Law on Spanish Residency for Foreign Investors

On September 27, 2013 the official Spanish State Bulletin, BOE, published Law 14/2013 on Support for Entrepreneurs and their Internationalization. The law came into force the day after its publication.  This new law creates different types of visas and residence permits for foreign investors and entrepreneurs.
Specifically, article 61 of the Law, concerning the entry and residence in Spain for reasons of economic interest, states:

1. Foreigners who intend to enter or reside, or who already reside, in Spain will be allowed entry and residence in Spanish territory for reasons of economic interest, in accordance with the provisions of this section, in the following cases:

a. Investors.
b. Entrepreneurs.
c. Highly qualified professionals.
d. Researchers.
e. Workers who are transferred within a company or group of companies.

Two. The provisions of this section do not apply to citizens of the European Union and those foreigners who are beneficiaries of the EU Law on the right to free movement and residence.

Ultimately, what emerges from this law is that the concession of residence permits for foreigners who invest in Spain is included. The legislation provides that non-resident foreigners may obtain a residence permit provided they make a significant capital investment or buy a property to a value of over 500,000 euros.

According to regulations, a significant capital investment is viewed as one that meets the following requirements:

A minimum initial investment of 2 million in public debt.

A value equal to, or exceeding, one million euros in shares in Spanish companies, or bank deposits in Spanish financial institutions.

The acquisition of property to a value of more than 500,000 euros: the applicant must prove to have a real estate investment of 500,000 euros free of any liens or encumbrances. The share of investment in excess of the required amount may be subject to liens or encumbrances.

It is expected that the residence visa for foreign investors will last for at least one year. The initial residence for investors will run for two years. Once this deadline has been reached, those foreign investors who are interested in residing in Spain for longer may apply for renewal for the same term.

However, although this is a first step, it is not yet possible to apply for this type of visa, as the amended Law must first set out in detail the procedure for applying for such visas.

The Law on Support for Entrepreneurs and their Internationalization – Visa and Residence Permits in Spain for foreign investors, is inspired by the Regulations granting E -2 and E -B5 Visas and Residence Permits in the United States to foreign investors. ALDA EUROPE INVESTMENTS now handles visas and residence permits for foreign investors in Spain.

European Property Investments and Income