Following the passing of Spain’s Law on Entrepreneurs (Law 14/2013, of 27 September, in support of entrepreneurs and their internationalisation) those foreign nationals that propose to come and live in Spain, or who are already residing here, will now have easier entry and permanence for reasons of economic interest under those circumstances in which they can prove they are one or more of the following:
- Investors
- Highly qualified professionals
- Entrepreneurs
- Researchers
Employees on in-company assignments or postings
The option of living in Spain by investment
Regarding the first of these circumstances, a residence or visitor’s permit may be granted to foreign investors who make a significant capital investment in our country, understanding this to be one that fulfils any one of the following conditions:
- An initial investment equal to or more than €2,000,000 in Spanish government bonds, or equal to or more than €1,000,000 in the shares or company stock of Spanish companies, or bank deposits in Spanish financial institutions.
- Purchase of property in Spain for an initial investment equal to or more than €500,000 per applicant.
- Present a business project, deemed to be of general interest, which meets at least one of the following requirements:
- Creation of jobs
- A financial investment with a significant socio-economic impact on the area where the business is to be pursued.
- A significant scientific or technological innovation.
The investment should be made by a legal person, domiciled in a place that is not considered a tax haven, and the applicant must have a direct or indirect holding that enables them to appoint or dismiss the majority of the members of the board of directors.
Proof of the investment
Proof of the investment should be provided within a period of 60 days prior to the submission of the application, in the following manner:
- Non-listed shares or company stock: delivery of a copy of the investment statement recorded at the Register of Foreign Investments at Spain’s Ministry of the Economy and Competition [Registro de Inversiones Exteriores del Ministerio de Economía y Competitividad].
- Through a duly certified financial broker at Spain’s National Securities Market Commission [Comisión Nacional del Mercado de Valores] or at the Bank of Spain, stating that the investment has been made according to this regulation.
- Government bonds: delivery of a certificate from a financial institution or the Bank of Spain stating that the applicant is the sole holder of the investment for a period equal to or more than five years.
- Bank deposit: delivery of a certificate from the financial institution stating that the applicant is the sole holder of the deposit.
Terms & Conditions
- To be legally present on Spanish territory.
- To be aged 18 or over.
- To have no criminal record in Spain or in those countries in which the applicant has been living for the past five years (only offences punishable in Spain).
- Not to be registered as disqualified in any jurisdiction where Spain has signed a corresponding agreement.
- To have public or private healthcare insurance, arranged with an insurance company entitled to operate in Spain.
- To have sufficient funds for themselves and for the members of their family during their time of residence in Spain.
- To pay the administrative fee.
Residency permit for investors
Those investors that wish to live in Spain for more than one year may be granted a residence permit for investors that is valid throughout Spanish territory. In order to obtain this permit, and besides the requirements provided for in article 62, the following conditions are to be fulfilled:
- To be the holder of a valid residency visa for investors, or 90 days have not elapsed since its expiry.
- To have visited Spain at least once during the period of legal residence.
The residence permit will be valid for two years. Once that time has elapsed, a renewal may be requested for a further two years.
If you require more information, at Bufete Megías we will be delighted to assist you. Please do not hesitate to contact us through our website.