Why Americans are buying up expensive homes in Spain

Over the past few years, the number of Americans living and buying real estate in Spain has increased significantly. Americans are also buying some of the most expensive real estate in the country. A "visa for digital nomads" launched this year that could encourage more Americans to move to Spain.

Information about the growing number of Americans in Spain

According to CNBC, Spain's General Council of Notaries reported that the number of Americans living in Spain increased by 13 percent from 2019 to 2021. The number of homes sold to Americans in Spain rose 88% for the first half of 2019 through the first half of 2022.

Favorite locations for American real estate buyers

Americans rank second among foreign nationals in the amount they are willing to pay for a home in Spain, with prices as low as 2,837 euros ($3,119) per square meter. Some of the most popular locations for American real estate buyers in Spain are the Navarra and Basque Country regions in the north and the capital city of Madrid.

Visa for digital nomads

Some of these Americans may be eligible for a "golden visa," which allows foreigners who have spent at least 500,000 euros on real estate to live and work in the country. However, there is a new option in Spain for those who are not prepared to spend that kind of money. The long-awaited visa for digital nomads was launched in February.

The visa allows citizens of countries outside the European Economic Area who work remotely and have a university degree or at least three years of professional experience to live and work in Spain. Visa holders must be paid at least 200% of the minimum wage in Spain, and even more if they want to bring family members with them.

The opinion of Spain's economic affairs minister

Despite widespread fears that foreigners are driving locals out of the country, Spanish Economic Affairs Minister Nadia Calviño welcomes the new policy as a way to stimulate the country's economy.

"This is a law that will allow Spain to be at the forefront of promoting and supporting talent in the fast-growing digital economy," she said.