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.

 

The situation that is being experienced in many countries is delicate, for this reason at Orience International we are by your side, working to offer you a quality and efficient service. All our teams in Spain, Greece and Portugal are active to accompany you in all phases of your project and to solve all your doubts through personalized attention.

Below what the last hour is about Greece and Portugal:

According to the latest news, the Greek government has decided to extend the lockdown for three more weeks until the end of April, specifically on the 27th, with the aim of slowing down the spread of the virus and protecting the population, as most European countries are doing .

At the moment, the Hellenic country has a total of 1,673 positives and a total of 68 deaths due to the coronavirus. Since the beginning of the lockdown, the Greek authorities have prohibited citizens from going out and all economic activity has stopped.

Check here the measures that have been taken in Greece.

Portugal is another of the affected countries. With a total of 11,300 infected and 275 dead, according to the latest official figures, the Portuguese citizens are also confined since the end of March. As reported by the country’s authorities, there are still no dates for the return to normality of companies and educational centers such as schools and universities, although President Antonio Costa has advanced that the isolation measures could be extended up to three months.

 

 

 

With the coronavirus crisis, the Spanish health system and the others from the rest of the countries are on everyone’s lips. Every day, doctors, nurses and other health staff work hard against an enemy, the Covid-19, which, in more than one case, is testing the health systems and models of each and every country affected.

Although it is true that Spain is one of the countries where the coronavirus pandemic is having the most impact and hospitals are almost at the limit due to thousands of cases, the Spanish healthcare system is one of the most advanced in the world, ranking among the first positions in numerous international rankings. And this is being demonstrated with the current management of the Covid-19.

Among the main measures to alleviate the coronavirus, the Ministry of Health has enabled new spaces such as hospitals so that everyone in need can be attended by health staff. In this way, private clinics have become government-run public centers. Likewise, large spaces such as pavilions are also enabled for coronavirus patients. In all these cases, the healthcare that the Spanish government is offering is completely free, so that all citizens can be properly cared for.

In parallel, ICU beds have also been expanded for more seriously ill patients. In the case of the Community of Madrid, it has gone from 641 to 1.429 beds, more than double. In the case of Catalonia, the 652 ICU beds under normal conditions have been expanded to 1.391.

Everything you need to know about the Spanish healthcare system

Spanish healthcare is one of the main attractions of the country and it is an element to take into account when evaluating the possibility of establishing in this country. The Spanish health system is mainly characterized by two principles, universality and free; this means that the entire population has the right to access Spanish healthcare, whenever and wherever they need without any cost.

According to a report prepared by the World Health Organization (WHO) in 2018, which evaluates the best healthcare systems in the world, Spain is in seventh position, second only to France, Italy, San Marino, Andorra, Malta and Singapore. Once again, this ranking highlights the health boom in Spain with highly qualified professionals and world-class healthcare centers. Likewise, we cannot overlook the fact that Spain is the second country with the highest life expectancy in Europe.

Health, an essential element to consider

When considering the possibility of acquiring citizenship or residence by investing in another country, it is important to take into account certain factors such as the quality of life of the territory and other elements such as education or health. And, most residency and investment programs are extensible to the relatives of the interested party, which means that the couple and the children, under 18 years of age, can take advantage of the rights granted by these programs.

If you are considering the possibility of obtaining citizenship or residence by investment, we can help you. We accompany you during all phases of the investment project, offering you personalized and tailored attention. With a multicultural team we work efficiently and transversally.

Contact us!

The Spanish Cabinet has today approved an aid plan for tenants having trouble paying the rental fee. The following points stand out:

  • Suspension of evictions for 6 months from the end of the alarm state
  • The automatic 6-month extension of rental contracts to prevent abusive increases
  • Direct aid of up to € 900 after the crisis

This plan includes microcredits guaranteed by the State at zero cost.

The objective is that all unemployed people, those affected by a temporary employment record and the self-employed who have seen their income significantly reduced due to COVID-19, can benefit.

These measures have been announced, after the Council of Ministers, the spokesperson and Minister of Finance, María Jesús Montero, the second vice president of Social Rights, Pablo Iglesias, and the third vice president, Nadia Calviño.

A distinction has been made between small and large owners. The small owners will be guaranteed the full collection of the rents, and the investment and home funds, which will assume part of the impact of these measures and you will have to carry out restructuring of the debts of the tenants. The idea is for the State to take over with public funds the debts of all those tenants in situations of vulnerability due to the Covid-19 crisis, a situation that can lead to exemption from payment to thousands of households.

An automatic 6-month extension of all rental contracts has also been approved, which means that no tenant with a current contract can raise their rent for the next 6 months.

Regarding microcredits (without interest costs or commissions) they can be repaid in up to 6 years. If after these 6 years they have not been returned, an additional term of 4 more years will be enabled.

The conditions for tenants’ access to microcredit programs are also expanded, which will be less restrictive than in other cases in which the concept of “vulnerable housing” is applied. In this case, all unemployed people, from ERTO or with reduced working hours, and the self-employed who do not reach the limit of three times the IPREM (increase for children and dependent dependents) are allowed to participate.

In any case, these tenants will always be able to take advantage of the ICO credit lines, and families who cannot afford to pay the microcredits will have direct state aid to pay off the debt with the ICO.

It is anticipated that the amount of the aid could reach a maximum amount of € 900 per month and up to 100% of the principal and interest of the subscribed loan. In addition, a grant of € 200 per month could also be approved to cover the costs of maintenance, community and basic supplies with the limit of 100% of these.

If you want to know the measures that the Spanish government has aproved due to the Covid-19, real the next article.

If you have any doubt, our team will be very pleased to answer any questions you could have. Contact us!

Due to the situation of the COVID-19 all around Europe, the Greek Government has approved and implemented some measures in order to limit the spread of the virus within its borders.

Country-Specific Information:

A curfew is in effect March 23–April 6 throughout Greece. Violators will be fined (150 Euros per violation). Those who leave their residence must have a valid reason to be out. Such reason shall be documented via a specific form (Type A Form relates to work and Type B Form is for essential personal movement (i.e. supermarket, doctor/pharmacy, help someone in need, ceremony (wedding, baptism, funeral), physical exercise). Instead of filling out form B, one may send an sms message to 13033 which is free of charge. Those who are out, must carry with them either an identity card or passport at all times as they are subject to police checks.

  • Greek authorities have banned gatherings of more than ten people.
  • All museums, including the Museum of Acropolis are closed through the end of March.
  • Schools (nurseries, kindergartens, primary schools, high schools and universities) are closed until April 27th.
  • Restaurants, bars, clubs, cinemas, theaters, playgrounds, gyms and all retail shops are also closed. Online orders are still available.
  • Land borders with Albania, North Macedonia, and Turkey are closed; further closures may be instituted without notice.
  • Air travel between: Italy, Spain, Turkey, the UK and Holland is suspended; the travel ban is continuously under review. Ferry service between Italy and Greece is suspended.
  • The majority of hotels will be closed through April 30 pursuant to government directive. Airbnb and other host platforms are NOT affected by this closure as of now.
  • Authorities have also restricted any movement to the islands except for the respective permanent residents.

Entry and Exit Requirements:

The Greek government announced that as of March 18th through April 18th, non-EU citizens may not enter Greece except for spouses or minors of EU/Schengen nationals, long-term residents, members of government delegations, and passengers in transit.

  • No particular documentation to enter/exit Greece is required at this time.
  • National Public Health Organization of Greece has disseminated guidance on prevention, detection and containment measures to all points of entry to Greece: airports, including airline and ground airport personnel, shipping and ground maritime personnel, border/land entries.

Quarantine Information:

On March 16, Greek authorities announced a mandatory 14-day self-quarantine on all international arrivals. This quarantine period is enforced by random police checks.

See the measures taken by the spanish government.

Effie Andreouloakou, Orience International Lawyer

If you have any questions, don’t hesitate to contact us!

According to numerous reports, sources close to the coalition government confirm that the possibility of suspension of rent is being studied for those people who have become vulnerable due to this economic crisis caused by the coronavirus pandemic, regardless of who their landlord is.  This means that all those who cannot afford to pay the rent for their houses due to the loss of their job, an ERTE or a reduction in working hours will be able to be accommodated. This measure will also include the self-employed and SMEs that are suffering a substantial drop in their income.

It is proposed to establish an extendable moratorium period of two months and compensation to owners. The suspension of the payment of home rentals will be extended to the payment of premises and offices in the case of self-employed persons and SMEs, who, as mentioned before, have a significant loss of income.

For lessors, gradual financial compensation would be offered, which could range from 100% of the amount in the case of a two-property owner, to just 5% for large holders or those with more than eight rented properties.

The initiative includes the duration of said suspension of the payment of the rent: during the next two months, extendable to the following month once the state of alarm ends. In addition, all those contracts that end during the validity of the alarm status may be automatically extended for three months.

It remains to be specified how the vulnerability situation can be proven, although it is intended to facilitate access through the presentation of documents or with a responsible statement. Another point from which the initiative starts is that abusive rent increases will be prevented in the six months following the implementation of this measure

Within the package of economic measures approved by the Government is included the moratorium on the payment of mortgages, but not that of rents, something criticized by unions and different associations. However, Nadia Calviño asks for one more week to study the measures on minimum income and rents. The economic vice presidency and the Ministry of Finance requested more time to study the proposals that were discussed at a meeting on Monday and design them avoiding “side effects.” Its objective, as these last departments transferred, is that the measures put in place are well designed to respond effectively to social needs and without generating other possible side effects.Aid for rent can also be used for housing, beyond the premises and offices of SMEs and the self-employed, but it will be necessary to distinguish between small owners and large holders of housing who, at a time like this, have to settle the shoulder so no one is left behind.

As reported on March 24 in the newspaper El Confidencial and regarding the creation of a minimum vital income, the Government intends to allocate it to those people who have not been able to avail themselves of the first package of social measures approved last Tuesday.  Therefore, it would not have a universal character and, moreover, its duration would be temporary, depending on the duration of the effects of the economic crisis as a consequence of the coronavirus pandemic. It would be, according to Executive sources, a form of minimum income “to protect those who have no income or have seen their incomes reduced.” This proposal is counting on allies of a transversal spectrum, which ranges from the third sector and social groups to the vice president of the ECB Luis de Guindos, who has defended a “minimum emergency income”.

Due to this situation, from Orience International, as advisers in legal, financial and strategic matters for international investors, we are available to all our clients and to all involved people who want to get advice, whether they are residents of Spain or have any investment in the country and consider it important and useful to have the help of a team of professionals in the Real Estate sector.

To do this, you can contact us via email sr@orienceinternational.com sending your questions or requesting more information about our professional advisory services.

Discover all the services of Orience Premium Club.