consultants, and L&L RSM Law. These firms have established themselves as top players in the specialized field of the “Golden Visa” program in Spain.
The Golden Visa processing and advisory fee, which typically amounts to around 6,000 EURO, will be waived for those who choose to purchase 3 Hotel101 units in Madrid, Spain during the unit pre-selling period, which extends until December 31, 2023, or until all units are sold out, whichever comes first.
Hotel101-Madrid is poised to become one of the Top 5 largest hotels in Madrid, Spain, a remarkable achievement for the project. Moreover, it is noteworthy that Hotel101-Madrid represents the pioneering entry of a homegrown Filipino hotel chain into the Spanish market, marking a significant moment in the company’s growth and expansion.
The Hotel101-Madrid project is expected to generate robust sales revenue of approximately €143.3 Million Euros (equivalent to ₱8.8 Billion Pesos), showcasing its potential for success and positive impact on the business.
With the partnership of esteemed Spanish advisory firms and the promising outlook for Hotel101-Madrid, the project is poised to make a mark in the hospitality industry and contribute significantly to both the Philippine and Spanish economies.
On July 20, 2023, Hotel101 Global Pte. Ltd., the worldwide hotel expansion subsidiary of DoubleDragon Corporation, took a significant step by entering into Master Service Agreements with three esteemed advisory service providers: Orience, PSI Consultants, and L&L RSM Law. This partnership aims to facilitate the processing of residency applications through investment for buyers interested in acquiring at least three (3) units in Hotel101’s inaugural European project, Hotel101-Madrid, located in Valdebebas Madrid, Spain.
The “Golden Visa” for Spain, officially known as the Spain Investor Visa, is a coveted residence permit granted to non-European citizens who make substantial investments in Spain, such as acquiring real estate assets worth 500,000 EURO.
In an exciting development, prospective buyers of Hotel101 units will have the option to apply for a Golden Visa in conjunction with their purchase. DoubleDragon/Hotel101 Global Chairman, Edgar Injap Sia II, expressed enthusiasm for this long-term business endeavor, highlighting the historical cultural ties between Spain and the Philippines. He emphasized that the development of fresh inventory of units in Hotel101-Madrid will not deplete the existing housing inventory in Spain. Instead, it will bolster economic activity through land acquisition, salaries for the construction team, and long-term recurring taxes, benefitting both nations.
The Golden Visa applications will be subject to evaluation and approval by the relevant authorities of the Spanish Government, exercising their discretion. Notably, the purchase of Hotel101 units may serve as a means for foreign buyers to meet the 500,000 EURO real estate investment requirement for the Golden Visa.
As an incentive, the Golden Visa processing and advisory fee, typically amounting to about 6,000 EURO, will be waived for those who purchase 3 Hotel101 units in Madrid, Spain, during the unit pre-selling phase until December 31, 2023, or until all units are sold out, whichever comes first.
Anticipating the success of Hotel101-Madrid, the project is projected to become one of the Top 5 largest hotels in Madrid, Spain. Furthermore, it holds the distinction of being the first homegrown Filipino hotel chain to establish its presence in Spain. DoubleDragon envisions Hotel101 to achieve world-class standards, providing job opportunities to Filipinos both in the Philippines and abroad. The company aims to instill a sense of pride and honor in every Filipino worldwide, as Hotel101 continues to expand and operate in various locations around the globe.
Spain’s Golden Visa will not grant you Spanish Citizenship unless you stay in Spain. If you decide to stay in Spain you will now be covered by Spain’s Tax System and Spain’s taxes are among the highest in the world with tedious reportorial requirements. Not only will you be taxed on your worldwide income but you need to declare all your assets and everytime you sell your Condo, stocks, crypto, cars or any asset you need to declare it and pay Capital Gains taxes on them. What’s more most districts in Spain impose a Wealth Tax.
If you are prepared to stay in Spain despite all these, I question your sanity. But if you really want to live in Spain there is a much cheaper route, you can apply for a Retirement Visa. All you need to prove is that you have at least 14,000 euros in the bank which equivalent to the minimum wage in Spain per year. You don’t need to shell out 500,000 euros.