Spain: Residency Visas for non EU members
By Santiago Lapausa, JC&A Abogados
Spanish Government has approved the Law on Entrepreneurship and its Internationalization, which will allow investors from countries out of the EU to stay in Spain for one year or more. The Law is aimed to stimulate the entrepreneurial culture and initiative with tax and social security incentives, support for the financing, encouraging business growth and job creation and providing measures to support the internationalization of the Spanish economy.
One of the measures to promote foreign investment and entrepreneurship is aimed to make obtaining a residence permit easier and faster, starting from one year visa to unlimited two years period authorization renewals.
This measure does not affect to EU citizens or foreigners already covered by the provision of freedom of movement across the Union.
All immediate family will qualify (spouse, children). Travel is permitted through the Schengen area of Europe.
Foreigners can apply for one year Residency Visa acquiring real estate assets (houses, plots or premises), investing a minimum of 500.000 Euros. The property/ies must be registered at the petitioner´s name in the Land Registry and the 500.000 Euros investment must be free of charges, meaning that mortgages can be placed only for investments above 500.000 Euros and on the amount exceeding said limit.
It is possible to carry out the investment through a legal entity (company) provided that this later one is not domiciled in a tax haven and that the applicant holds the majority of the voting rights and have sufficient power to appoint and to dismiss members of the Board.
Moreover, this Law provides more opportunities to other kind of investors as it also contemplates the possibility to obtain one year Visa for those investors who acquire 2 million Euros in Spanish public bonds or 1 million Euros in Spanish bank deposits or Spanish company's shares.
Investors may be entitled to apply for a two years Residency Authorization provided that the residency visa is still valid or within 90 days as of the expiring date. The Residency Visa will allow the petitioner to stay in Spain at least during one year. Applying for a residency authorization period above one year is possible provided that the applicant has traveled to Spain at least once within the authorized period and has kept the investment of 500.000 Euros or above. The Residency Authorization will allow staying for 2 years and petitioner will be able to apply for additional 2 years renewing the application.
JC&A Abogados, Marbella, Spain
published: November 2013