Spanish Residence for Foreigners

The new Spanish law that grants residence to foreigners who invest in Spain has finally been approved as reflected in provisions 61 to 76 of Law 14/2013 of September 27th.

This section of the Law does not apply to citizens of countries members of the European Union or to those foreigners who benefit from right of free travel and residency in the EU.

To apply for the residence permit/visa the following requirements must be fulfilled:

The applicant must:

Once the visa/permit application is received by the Consulate or diplomatic office of Spain in the country of origin -where the application must be submitted- the Spanish Police will be requested to issue a report evaluating the risk of the applicant of being a threat to the security of the country. Upon receipt of such request, the Police have seven (7) days to issue said report and if they fail to do so within that period, a favourable response will be considered by default.

Due to economic interests, the Spanish Government will grant entrance and residence visas/permits to foreigners and non-EU residents as explained above and who fall into one of the following categories:

1. INVESTORS

Required initial investment should be equal or greater than:

When applying to a visa/residence permit due to real estate investment, the investor should provide proof of the investment (copy of the purchase public deed), proof of payment of the correspondent taxes and a domain and encumbrances certificate issued by the correspondent Spanish Property Registry. This certificate must be issued 90 days prior the application of the visa/residence permit.

The residence visa for investors will have a validity of “at least” one year.

Requirements for the renewal of the residence permit/visa for the following period are:

2. ENTREPRENEURS AND BUSINESS PERSONS

A foreigner can apply for a 1-year residence visa for Spain, when the only or main purpose is the development of an entrepreneurial or business activity.

The holders of these residence visas can apply for a residence permit for entrepreneurs without requesting a visa and without the need of a minimum previous stay in Spain, and can be proven that effective business activity had already been started for which the visa was applied for in the first place.

Those foreigners that request the entrance permit for Spain or that already have a valid visa or residence permit and are seeking to initiate, develop and manage entrepreneurial businesses in Spain, may be provided with a residence permit for a business activity.

Entrepreneurial or business activities are those with innovative strength, are of special economic interest to Spain and must be positively evaluated on the administration’s reports, for which the following criteria will be taken into account:

3. HIGHLY QUALIFIED PROFESSIONALS

Residence visas will be granted to managers or highly qualified professionals, provided that the applying company fulfils one of the following conditions:

Likewise, residence visas will be granted to managers or highly qualified professionals of companies considered of “general interest”, which significantly increase the creation of new jobs and fulfil the following criteria:

4. RESEARCHERS

Residence visas will be granted to foreigners for research, development and innovation, as well as for education, which will be subject to certain technical formalities.

5. EXPATS

Residence visas will be granted to foreigners due to intra-company re-location provided the following criteria are met:

For additional information: CRUZ-CONDE & ASOCIADOS http://cruz-conde.com