New Modification in the Entrepreneur Draft Law

On August 28, the Congress of Deputies forwarded the latest official draft of the Sustaining Entrepreneur and Internationalization Law, BOGC Num.226_1721 (Entrepreneur Law).

This text presents one difference for entrepreneurs in the text of the Initiative introduced on July 3, 2013.  This modification only affects real-estate investors achieving a minimum investment of 500,000 Euros.  The change affects how the entrepreneur/real-estate investor/applicant must attest to the investment.

In the first text of the Initiative, the Government proposed that the applicant should accredit his or her ownership of the property by providing a certificate of the Land Registry dated within 90 days before the request.  However, throughout the latest official document, the Government amended the relevant paragraph.  Now it calls for an ongoing certification of Ownership and Encumbrance, which will incorporate an electronic verification code for online consultation.

According to the latest draft, in circumstances where the registration in the Land Registry of the real-estate acquisition is still processing during the applicant’s visa process, the presentation of a certificate containing the transfer of ownership and the supporting documentation on tax payments will be sufficient.

This modification arose pending the imminent approval of the Entrepreneur Law.  We anticipate the approval of the official Law within the next few weeks.

María Valencia

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Please note that this article is not intended to provide legal advice.

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