DOUBLEDRAGON Corporation worldwide hotel expansion subsidiary, Hotel101 Global Pte. Ltd., yesterday signed Master Service Agreements with Orience, PSI Consultants and L&L RSM Law as the exclusive advisory service providers to process the residency applications by investment option for buyers of at least three units in Hotel101-Madrid.
A Golden Visa for Spain, officially known as the Spain Investor Visa, is a residence permit issued to non-European citizens who makes a substantial investment in Spain such as buying a real estate asset worth 500,000 EURO.
“It will be optional for the Hotel101 unit buyers if they wanted to apply for a golden visa with their purchase of the Hotel101 units. As we will be building a fresh inventory of units, it will not reduce the existing housing inventory in Spain, and will add economic activity through the purchase of land, salaries of construction team and the long-term recurring taxes that this project will bring in. We are excited for a long-term business endeavor, as Spain and Philippines have a very long history of cultural relationship and would bring long-term benefits to both Spain and the Philippines,” said DoubleDragon/Hotel101 Global chairman Edgar Injap Sia II.
The Golden Visa applications are for evaluation and approval of the proper authorities of the government of Spain, but the purchase of Hotel101 units may be used by the foreign buyer to comply with the 500,000 EURO Spanish real estate investment requirement.
The Golden Visa processing and advisory fee that cost about 6,000 EURO will be free of cost for those who will purchase three Hotel101 units in Madrid from the start of the unit pre-selling until Dec. 31, 2023 or until the units are fully sold out, whichever comes first.
Hotel101-Madrid, the first European project of Hotel101, is located in Valdebebas, Madrid. It is set to be the very first homegrown Filipino hotel chain to enter Spain and set to become one of the Top 5 largest hotels in Madrid.
DoubleDragon’s vision for Hotel101 is to become world-class in all standards and create job opportunities to Filipinos who reside in the Philippines or abroad, and bring a pinch of pride and honor to every Filipino from anywhere around the world where Hotel101 will eventually locate and operate./PN
