On June 28, 2013, the project of Law 121/000052 to support entrepreneurs and internationalization was approved.
This project introduces the important new measure of facilitating the entrance and residency of foreigners in Spain for economic interests, as long as certain requirements are met, including being an investor.
Foreigners, who do not legally reside in Spain, can enter Spanish territory with the objective of making a meaningful capital investment, for which they can apply for:
- The short stay visa: for visits of three months within and six month period
- The residence visa for investors: for a maximum period of one year.
An investment will be considered a meaningful capital investment where:
- The investment is equal to or more than 2 million Euros in issued public debt
- The investment is equal to or more than 1 million Euros for corporate shares or holdings in Spanish businesses
- Investment by acquisition of properties with value equal to or greater than 500.000, 00 Euros
- The development of a business project that is considered of general interest and meets and of the following conditions:
- Creation of jobs
- Investment with a significant socioeconomic impact in the place where the activity will be developed
- Considerable and significant contribution to innovative technology or science.
In this last case it is necessary to send a report, issued by the Directorate General for Trade and Investment, of the Ministry of Economy and Competitiveness with a favorable statement about the project that states that the general interest reasons will be carried out.
If the foreigner wishes to prolong their stay, they may apply for the authorization of residency for investors which lasts for two years and is renewable for two more years.
The investor’s spouse, minor children (under 18 years) or adults who are objectively unable to provide their own needs due to poor health will also be able to receive residency under this law.
This article is not considered as legal advice