Entrepreneur’s Law: General requirements to reside in Spain

Following the approval of the Law of the Entrepreneur and Internationalization (the Law) on September 19, 2013, any foreign investor who complies with certain requirements will be able to enter and reside in Spain for economic-interest reasons according to Article 61 of the Law.

To benefit from this provision of the Law, and for stays no greater than three months within a six-month period, foreign investors must first comply with the general requirements for stay or residence, according to Article 62 of the Law.

These general requirements are those in the Regulation (CE) 562/2006, of March 15, which establishes a Community Code of norms on the crossing of people across borders (Code of Schengen Borders).

In this document, the following requirements exist:

• The traveling person must possess a valid travel document/s that allows the person to cross the border.
• The traveling person must possess a valid visa, when the Regulation (CE) 539/2001 of the Council, of March 15, 2001, requires it.  This Regulation establishes the list of third countries whose nationalities are subject to the obligation to obtain a visa to cross exterior borders and the list of third countries whose nationalities are exempt from this obligation, except when these persons have a valid residence permit.
• The traveling person must possess documents that justify the object and the conditions of the proposed stay.  Additionally, the traveling person must show proof that he or she will be able to pay for his or her own expenses during the proposed stay period as well as for the return to his or her country of origin or transit to a third country where his or her admission is guaranteed.  Or, the travelling person must show that he or she is in the conditions legally to obtain these measures.

The criteria to calculate expenses of maintenance will be in function with the duration and purpose of the stay and by reference the average prices in the State or Member States of lodging and food expenses in reasonable accommodations multiplied by the number of days of the stay.

The traveling person can show proof of this maintenance based on cash, travelers checks, and credit cards that he or she possesses.

• The traveling person must not be registered as inadmissible in the SIS.
• The traveling person must not be a proposed public threat, security risk, or threat to public health or to the international relations of any Member States nor, in particular, be registered as inadmissible based on information contained by any Member states for the same reasons.

All of the foreign nationals who want to enter or reside in Spain must comply with these general requirements without prejudice to the accreditation of specific requirements for each visa or authorization.

With the approval and entering into effect of this Law, the Spanish Government opens its door to entering foreign capital.

The foreign investors find in Spain the perfect atmosphere for investment:  a naturally attractive country supported by new ways of entry and residence that benefit their interests of investment.

Marí­a Valencia

This article is not considered as legal advice