Spain's capital is one of the favorite destinations for Latin American migrants looking for work in a country with the same language as their own.

The city has long welcomed Peruvian, Ecuadorian, Colombian and other nationalities to work in areas such as caring for the elderly and sick, construction and other sectors that don't always have enough local employees.

Spain, for example, is the European Union country that takes in the most Venezuelan refugees.

However, while migrants with financial difficulties continue to arrive, a new profile of Latin American migrants has emerged in recent years, with more resources.

"Almost all the clients we help to emigrate to Spain are high-income earners who don't need to generate income there," says Alexandre Rangel, managing director of Siespaña, a company that specializes in advising foreigners who want to settle in Spain.

Indeed, a few years ago well-known Latin American billionaires landed in the country - such as Mexico's Carlos Slim, who acquired part of FCC, the Spanish infrastructure giant, and Venezuelan banker Juan Carlos Escotet, who now controls Abanca, one of the country's main banks.

But as Nuria Vilanova, from Ceapi, the association of Ibero-American business leaders, points out, "investors are now arriving who are interested in investments that don't require as much capital, and many are investing in real estate to rent out to tourists".

After all, what has made the former capital nestled in the dry Castilian highlands so attractive?

"It's like being at home"

"Most of those arriving [in Madrid] for the first time value the quality of life, the public services, the restaurants that open every day, the public transport and, above all, the peace of mind of living in a safe country, because in their own they were constantly threatened by crime," explains Rangel.

Spain and its capital also offer the possibility of protecting assets threatened by unexpected government decisions or the monetary turbulence that Latin America is used to in a solid currency like the euro.

But there are also other factors, perhaps more intangible, as Eladio Duque, one of the many clients Rangel has helped to emigrate, explains.

"I lived in Miami for 12 years and never felt at home; when I arrived in Madrid I felt at home from day one," the Venezuelan confesses.

Eladio moved to Miami when Hugo Chávez was ruling Venezuela. He set up a decorating company and obtained US citizenship, but in 2022 he fell in love with Madrid. He now runs his business in Miami remotely, from his apartment in Madrid's Tribunal area. For him, the Spanish capital is "the most wonderful city in the world."

"Here people don't come to me for what I have, but for who I am," says the Venezuelan, who in a few months will be able to apply for citizenship, a much quicker and easier process in Spain than in the US.

Spanish law allows Ibero-American citizens to apply for nationality with just two years of legal residence in the country - and the residence visa is also easier to obtain than in the US.

In addition, for those with high purchasing power, there are other facilitations, such as the 85% reduction in tuition fees at Madrid's universities for Ibero-American students, announced at the end of the year by the regional government.

According to Vilanova, "Spain is overtaking the US as the place where the children of Latin American business leaders are raised", and the differences in migration policy between the two countries are one of the reasons why.

Rangel says that most of his clients first think of Miami because they have family there or have visited at some point, "but then they realize that in reality the US has closed its doors to legal migration".

Although there are crimes such as cell phone theft and pickpocketing - especially in the city center and in crowded tourist spots - Madrid is generally considered safe and its crime rate is low.

Mexican Carla Chanes says she moved to Madrid because she was afraid of being a victim of crime in Mexico City.

Carla lives with her family about 30 kilometers from Madrid, in the historic municipality of Alcalá de Henares, known for being the birthplace of Miguel de Cervantes.

Her daughter studies at a private school subsidized by the regional government. She pays 40 euros a month - much less than she would spend on a private school in Mexico.

"Here you realize that it's possible to live while spending less," says the Mexican, who supports her family with savings. At first it was difficult, but over time she realized that she was no longer afraid that someone would take her son while she was out and about. "The peace of mind of living in a safe country is priceless," she says.

But if Carla feels that she has been welcomed in Madrid "with open arms", some of those who already lived there are beginning to realize that the metropolis is becoming more expensive.

Increasingly expensive rents

Andrés Pradillo, spokesman for the Madrid Tenants' Union, says that the phenomenon of foreigners buying homes in Madrid is growing disproportionately.

" Rents have increased by 60% since 2015 and many families already have to put more than half their income into housing," says Pradillo.

More than half of the houses sold in Spain last year were paid for outright, which, according to Pradillo, indicates that "these are houses not for housing, but for speculating and making large incomes in areas with very high rents".

As a result, "many people in Madrid are disillusioned because they are being driven out of their neighborhoods" - and the idea that the authorities should regulate rental prices has been gaining more and more traction in Spanish politics in recent years.

The mayor, José Luis Martínez-Almeida Almeida, admits that "as in other big cities, Madrid's big problem is housing", but that, at the same time, "the arrival of people with the capacity to invest is a good opportunity for the city".

The mayor says he is going to sell off public land so that developers can build affordable housing. "Over the next few years we will increase the number of homes available to rent in Madrid by 4,000," he says.

New urban developments promise 10,700 homes with a 60% government subsidy , but it remains to be seen whether they will be enough to alleviate the housing deficit.

// Lusa