We are pleased to announce that Orience International is a new member of the IMC Group, being the first Spanish company to be part of the group. The IMC (Investment Migration Council) is the worldwide association for investment migration and citizenship-by-investment, bringing together the leading stakeholders in the field, like lawyers, financial service practitioners, bankers, investment advisors, brokers or insurance providers, and giving the industry a voice.

One of the objectives of the IMC is to set the standards on a global level and interact with other professional associations, governments and international organizations in relation to investment migration. Moreover, the IMC helps to improve public understanding of the issues faced by clients and governments in this area and promotes education and high professional standards among its members.

For Orience International being a member of the association it means to benefit from keeping up-to-date on latest trends and developments in the field. As Oriol Molas, Orience International CEO, has explained, “additionally, obtaining the recognition from the IMC Group it is a fantastic new, which let us to demonstrate the great job we are doing and showing that we stay at the forefront of the latest industry standards and procedures.

On the other hand, being a member of IMC Group gives to the clients and international investors the security and tranquility we are taking the right decision every moment, guide by honesty, confidentiality, integrity, ethical practice and disciplinary rules and procedures.

The IMC Group is based in Geneva and it has representative offices in New York, London and Gran Cayman and it is constituted as a non-profit association. Nowadays it is integrated by more than 20 members, which they have to apply the Code of Ethics and Professional Conduct.

Finally, and since last year, the organization is in special consultative status with the Economic and Social Council of the United Nations.

Order SND / 421/2020, of May 18, by which measures are adopted relating to the extension of authorizations to stay and reside and/or work and to other situations of foreigners in Spain, in application of Royal Decree 463/2020 , of March 14, declaring the state of alarm for the management of the health crisis situation caused by COVID-19.

The Spanish government has finally established and clarified the situation of foreigners in Spain with regard to residence permits, visas and expired stays. With this measure, legal security is granted and those affected are prevented from finding themselves in a supervening irregularity with a complicated solution.

In the next article we talk about this announcement:

Although it is true that RD 463/2020, of March 14, already established the suspension of administrative deadlines, prescription and expiration, to date the situation of many foreigners whose authorization or Visa expired during this extraordinary situation caused by COVID-19.

The order establishes that the residence and/or work authorizations, the stay authorizations for studies, mobility, internships or volunteering, the family cards of a citizen of the union and the long-term residence authorizations that have expired during the validity of the alarm status or have expired in the 90 calendar days prior to their declaration (of the alarm status) will be automatically extended. The extension begins the day after the expiration and lasts up to 6 months from the end of the alarm state.

Section 6 of Article 1 establishes that renewal applications may be requested at any time within 6 months or up to 90 calendar days after the expiration date, without prejudice to the initiation of a sanction file for the delay in filing.

The order also regulates the expiration of short-stay visas (not exceeding 90 days) and establishes that their duration is automatically extended for a period of 3 months.

However, even if they are Schengen visas, the validity only applies to Spanish territory and this extension will be computed to calculate the maximum authorized time for future stays or requests for these visas.

The youth mobility agreements and study stay visas of up to 180 days duration are also extended for a period of 3 months, provided that the holder is in Spain and has not been able to return to their country of origin.

Another very important point to keep in mind is the entry of third-country nationals whose documentation or authorization has expired while abroad. Specifically, the order establishes that the holders of an authorization, a family card of a citizen of the Union, a long-term foreigner card or long-term visas for investors and entrepreneurs may enter Spain even with the card or visa expired. Travel documentation (passport) is required to be current.

Finally, absences from Spanish territory caused by the impossibility of returning to the country will not count when requesting renewals of authorizations or first requests for long-term authorizations.

If you have any doubt, do not hesitate to contact us, we will be very pleased to help you.

 

Zahra Maaroufi, lawyer specialist in residency permit in Orience International

 

The latest figures (from March 15 to April 15) on the demand for real estate in Spain have recently been published. Despite the fact that domestic demand has decreased, international demand during this period has increased to around 15% of current demand.

Curiously, where the international demand during the first month of alarm has increased the most has been La Rioja community, ahead of other areas with a very important role within real estate, such as the Balearic Islands, the Canary Islands, Catalonia or Alicante.

In any case, these territories are those where international investment has always had more weight and international investors continue to be interested in properties near the coast, such as the Canary Islands, especially Tenerife or the Balearic Islands.

If we look at nationalities, the country from which the majority of investors come is the United Kingdom, followed by the US, France and Germany.

 

Why should you invest in Spain?

Spain is one of the most attractive countries to invest in, as it presents an affordable Golden Visa program with various investment options. With an excellent quality of life, the country is among the first in Europe for foreigners living in the country. With a modern healthcare system, it is in a privileged geographical position for international business.

Do you want to invest in Spain? At Orience International we accompany you throughout the process so that your investment is a success.

Source: Idealista

Despite the difficult situation we are living due to the coronavirus, we are not lockdown. All the members of the team are offering a fully operational service, as always, and we continue working to offer you the best service. Remember that you don’t need to travel to carry on your investment.

If you have any question, don’t hesitate to contact us, we will be very pleased to help you!

How is the coronavirus crisis affecting the real estate market in Spain? How was the sector before the crisis? What will happen when it is all over? Can we be optimistic?

In the next article, Joaquim Zamacois, entrepreneur and adventurer, partner of the Summit Capital fund and founder of the first cooperative real estate agency in Spain, talks about this issues:

During the first fortnight of March, some areas of China that have been reopened after the worst of the coronavirus crisis have increased their real estate activity by 8.5%* compared to the same fortnight in 2019. During the stop, activity had shrunk by 99.5%, as in Barcelona today.

Is there room to be optimistic in this week of infernal data and worse family dramas? Obviously, we entrepreneurs have the obligation to keep on, otherwise we would jump out the window as Lorca told in his Poet in New York about the free flight trend among bankers during the crack of ’29. The real estate market in Barcelona reached saturation point in October 2017, coinciding with 1-O. From then until three weeks ago, intramural prices had seen a sustained decline – to 20% in some areas of the Eixample – due, paradoxically, to the city’s attractiveness to foreign investors: it was these who brought the market to a boil from 2013, when prices were at low, and pushed promoters, owners, neighbours and intermediaries of all kind into a price escalation that had nothing to do with the country’s economic growth. As always happens to us, we thought we were London or Paris. So at the end of 2017, with prices at historic highs, the smartest ones withdrew, the rational buyers stopped preferring Barcelona – from 12,000 euros /m one can take refuge in some side street of the Marais-, and we are left with a wonderful stock of luxury promotions and an increasingly local demand and with less purchasing power.

Since then, the residential market has been deflating enough to fuel local demand. Although it still doesn’t pay the prices of “luxury”, the second hand does work. We already know that owners do not lower prices at the first exchange: in Spain it takes years, storms and pandemics for a seller to understand that he has to lower the price if he wants to sell, because culturally we continue to regard the brick as a sentimental asset, rather than a pure and hard asset. It costs, but we get it and the prices are adjusting. To this market situation, we must add the decree of 30% that approved by the City Council in mid-2018 and that requires large renovations and new constructions to cede 30% of its roof to social housing. This law, instead of increasing the social living ceiling, leaded to the disinterest of the capital by residential construction, and a very healthy side effect, which was the decline in the prices of vertical properties for sale. No fund, no matter how suicidal this is – what there are, damn managers’ fees – will buy at a price of 100 receiving 70, and less in a bear market.

And with this comes confinement and the market ceases to exist. There’s no market anymore. Zero new transactions, which are the ones that count. There are no visitors, no demand, no need in at least a month and a half, and the whole sector wonders what will happen.

If you look at China, the rebound was perfect, and the contained demand has skyrocketed when they open the door. And the Chinese buy all over the world – blessed Golden Visa, may the Lord keep your health – so that the dead man is not completely cold. There’s a pulse. In addition, the ghost of John Maynard Keynes has appeared to each of the Heads of State of the Union – and America – and they are going to irrigate the markets with liquidity. Hundreds of billions in Europe, trillions in America – election year and Trump wants to keep going. We don’t know if families will see a euro in the coming weeks, but liquidity will hit the markets. There’ll be money. And the money must be moved because the interest rate is 0%. Three factors converge to consider that we are not so bad: prices in Barcelona have been falling for almost three years and are at attractive levels at European level, states will inject a massive amount of liquidity to keep the economy alive, and the expected rebound effect when this drama is over. I think a good time to buy if you’re from Barcelona will be the day you go out without being fined. There are other ways to look at it, but I prefer this one. It helps to spend in a better way these days of cocooning.

Feedback Today, and online journal about interviews and companies, has interviewed our CEO, Oriol Molas, to know about the current situation and how the company is facing it.

Among the most important points of the interview we have:

  • There are two types of investors, those looking for business and those who want to acquire residency, especially Asian
  • Through the Sumit fund, at Orience International we offer real estate assets
  • Currently, and due to the situation of the coronavirus, the entire real estate market is paralyzed
  • The crisis will affect Spain more than its neighbouring countries, but this in turn will create new opportunities
  • In the future the investment is sure to return
  • From July the market will start to slowly recover

Read here the full interview

After two weeks of total lockdown, since yesterday the government has implemented a deactivation of the confinement, which means that workers in those companies where teleworking is not possible can return to their jobs. This measure applies mainly to the construction and industry sectors.

Also, and to preserve the safety of these people as much as possible, the government has prepared a guide of good practices for companies that have resumed their activity:

– Maintain the interpersonal distance of at least 2 meters

– Frequent hand washing

– Hygiene of public and private spaces.

In addition to the previous measures, the Minister of Health has asked employers to stagger the hours of employees and, as far as possible, provide them with the necessary protective equipment.

On the other hand, and about transport, the government has recommended that workers come to work in means in which social distancing can be guaranteed, such as the private vehicle, walking or cycling.

Distribution of masks

In parallel, the government is distributing, since yesterday, hygienic masks for workers who go out to work. They are distributed free of charge in the main public transport stations of trains, subways and buses. In total between yesterday and today more than 10,000,000 million masks will be distributed throughout the country.

The last hour in Spain

Despite the lifting of total lockdown, Spain remains in alarm until April 26, and government sources have already advanced that the situation will last until mid-May. This means that all those who can, should continue to telework and only go outside to buy products, go to the pharmacy or walk the pet. In addition, they can only open supermarkets and pharmacies, and restaurants, bars, shops, museums, etc. they will remain closed.

If we look at the figures, little by little things are improving. According to the latest balance published by the Ministry of Health, the number of those infected continues with the slowest growth, with 3,045 new positives, the lowest number since March 20. As for the cured people, they represent 39% of those infected, with 2,777 new discharges. Finally, and despite the fact that the number of deaths has increased slightly compared to yesterday, the downward trend continues with figures much lower than last week.

The Passport Index is a world ranking that analyzes the most powerful passports in the world, that means, the passports that give more freedom of movement to its citizens.

Like every year, in early 2020, the ranking led by Japan was presented. In any case, due to the current circumstances that are being experienced with the coronavirus crisis and when half the world is confined to their country without being able to leave, the ranking has varied substantially.

We can affirm that Japan has maintained its position at the top of the table, followed by Singapore, which has entered the second quarter of 2020. Third, we find Germany and South Korea tied, and it is in fourth position where we find Spain, along with Italy, Finland and Luxembourg.

As explained by the experts, the circumstances of the pandemic have changed, in some cases, the power of certain passports.

 

The importance of health security

Traditionally, the strength of each passport was measured, among other things, by the country’s economic situation or geopolitical issues. Well, the coronavirus crisis has highlighted the importance of the quality of the health system and emergencies of each country.

According to experts, it will be interesting to see if health security will be one of the aspects to consider when evaluating the option of acquiring a second passport in a specific country.

If we focus on Spain, the health system is characterized by being public and universal. Also, during the Covid-19 crisis, the Spanish executive has taken different measures and decisions that have been applauded by the World Health Organization.

 

The good positioning of Spain

The fourth position that ranking gives to Spain shows the value of having Spanish nationality. Firstly, with this passport we can travel to 188 countries without the need for a visa, this means that we can enter many countries without asking for any prior authorization or doing bureaucratic procedures.

Likewise, Spain enjoys an excellent quality of life. Cosmopolitan cities, but also dream beaches in the Balearic Islands are just some of the options that the country offers us. Madrid and Barcelona are the two most important cities, with a better balance between work and personal life, according to numerous rankings. In addition, and as we have previously pointed out, the Spanish healthcare system is one of the most advanced in the world, which is one more attraction when it comes to investing in Spain.

Finally, it is interesting to note that, through the Golden Visa Spain program, the investor obtains the residence permit for himself, but also for his family, spouse and children.

The following is the top 10 of the index:

1. Japan (191 destinations)

2. Singapore (190)

3. South Korea and Germany (189)

4. Italy, Finland, Spain, Luxembourg (188)

5. Denmark and Austria (187)

6. Sweden, France, Ireland, the Netherlands and Portugal (186)

7. USA, UK, Belgium, Norway and Switzerland (185)

8. Czech Republic, Greece, Malta and New Zealand (184)

9. Canada and Australia (183)

10. Hungary (182)

 

Source: CNN

 

The reports on real estate investment in Spain have just been published and during the first three months of the year and, according to the numbers, the Covid-19 has had no effect on the transaction figures in the first quarter and, before the declaration of the state of alarm, It has been a very good period.

If we go into more detail, we see that the estimated volume of tertiary investment, that is, retail, logistics and hotels, reached 1.900 million. According to specialists, the year started very well, but due to the coronavirus crisis, the activity has stopped.

If we focus on the real estate sector it is a very profitable alternative for investors and, if the Covid-19 crisis does not continue, the investment will reflect an improvement. In any case, the measures approved by the Spanish government, especially focused on small homeowners, may temporarily alienate large investors.

According to Oriol Molas, CEO of Orience International, these are the scenarios that can occur after the current crisis:

 

Real estate investment in Spain, the price of new housing rises

According to the latest figures, during the first three months of the year, the average price of new and used housing stood at € 1,383, 2.5% more than the same period of the previous year.

More specifically, Madrid registered an increase of 2.3% compared to the same quarter of the previous year. In contrast, Catalonia recorded a 1.6% drop in the average price of housing.

By autonomous community, Asturias (-2%), Castilla y León (-1.9% and Galicia (-1.4%) were the only three regions that presented lower prices in the first quarter than those of a year earlier.

On the other hand, the highest increases in the prices of new and used housing were recorded in Navarra (+ 12%), La Rioja (+ 6.7%), the Balearic Islands (+ 6.2%) and Cantabria (+5, 1%).

 

Information sources: Expansión and Cinco Días

As we explain in this post, the Spanish government is carrying out a great task in the health field during the Covid-19 crisis. Proof of this is the congratulations that the regional director of the WHO for Europe, Hans Kluge, has sent to Spain through his Twitter account. Kluge has been impressed by the work of all health staff, fighting on the front line to alleviate the virus. Likewise, he has had words of congratulation for the Spanish government, applauding the health management and the determination in the measures taken.

Some of the measures that the Spanish government has adopted have been the empowerment of large spaces such as pavilions in provisional hospitals to care for coronavirus patients. Likewise, many private clinics have ceded their spaces to also attend patients, as well as numerous hotels, which have also opened their doors for this cause.

In parallel, the Ministry of Health has worked to expand the number of ICU beds across the country. Under normal conditions, for example, the Community of Madrid has 641 beds, which have now been doubled to 1,461 to alleviate the pandemic. Another of the most affected communities, Catalonia has gone from 652 beds, normally to 1,391.

In any case, and according to the Spanish authorities, the measures of lockdown and social distancing applied during the state of alarm are gradually being noticed. This week objective is to consolidate the slowdown of the pandemic, that is, the number of infected and victims.