The Spanish Government published the “Law 14/2013 on Support to entrepreneurs and their internationalization” which created a new type of visa and residence permit for investors.
Applications for a visa and / or residence permit may be initiated by non-resident investors who have made any of the following investments in Spain:
A) An investment of: (i) a value of more than 2 million euros in Spanish public debt (bonds); (Ii) 1 million euros in shares in a Spanish private company or a bank deposit in a Spanish financial institution.
B) Acquisition of real estate in Spain which represents a net investment of more than 500,000 EUR.
C) A business project to be developed in Spain and which is considered and credited as a “general interest”, for which the compliance with at least one of the following conditions shall be assessed:
1) Creation of jobs;
2) Making an investment with a relevant socio-economic impact in the geographical area in which the activity is to be carried out;
3) Relevant contribution to scientific and/or technological innovation.
- Obtain a new type of VISA that allows entering and staying in Spain for a maximum period of 1 year, which increases the period of stay that currently is 90 days for non-residents. (The visa will allow the beneficiaries to move unrestrictedly within the Schengen zone (which currently includes Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Republic Czech Republic, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and Switzerland).
- Obtain a new type of PERMISSION OF RESIDENCE for a period of two years renewable for another period of two years. This residence permit does not require the beneficiaries a minimum period of residence in Spain of 183 days a year to renew it. This means that the holder of the authorization may be authorized to maintain its tax domicile outside Spain. 3. The requirements for the Residence Authorization for InvestorsThe applicant must comply with certain general and specific requirements according to each type of investment.Los requisitos generales son:
The general requirements are:
– Not having entered or remained irregularly in Spanish territory.
– Be of age (over 18 years).
– Have no criminal record in Spain and in countries where the applicant has resided in the last 5 years for offenses provided for in the Spanish legal system.
– Do not appear as rejectable in any of the Schengen countries.
– Have private health insurance arranged with an insurer authorized to operate in Spain.
– Have sufficient financial resources for the person and for the members of his family during his period of residence in Spain.
– Hold a visa for investors in force or be within the period of 90 calendar days after the expiration of this one.
– Have traveled to Spain at least once during the period of validity of the visa.
– Pay the fee for processing the authorization.
Specific requirements in the case of acquisition of real estate in Spain
In the case of acquisition of real estate in Spain, the applicant must prove to have one or more investments in real estate of 500,000 euros free of all charges or encumbrances. The part of the investment that exceeds the amount demanded may be subject to a charge or tax. . The investor must provide the certificate or certificates of ownership of the Property Registry corresponding to the real estate or real estate and must be dated within 90 days prior to the submission of the application. In the event that the title of ownership is not registered, a certificate may be presented stating the current entry of the document of acquisition.
It is worth mentioning that the bill states that the ownership of the residence permit for investors will not be sufficient to have access to the permanent residence permit or nationality. For more information we invite you to visit our office located in Barcelona for any legal or immigration consultation in Spain.
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ANTONIO VILLORO MURCIANO – AVMLEXFINCAS