Madrid, the Latin capital, poses as the “new Miami”

Big Mexican and Colombian fortunes or economic migrants from Honduras, Bolivia and Ecuador, Cuban and Venezuelan political dissidents or former members of Central American governments, not to mention Latin singers or writers… If Madrid has always cultivated close ties with Latin America is more fashionable than ever, especially among the richest Latin Americans. In 2022, according to the National Institute of Statistics, more than 3 million people born in Latin America lived in Spain, of which more than 820,000 in Madrid and its region, almost 50% more than in 2015. And this, not to mention the second-generation young people, whose parents arrived to participate in the construction boom of the early 2000s.

Determined to promote its historical, cultural and economic ties with Latin America, the Spanish government has logically made rapprochement with this continent one of the priorities of the rotating presidency of the Council of the European Union, which it has held since 1um July. In addition to the strategic interest for Europe of a closer relationship, Spain would acquire a new dimension in the geopolitical field and would establish itself as a global player, playing the role of gateway and hub towards its former colonies.

“Spain is becoming what Miami was before. The language is the same, integration works and both rich Latin Americans and workers find one thing in Latin America that is of great value: security”., underlines Erika Gonzalez, professor of international relations at the Complutense University of Madrid. You see in this enthusiasm the consequences of “departure of large Latin American fortunes from the United States during the presidency of Donald Trump” it’s a “breathe the American model of integration”. Political instability and the coming to power of many leftist governments in Latin America, called “pink sea” (“pink tide”), might have aroused the concern of the wealthy as well. In 2021, Latin America recorded capital outflows of $140 billion (€124 billion). The same in 2022. And, in Madrid, several Mexican law firms specializing in international arbitration have opened offices, which provide for a “growing litigation and regulatory problems for foreign investors”because of “uncertainty and political situation in Latin America”recently pointed out the Spanish Arbitration Club (CEA).

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