Wealthy Venezuelans seek haven in Madrid

Madrid

FOR Venezuelan exiles with money, Madrid has become a home away from home.

Venezuelans are increasingly turning to the Spanish capital as a place to invest as their home country falls further into economic chaos and the political mood turns more sour in US havens such as Miami. The number of Venezuelans arriving in Spain rose more than 50 per cent in 2015, according to the Spanish statistics office, the biggest increase after immigrants from the Ukraine.

With its shared language, stable politics and a property market that's still recovering from a six-year crash, Spain holds many…