The new Supporting Act of Entrepreneurship and Internationalization (Ley 14/2013) sanctioned by the current Spanish Government is in force with the purpose of helping the economic situation of Spain. The new law is expected to reinforce investment and make it easier for foreign investors and entrepreneurs to enter and reside legally in Spain.
The Act establishes the following: “This Act is intended to support entrepreneurship, promote their development, growth and internationalization and encourage entrepreneurial culture and an advisable environment to the economic activity, both in the initial moments to begin the activity, and its later development, growth and internationalization”
The new legislation establishes that any foreigner who can afford and buy a 500,000 € property in Spain will get a Residence Visa in our country. This residence visa will not only allow you to enter and reside legally in Spain but also grants you free movement in the Schengen Area, which is a major plus for Non-EU nationals. Our Law Firm offers high quality service for our clients in or outside of Spain. Our specialized group of Attorneys will guide you through the property selection and residence application.
The law introduces new categories for investor and entrepreneur permits processed by the “UGE” (“Unidad de Grandes Empresas” or Large Companies Unit). This added flexibility regarding the qualifying criteria and reduced the processing time by the Spanish Authorities after applying for the residence visa.
You must know as well that foreign nationals will be granted according to this Law a residence visa for one year or a residence permit for two years. This residence permit may be renewable every two years as well. Our Law Firm will guide you through this process along with your biannual application renewal. Remember as well that after 5 years of continuing residency in Spain you may issue your citizenship.
In order to be considered for a residence visa through property investments, you must fulfill any of the following options:
- Purchase or invest at least 2,000,000 Euros in Spanish government bonds or public debt.
- Invest at least 1,000,000€ in Spanish companies.
- Buy a property in Spain with a greater value than 500,000 €
- Start a business project to be developed in Spain considering the general interests of Spain.**
**To be considered of “general interest”, a business must:
- Create jobs in Spain
- Have a socio-economic impact in a certain region
- Make a significant contribution to the technology and innovation sector
Any investment made by a foreign company located overseas where the foreign investor has the control of the company will also be considered as an important investment.
Such investment can be credited submitting a certified document proving that you have made the required investment over a period not exceeding 60 days prior the filing of the application. These documents can be:
- A copy of the investment statement issued in the Foreign Investment Registry of the Ministry of Economy and Competitiveness for investments in shares not listed or partnership shares.
- A financial intermediary certificate, duly registered with the National Securities Market or the Bank of Spain, stating investments on shares listed.
- A certificate from the bank or the Bank of Spain stating that the applicant is the sole owner of the investment in government bonds for a period at least of five years.
- A Property Registry certificate in order to prove ownership of one or more immovable properties in Spain for a value over 500,000 €.
You may bring your family members as well to Spain by proving that you have financial means to cover their expenses. Also, Spanish Authorities may require an International Health Care Insurance.
For more information regarding Immigration Services, contact us and one of our Spanish Immigration Attorney will discuss your possibilities.