Why Americans are buying expensive homes in Spain

Number of Americans living and buying real estate in Spain

The number of Americans living and buying real estate in Spain has increased significantly over the past few years. Americans are also purchasing some of the most expensive real estate in the country.

The introduction of the "digital nomad visa"

A "digital nomad visa" was introduced this year, which could incentivize more Americans to move to Spain.

Statistics on the number of Americans in Spain

According to CNBC, the number of Americans living in Spain increased 13% from 2019 to 2021. The number of homes sold to Americans in Spain increased 88% in the first half of 2019 compared to the first half of 2022.

Cost of real estate for Americans in Spain

The cost per square meter of real estate for Americans in Spain is up to 2,837 euros ($3,119). Some of the most popular places for Americans to buy real estate in Spain are the regions of Navarra and the Basque country in the north, as well as the capital Madrid. The Mediterranean city of Valencia is also a popular destination for Americans.

The golden visa and the digital nomad visa

Some of these Americans may be eligible for the "golden visa," which allows foreigners who have spent at least 500,000 euros on real estate to live and work in the country.

However, Spain has a new option for those not willing to spend that kind of money. In February, the long-awaited digital nomad visa was introduced. It allows citizens of countries outside the European Economic Area who work remotely and have a bachelor's degree or at least three years of professional experience to live and work in Spain. Visa holders must earn at least 200% of Spain's minimum wage - and even more if they want to come with family.

Opinion of the Spanish Minister of Economic Affairs

Despite widespread concerns that foreigners are displacing locals in the country, Spanish Minister of Economic Affairs Nadia Calviño welcomes the new policy as a way to boost the country's economy. "This law will allow Spain to lead in supporting and nurturing talent in the rapidly growing digital economy," she said.