This week, news outlets report some new information about the entrepreneurs’ law that is still in its draft stage. The government will soon pass a law that will allow, among other things, foreign investors to get Spanish residency if they purchase a property in Spain or Invest in Spanish companies. The details are still being worked out but it seems that with the new updates that came out this week, the law will come through.
According to the Spanish newspaper El Economista, Jaime Garcia-Legaz, the Secretary of State of Commerce, explained that the 500.000 € minimum investment for real estate must be paid for with capital brought in from outside of Spain. The residency permit will be conditional with a requirement that the investment beis maintained throughout the residency period. The residence permit will be granted for two years and can be renewed every two years when the investment is maintained.
Diariosur.es (a Spanish News outlet) reports that the new reform will help foreign legal residents from having to leave the country every ninety days to renew their visa. This is similar to other successful laws in other EU countries such as Portugal.
Also the 500.000 € minimum investment for real estate (which seems to be the figure that will be included in the future law) does not have to be spent on just one building or home. The investor can purchase various properties but the investment must equal at least 500.000 € if they wish to take advantage of the automatic residency permit. (finanzas.com)
According to Finanzas.com the Government wishes to make the reform comparable to similar reforms in other European countries such as France, Italy, the UK and Portugal.
While we still await more news about this future law, it is clear that the government is working on the specifics and the approval process is in motion.
This article is not considered as legal advice