Hong Kong families in the United Kingdom and Canada are facing deep uncertainty due to shifting immigration policies and the rising cost of living, and some are looking for alternative destinations to settle.
Property agents said Spain’s Non-Lucrative Visa (NLV), designed for retirees and anyone who can support themselves without employment, had become one of their top choices.
The NLV provides a pathway for citizens outside the European Union and the European Economic Area who have enough income through passive income or savings, granting them the right to live in the country without engaging in any professional or gainful activity.
Permanent residency in Spain can be granted after five years, and citizenship requires a 10-year stay. The NLV requires a monthly income of about €2,500 (US$2911.78), or €30,000 in a savings account, with the exact sum depending on the size of the main applicant’s family. The visa has gained attention after Madrid scrapped the so-called “golden visa” programme last year, its pathway for fast track residency, which required at least €500,000 (US$582,000) in real estate investment, among other conditions.
“Historically, Spain was not the first choice for most Hong Kong families considering emigration,” said Lily Siu-Rambaud, managing director of Madrid-based property agency Epic Asia.
“The language barrier was one of the main reasons many preferred traditional destinations such as the UK, Australia or Canada. However, this has gradually changed over the past decade.”