Spain is a key country in Europe. It is so because of its geographical location: with access to the Mediterranean and Cantabrian Seas, and the Atlantic Ocean; as well as a transit area between Northern Europe and North Africa. It is for its historical and cultural importance, due to the fact that many and varied cultures have had their influence in this land, from the Celts to the Arabs and Romans. And it is, also, for its economic and social weight: the second largest country in Western Europe by area, with almost 47 million inhabitants and cities of the weight of Madrid, Barcelona or Valencia.
And the best thing is that Spain is all that and much more. If you are interested in accessing its Golden Visa program, you may also be interested in knowing a little more in detail all the advantages offered by the Hispanic country. Here we comment them.
Economically, Spain is not only a major player in the European Union, but also on the world stage. There are data that reflect this: its economy is the ninth largest in the world and the fifth largest in the EU. The Spanish economy has a huge GDP of more than 980 billion euros and a GDP per capita of $27,914, higher than many European countries; and its inflation rate is still around 3%, one of the lowest in the European Union.
Its attractiveness in this respect does not end there, as the most encouraging aspect is its future outlook: Spain is currently responsible for the creation of more than half of the new job opportunities created in EU countries. Its growth rate is very significant when compared to other figures within the Union. And this means that the Spanish economy is rapidly catching up with traditional superpowers such as the UK, the US, Germany and Japan.
This being the case, any foreign investor in Spain has a market on the rise that offers all those characteristics we mentioned at the beginning: a state of 48 million people, with an enviable geostrategic location and with an important framework of aid for foreign investment.
Foreign investment incentives
Because, here is one of the most attractive points of the country to attract foreign investors, Spain has a framework to support skilled immigration, which is regulated under Law 14/2013 to support entrepreneurs and their internationalization. These incentives offered by the Spanish government are based on financial subsidies, tax exemptions and real estate subsidies, among others.
These types of programs help Spain to have become a world-class destination for investment, where private players can be sure to generate returns on their capital.
With an economic structure typical of any developed European country, the most important sectors in the Spanish economy are services. Below we will review, one by one, the economic areas where it is most common to find foreign investment.
It is well known that Spain is one of the most attractive places on the planet. The climate is pleasant, it has beaches and mountains, cities that receive millions of visitors a year and all kinds of tourist attractions.
That is why the business opportunities related to tourism in Spain are enormous. Also for foreign investors. The most common area where foreign money is concentrated is in the purchase of properties for tourist use: hotels, motels, luxury villas and B&B (bed and breakfast) facilities.
But the attractiveness of Spanish real estate to the foreign investor is not limited to tourist properties, but encompasses any type of real estate.
In some cases, this brick boom does have to do with foreign people coming to the call of Spanish attractiveness. In recent times, the country has witnessed a rapid increase in the number of immigrants from northern European countries. And this has created new business avenues for foreign investors: residential facilities, English or German supermarkets, foreign bookstores, etc.
In many other cases, investment in land, housing or commercial space is not related to the influx of foreigners, but simply to the attractiveness of this sector in Spain.
Food and cooking
Another business opportunity related to tourism that has attracted many foreign investors in recent times is the food and cuisine sector. It is well known that Spain is internationally renowned for its cuisine. And that, added to the foodie boom of recent years, has become an unparalleled investment niche in the southern European country.
Thus, there have been many foreign investors who have invested in recent times in the opening of restaurants, premium food brands or alcoholic beverages related to this service. The sector is booming and, therefore, so is foreign investment in it.
In addition to the business sectors mentioned above, many other foreign investors often consider investing in companies related to the following sectors, either because of their good momentum at the Spanish or international level:
- Environment and water treatment,
- Renewable energies,
- Pharmacy and health sciences, and
- Information and communications technology (ICT).
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