Chinese Obtain Visas In Return For €500.000 Housing Investment in Spain

9/02/2014 – Expansion

The Asian giant entrepreneur contacted the Emmigration Center of the Shanghai International Studies University (SISU) offering help in property acquisition out of the country. Then the institution sought Spanish lawyers (in this case Roca Junyent office), who in turn ran procedures to facilitate the entrance of the foreign investors into the shuttered Spanish real estate market.

Jaime Espejo from the lawyer office and an expert in the world´s second largest economy foresees closing “more than 100 transactions of this type in 2014, without doubt involving amount of at least €50 million”.

It seems a promising beginning for the Law for Entrepreneurs that came into force on September 29 last year. The regulation predicts an express residence granting in case of more than half a million investment in Spain. (…).

Where the Money Flows From?

W.R.´s payment, €520.000, as it is commonly accepted for the accounts from outside the Continental China, came from an offshore account, created in order to transfer amounts of money greater than those set by the Communist Government.

In order to prevent suspision of the money flowing from illicit sources, Spanish banks require a filled-in questonnaire and a legally submitted declaration. (…).

 Growing interest of the Chinese in Spanish real estate market is said to bring more investments, assisted by Spanish and Chinese lawyers, in the future (…).

 

Original article: Expansión

Translation: AURA REE

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