Last September the Spanish parliament approved Law 14/2013 of the 27 September also called “law for the support to entrepreneurs and their internationalization”. The law came into effect on the 29th September and its main objectives are to make life easier for self-employed people and to make access to credit easier for small medium enterprises.
Residence permits and visas
An additional novelty coming with this law is the possibility for foreign (non EU) citizens doing a “significant investment” in Spain to get a Spanish residence permit and by extension a Schengen visa.
Article 63 of the law is stating that to be eligible the person must finance one of these investments types in this context:
- An investment in Spanish debt Bonds of at least 2 Million Euro.
- An investment of more than one Million Euro in shares, bonds and participations in Spanish companies or in deposits in Spanish Bank entities
- The acquisition of real estate properties for a total value of at least 500,000 € (investment in multiple property and partial ownership is allowed).
- A business project in Spain, of certified public interest with at least one of the following characteristics:
- Creation of jobs
- Investment with a wide socioeconomic impact in the region were the business activity is conducted
- Relevant scientific and technological innovation
In case 3 the first 500.000 € invested in properties will have to be free of lien and charges. In other words it won’t be allowed to mortgage the property just purchased. Case figure 4, the project will have to be approved by the autonomous community where the project will be deployed.
The initial Visa for investors will have a validity of one year. After this the investor will be able to ask for an investor residence permit in Spain.
Resident permits for investors
The person asking for the resent permit will have to be:
- Legally be on the Spanish territory.
- Be of age.
- Free of any criminal record for infractions recognised by the Spanish justice system.
- Not be banned from entry in any country with which Spain has a visa agreement (for example Schengen countries).
- Be covered by a medical insurance in Spain.
- Demonstrate sufficient economical resources for him and his family during his stay in Spain.
The spouse and the children at charge can ask for a visa or a residence permit later on and with the same requirements.
On top of the same requirements valid for the Visa, the investor will have to:
- Have a valid investor Visa or claim for residency no later than 90 days after the expiration of the Visa.
- Have travelled at least once in Spain during the validity period of the Visa.
- Demonstrate that the requirements of the investments are maintained or increased:
- In case of participations in companies, a Notary public certificate stating the amount of the investments.
- In case of investments in shares or bonds, a certificate from a recognised financial institution stating the invested amounts.
- In case of real estate investment, a certificate from the land registry.
- In case of a project of public interest a document from the ministry of economy stating that the requirement for the project are maintained.
Resident permit duration
The duration of the permit will be 2 years, renewable for an additional 2 years if the requirements are maintained. After this it will be possible to apply for a permanent residence permit according to normal Spanish regulations.
In total it will be possible to reside in Spain for a total period of 5 years with the possibility after this to get permanent residency.