Non resident investors get fast visas and residence permits in Spain with new Law

14 Oct Non resident investors get fast visas and residence permits in Spain with new Law

The new Law facilitates and speeds up the granting of visas and permits of residence, in order to attract investment and talent to Spain through an agile and fast procedure requested at, and issued by, a single administration’s office

1. Foreigners not residents who intend to enter Spanish territory in order to make a significant capital investment may apply for the visa stay, or if such is the case, for residence for investors. 2. As significant capital investment it is to be understood the one that meets any of the following cases:

a) an initial investment for a value equal to or exceeding 2 million euros in Spanish public debt securities, or a value equal or greater than one million euros in shares or participation certificates in Spanish companies, or bank deposits in Spanish financial entities.

b) The acquisition of real estate in Spain with an investment of value equal to or exceeding 500,000 euros for each applicant.

c) a business plan that will be developed in Spain and is considered and accredited as of general interest, for which will be evaluated compliance of at least one of the following conditions:

1^st. it creates jobs.

2^nd. It implements an investment with the socio-economic impact of relevance in the geographical area in which it is to develop activity.

3^rd. It is a significant contribution to scientific or technological innovation.

3. It will be also understood that the abroad visa applicant has made a significant investment of capital when the investment is carried out by a corporation domiciled in a territory that does not have the consideration of tax haven in accordance with the Spanish legislation, and the foreigner individual holds, directly or indirectly, the majority of its voting rights and has the right to appoint or dismiss a majority of the members of its Board of Directors.