Residence Visa for Investors
The current government of Spain is intending to improve and encourage new foreign investment. The new Supporting Act of Entrepreneurship and Internationalization (Ley 14/2013) which is in force since September 2013 is intended to support new entrepreneurs, promote national and international investment and economic activity. This new law, which already has been published in the Spanish Official Gazzete (BOE), clearly states that those entrepreneurs who can carry out a relevant investment in property area of 500,000€ in Spain will become residents simultaneously. Our attorneys can handle not only the application to the residence visa but also guide you with the acquisition of the property or conveyance as well. Considering that any foreigner can apply for this, one of the main groups who will become beneficiaries of such law are the investors from non-EU countries. Being a resident of Spain entitles you to travel without limitations over the Schengen Area, in which most of the European countries are part of.
The property to be purchased may be intended for home or commercial purposes. The investment doesn’t involve just one single property of 500,000€ for you can acquire several properties until you have invested the settled amount. Upon completion of this, you can apply for your residence visa which in this case will be more flexible in terms of the qualifying criteria to apply for it and the processing time should be shorter –around 20 days. Beside properties, there are other combinations of investment that may be considered to apply for this property or golden visa, for example:
Purchase or invest at least 2,000,000 Euros in Spanish government bonds or public debt.
Invest at least 1,000,000€ in Spanish companies.
Based on our experience in conveyance, we can advise you on the right type of property for you, considering your needs. For instance, you should consider the climate and lifestyle of the zone; universities and or commercial relevance such as business associations; your frequency of visiting Spain and its connection with other cities around the country and Europe.
Also, we can represent you throughout the purchase of such property or properties, drafting the purchase and sale agreement; check the status of the property in relation to tax payments and licenses or permits; represent you before banks or any other financial institutions to get financing or mortgages.
In order to apply you must fulfill certain personal conditions such as be of legal age; have no criminal record in Spain or any other country of residence; not be prevented from entry into Spain; have sufficient funds to cover your investment and your expenses when coming to Spain; count with an international medical insurance; have visited Spain at least once; and finally, provide a proof of the required investment to apply for this specific type of visa.
Such proof of investment can be credited submitting certain certified documents where it is outlined that you have completed the investment dated from a period not exceeding 60 days prior the application date. These documents may be: a Certificate issued by the corresponding Property Registry stating your ownership and value of the purchased property or a Certificate issued by the National Securities Market or Bank of Spain outlining the shares listed, if applicable.
In relation to the residence permit, you must know that you and your family members will be granted a residence visa for one year or a residence permit for two years as set forth on the Law. Such permits can be renewed when required and after 5 years you may apply for a permanent residency. Our Law Firm can issue such permits and help you with your renewal process. If you wish more information regarding our Immigration and Real Estate Services, please contact us now.