MANILA, Philippines – If you’ve dreamt about living in Spain, this might be your chance – provided you have about P30 million to spare. DoubleDragon’s hotel subsidiary, Hotel101, is launching a promo to waive the processing and advisory fee for Spain’s coveted Golden Visa program.

Under the promo, investors who purchase at least three units in Hotel101-Madrid will have their golden visas processed for free by DoubleDragon’s advisory service providers – Orience, PSI Consultants, and L&L RSM Law. The deal will last from the start of the unit pre-selling until December 31, 2023 or until all units are sold, whichever comes first. The processing and advisory fee normally costs about 6,000 euros (P365,394.24).

This is all part of DoubleDragon’s plan to build its first Hotel101 branch in Spain, touting it as “one of the top 5 largest hotels in Madrid” and the “first homegrown Filipino hotel chain to enter Spain.” With this golden visa incentive, the hotel project is expected to bring in about 143.3 million euros (P8.7 billion) in sales revenue.

“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,” said DoubleDragon and Hotel101 global chairman Edgar Injap Sia II in a stock market disclosure.

DoubleDragon did not specify the price of each unit, but the three units bought must collectively amount to at least 500,000 euros (P30.4 million), the minimum real estate asset investment needed to qualify for the golden visa program.

(READ: A Filipino traveler’s guide to Barcelona – even on a budget)

What is the golden visa?

The golden visa, officially called the Spain Investor Visa, is a residence permit granted to non-European Union nationals who invest heavily in Spain. The visa holder, his/her spouse, children, and parents will have the privilege to live, study, and work in Spain. The permit also grants them the freedom of moving and staying in any of the 27 countries in the Schengen Zone.

Aside from investing in real estate assets, applicants can also qualify for a golden visa by depositing at least 1,000,000 euros (P60.9 million) in a Spanish bank or buying shares in a Spanish company for a similar amount. Alternatively, they can invest at least 2,000,000 (P121.8 million) in Spanish treasury bonds.

Filipino golden visa holders can also use it as a fast-tracked path to Spanish citizenship. Those coming from former colonies of Spain – which includes the Philippines – only need to live in Spain for a total of 183 days a year over two years, rather than the usual 10 years.

1 euro = P60.8990 – Rappler.com