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- The number of Americans living and buying real estate in Spain has jumped in the last few years.
- Americans are also buying some of the most expensive property in the country.
- A "digital nomad visa" launched this year could encourage even more Americans to move to Spain.
A surge of Americans have moved to Spain over the last few years and are buying some of the country's most expensive property.
CNBC reported that the General Council of Notaries in Spain found the number of Americans living in Spain increased by 13% between 2019 and 2021. The number of homes sold to Americans in Spain surged 88% between the first half of 2019 and the first half of 2022.
As a nationality, Americans are second only to the Danes in the amount they're paying for homes in Spain, with costs up to 2,837 euros — $3,119 — per square meter.
Some of the most popular spots for American homebuyers in Spain are the regions of Navarre and Basque Country in the north and the capitol city of Madrid. The Mediterranean coastal city of Valencia is also a popular spot for Americans, CNBC reported.
Some of these Americans may be eligible for a "golden visa," which allows foreigners who spend at least 500,000 euros on a piece of real estate to live and work in the country.
But Spain has a new option for those who aren't willing to spend that kind of money. The country launched its much-anticipated digital nomad visa in February.
The visa allows citizens of non-European Economic Area countries who are remote workers with a university degree or at least three years of professional experience to live and work in Spain. Visa holders must make at least 200% of Spain's minimum wage — and even more if they want to bring family members with them.
Despite widespread concerns about foreigners pricing out locals in the country, the Spanish economic affairs minister, Nadia Calviño, celebrated the new policy as a way to boost the country's economy.
"It's a law that will allow Spain to be at the forefront in the push and promotion of talent in this rapidly growing digital economy," she said.
Read the original article on Business Insider
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By: [email protected] (Eliza Relman)
Title: Americans are flocking to Spain and buying pricey homes. New 'digital nomad visas' could make it even more popular.
Sourced From: www.businessinsider.com/spain-real-estate-visa-remote-work-digital-nomad-2023-7
Published Date: Thu, 27 Jul 2023 13:29:40 +0000
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