Immigrants 'boosting' Spanish economy
Spanish real estate investors could take advantage of the booming immigrant population through property letting.
More than 3 million foreigners from all over the world have swelled the country's population by 11% in the past few years to work mainly in the construction and care and nursing industries, according to Business Week (BW).
Spain is "Europe's best-performing major economy, with growth averaging 3.1% over the past five years" and has "created half the new jobs in the eurozone", it says.
Unemployment has fallen and that the government has said this is due to immigration, with Javier Valles, economic policy chief for prime minister Jose Luis Zapatero, publicly thanking foreigners who have come to live and work in Spain.
Eric Chaney, chief economist for Europe at Morgan Stanley, told BW that an open and flexible labour market was good news in an age of a mobile population and globalization, as it attracted the right workers.
Immigration advice organisation Workpermit.com states that it can take up to 6 months for a foreign employee to be granted a work permit but notes that recent changes to European legislation means some workers can be admitted on-site "within a week".
This potentially makes Spain an ideal destination for immigrants needing immediate work and accommodation.
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