Today, immigrating to Europe has become the choice for most overseas investors. European property investment immigration policies are simple, with no restrictions on age, language, or business experience for applicants, not only allowing for the rapid acquisition of residency status, but also opening a gateway to the globalization of personal assets. Among these, immigration to Spain and immigration to Italy are the primary options that must be mentioned. As both are countries that offer immigration through property purchase, which one is more worthy of investment?
I. Spain VS Italy
Spain is located at the intersection of Europe and Africa, bordering Portugal to the west, the Bay of Biscay to the north, France and Andorra to the northeast, and separated from Morocco in Africa by the Strait of Gibraltar to the south. Its capital is Madrid, and major cities include Barcelona, Valencia, and Seville. Spain is a member of the European Union and NATO, one of the 26 Schengen countries, and the fifth-largest economy in the Eurozone.
Italy is composed mainly of the Apennine Peninsula in Southern Europe, as well as the islands of Sicily and Sardinia in the Mediterranean. The Alpine region in the north borders France, Switzerland, Austria, and Slovenia, and its territory encompasses the two enclaves of San Marino and Vatican City. Italy is a highly developed capitalist country, one of the four major economies in Europe, a founding member of the European Union and NATO, and a member of important international organizations such as the Schengen Area, the G8, and the United Nations.
II. Spanish Immigration Policy VS Italian Immigration Policy
The Spanish immigration policy, known as the Spain property investment immigration policy, is an immigration act enacted by the Spanish government in 2013, which stipulates that one can immigrate through property investment. Current application requirements are:
1. At least 18 years of age;
2. Good health and purchase of health insurance;
3. No criminal record;
4. Purchase of property with a net value of 500,000 Euros or more;
5. Proof of sufficient financial resources.
The Italian immigration policy, known as the Italy property investment immigration policy, allows for the acquisition of a "Selected Residence Visa" or a "5-year Schengen Visa" by purchasing property in Italy worth more than 300,000 Euros. Application requirements are:
1. At least 18 years of age;
2. Good health;
3. No criminal record;
4. Purchase of health insurance;
5. The applicant meets the "minimum financial requirements": Main applicant—31,000 EUR/year, spouse—6,200 EUR/year, children—1,550 EUR/person/year.
III. Spanish Property VS Italian Property
The National Statistics Institute of Spain announced last week that the average price of commercial housing in Spain rose by 5.3% year-on-year in the first quarter of 2017, with new homes rising by 5.5% and existing homes by 5.3%. To date, Spanish commercial property prices have seen 12 consecutive quarters of growth. Based on the economic and property development outlook for Spain, Spanish property investment immigration has become a key project for overseas investors to allocate their international assets. By the end of last year, the Spanish government had approved over 20,000 investment immigration applications, attracting over 2 billion Euros in investment to Spain, with nearly 60% of applicants coming from China and Russia.
The investment advantages of Spanish property and Italian property are on par with each other, both trending upward. City-center properties remain the focal point for both Spanish and Italian immigration. It is recommended that applicants use their financial situation, personal needs, and long-term planning as the criteria for evaluating and choosing the investment immigration country that is most suitable for them.