DURING the recent meeting of the Consejo de Ministros (Council of Ministers), the Spanish ministers reached a consensus to end the practice of grating golden visas to people who purchased properties worth 500,000 euros or more.

The news of the program's impending cancellation reverberated among the Filipino community. Filipinos were among the top ethnic groups that availed of this program.

The golden visa allows its holder to become a resident of Spain. As such, the holder can live and work in Spain and travel freely across Schengen countries without a visa. This privilege extends to the golden visa holder's spouse and dependents.

The good news is that the cancellation of the program is not yet in effect. The law still has to be amended, and experts estimated that it would take at least six months to put it into effect

Maverick Filipino entrepreneur Injap Sia came up with an innovative solution. Sia would build Madrid's largest hotel in the Valdebebas district under his Hotel 101 brand. It would be another landmark, bearing the Filipino flag in the heart of Spain.

Hotel 101 Madrid would have 680 rooms, which investors could purchase as an investment. Gains were to be had through property appreciation and a monthly revenue share. More importantly, buying units worth 500,000 euros or more qualified the investor and his family to avail of golden visas.

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