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Visa and Authorization residence for investors in Spain

BOE 28/09/2013

SPANISH Act supporting entrepreneurs and internationalization: Real Estate Investment 500.000.- Euros.

 

The Spanish Parliament is processing a new law that benefits the entry of investments in Spain and grants visas and residence permits.

Foreigners interested in come in or reside, or whom are already residing in Spain, will be facilitated in their entry and residence in Spanish territory for economic reasons when they are:

   a) Investors.

   b) Entrepreneurs.

   c) Highly qualified professionals.

   d) Investigators.

   e) Workers involved in intra-firm movements within the same company or group of companies.

 

The applicant must compliance with the following requirements:

   a) Not be irregularly in Spanish territory.

   b) Be at least 18 years.

   c) No criminal records in Spain and in the countries where they have lived for the last five years, in relation to offenses under the Spanish legal system.

   d) Not included as objectionable in the countries with which Spain has signed an agreement to that effect. e) Have a public insurance or private health insurance concluded with an Entity insurer authorized to operate in Spain.

   f) Have sufficient resources for themselves and their family members during their period of residence in Spain.

   g) Pay the fee for processing the permit or visa.

 

Non-resident aliens who intend to come in to the Spanish territory in order to make a significant capital investment, may apply for an entry visa, or just in case, a residence for investors visa.

A “significant capital investment” will consist in one of the following assumptions:

... B) The acquisition of real estate in Spain with an investment equal than or superior than 500.000.- EUR per applicant.

 

VISA: Accreditation Form of investment

The residence for investors visa will be a sufficient title to reside in Spain for at least one year.

The applicant must prove that he is the owner of real estate by providing one or more certificates from the Land Registry which certifies the property within ninety days prior to the application. In case that the property acquisition is in the process of registration in the Land Registry, the applicant has to present a certified copy of the public deed and the justification of the valid entries or its renewal within sixty days preceding to the date of the application.

The applicant shall prove that he has a real estate investment of 500,000 Euros free of any liens or encumbrances. The part of the inversion that excesses the said 500,000 Euros, can be subject to liens or encumbrances.

 

AUTHORIZATION residence for investors:

The way to prove the investment Foreigners can ask for a residence investor’s permit for more than 1 year period, which will be valid throughout the national territory. The residence permit will be in force for 2 years and can be extended for 2 years more.

To apply for a residence invertors’ permit, the applicant must:

a) Be the holder of a residence inverstor’s visa in force or be within ninety calendar days after the expiration of this.

b) Have travelled in to Spain at least once during the period allowed to reside.

c) The investor must demonstrate that the investment has remained equal to or greater than the minimum amount required:The applicant must justify that he is the proprietor of real states for the minimum amount required (500.000.- Euros).

The applicant must prove that he is the owner of real estate by providing one or more certificates from the Land Registry which certifies the property within ninety days prior to the application.

 

Authorisation procedure.

The processing of the residence permits are competency of the Unit for Large Companies and Strategic Economic Sectors, which will contemplate the use of electronic means and it will be granted by the Department of Immigration. The maximum resolution period will be twenty days counted from the filing of the application. If not resolved within that period, the authorization will be estimated by administrative silence.

The resolutions will be motivated and could be appealed in accordance with the provisions of Articles 114 and 115 of Law 30/1992, of 26 November, on the Legal Regime of Public Administrations and Common Administrative Procedure.

The authorization holders can apply for renewal for periods of two years as long as they maintain the conditions that generated the right.

 

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